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The Degree of Precautionary Saving: A Reexamination
Yasuyuki Sawada ()
Mark J. Lee
CIRJE F-Series from CIRJE, Faculty of Economics, University of Tokyo
Extending Dynan's methodology (1993), we show that a significant frac tion of the prudence parameter puzzle can be explained by a downward omitted variable bias. Further, the estimated prudence is substantially higher for liquidity-constrained households.
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Downloads: (external link) http://www.cirje.e.u-tokyo.ac.jp/research/dp/2006/2006cf448.pdf (application/pdf)
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Persistent link: http://EconPapers.repec.org/RePEc:tky:fseres:2006cf448
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