, whereas debt declined most (so saving rose most) for unconstrained consumers. More generally, the results suggest that there …

We use data from the 2009 Internet Survey of the Health and Retirement Study to examine the consumption impact of …

lifetime resources, on the current consumption and wealth accumulation of employees affected by the reform. In line with …

We use data from the 2009 Internet Survey of the Health and Retirement Study to examine the consumption impact of …

The budget constraint requires that, eventually, consumption must adjust fully to any permanent shock to income … target, temporarily boosting saving. …

information on consumption, income and wealth, to structurally estimate a buffer-stock saving model. We exploit the information … contained in the joint dynamics of income, consumption and wealth to quantify the degree of insurance against income risk. The …

We argue that the US personal saving rate's long stability (1960s-1980s), subsequent steady decline (1980s-2007), and … recent substantial rise (2008-2011) can be interpreted using a parsimonious buffer stock model of consumption in the presence … of labor income uncertainty and credit constraints. Saving in the model is affected by the gap between target and actual …

-utility we provide a complete analytical characterization of the optimal consumption insurance contract, the stationary … consumption distribution and the equilibrium aggregate capital stock and interest rate. Under parameter restrictions, there is a … unique stationary equilibrium with partial consumption insurance and a stationary consumption distribution that takes a …

requires, should be easy to empirically disprove: since household-consumption choices differ for households with more members …