The Degree of Precautionary Saving: A Reexamination

Yasuyuki Sawada () and Jeong-Joon Lee ()

No CIRJE-F-448, CIRJE F-Series from CIRJE, Faculty of Economics, University of Tokyo

Abstract: 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.

New Economics Papers: this item is included in nep-mac
Date: 2006-11
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Related works:
Journal Article: The degree of precautionary saving: A reexamination (2007)
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