The Relevance of Precautionary Saving

Luigi Ventura and Joseph G. Eisenhauer

German Economic Review, 2005, vol. 6, issue 1, 23-35

Abstract: Abstract. This paper develops a model of personal saving that includes, unlike previous models appearing in the literature, an explicit role for the Leland–Kimball measure of prudence. Estimation of the model using Bank of Italy survey data suggests that about 20 per cent of total saving is driven by precautionary reasons.

Date: 2005
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German Economic Review is currently edited by Bernhard Felderer, Joseph F. Francois, Ivo Welch, Urs Schweizer and David E. Wildasin

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