Earnings Uncertainty and Aggregate Wealth Accumulation

Ricardo Caballero ()

American Economic Review, 1991, vol. 81, issue 4, 859-71

Abstract: This paper argues that precautionary savings due to uninsurable earnings uncertainty are likely to be an important source of aggregate wealth accumulation. The stylized model presented in this paper can easily generate levels of wealth above 60 percent of the observed net wealth in the United States, net of conventional life-cycle savings. Copyright 1991 by American Economic Association.

Date: 1991
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