‘buffer stock’ model of optimal consumption in the presence of labor income uncertainty and credit constraints. Saving in the … uncertainty. An estimated structural version of the model suggests that increased credit availability accounts for most of the … saving rate’s long-term decline, while fluctuations in net wealth and uncertainty capture the bulk of the business …

leading up to 2007, the sharp increase during the Great Recession, and much of the intervening business cycle variation. In … supply explains the trend decline in saving, while fluctuations in wealth and consumer-survey-measured unemployment … expectations capture much of the business-cycle variation, including the sharp rise during the Great Recession …

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 wealth, with the target determined by credit conditions and uncertainty. An estimated structural version of the model …

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 wealth, with the target determined by credit conditions and uncertainty. An estimated structural version of the model …

'buffer stock' model of optimal consumption in the presence of labor income uncertainty and credit constraints. Saving in the … uncertainty. An estimated structural version of the model suggests that increased credit availability accounts for …We argue that the U.S. personal saving rate's long stability (from the 1960s through the early 1980s), subsequent …