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 … do not impose any model structure on the consumption process. This suggests that Italian households do not have access to …

The standard neoclassical growth model with Cobb-Douglas production predicts a monotonically declining saving rate …, when reasonably calibrated. Ample empirical evidence, however, shows that the transition path of a country's saving rate …, implies transitional dynamics of the saving rate that accords well with empirical evidence. This holds true even in a growth …

The standard neoclassical growth model with Cobb-Douglas production predicts a monotonically declining saving rate …, when reasonably calibrated. Ample empirical evidence, however, shows that the transition paths of most countries' saving …-shaped pattern of the saving rate (Goméz, 2008). However, the implied magnitude of the hump falls short of what is seen in empirical …

This paper estimates the importance of temptation (Gul and Pesendorfer, 2001) for consumption smoothing and asset … that the utility cost of temptation is one-quarter of the utility benefit of consumption. Further, we show that allowing for …

). Allowing for richer earnings dynamics implies a substantially better profit of the evolution of cross-sectional consumption … inequality over the life cycle and of the individual-level degree of consumption insurance against persistent earnings shocks …

financial risks on consumption choices in the Mediterranean Region. The analysis is carried out using time series aggregate data … significantly influence consumption dynamics. Our estimates of the indexes of relative risk aversion and relative prudence, as well …

This paper compares the main findings from the fourth wave of the Household Finance and Consumption Survey (HFCS) for …