This paper examines the role of culture in households' saving decisions. Exploiting the historical language borders …

stock' model of optimal consumption in the presence of labor income uncertainty and credit constraints. Saving in the model …We argue that the U.S. personal saving rate's long stability (from the 1960s through the early 1980s), subsequent … saving rate's long-term decline, while fluctuations in net wealth and uncertainty capture the bulk of the business …

' consumption and portfolio composition between 2007 and 2013 in the US are consistent with the predictions of the model. …

Using new micro data on household wealth from fifteen European countries, the Household Finance and Consumption Survey … individual households. Through the lens of a standard, realistically calibrated model of buffer-stock saving with transitory and … affect the marginal propensity to consume out of transitory shocks (MPC). We find that the aggregate consumption response …

Using new micro data on household wealth from fifteen European countries, the Household Finance and Consumption Survey … individual households. Through the lens of a standard, realistically calibrated model of buffer-stock saving with transitory and … affect the marginal propensity to consume out of transitory shocks (MPC). We find that the aggregate consumption response …

’ consumption and portfolio composition between 2007 and 2013 in the US are consistent with the predictions of the model …