The Relevance of Precautionary Saving

Luigi Ventura and Eisenhauer Joseph G.
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Eisenhauer Joseph G.: Canisius College, Buffalo,New York, United States of America

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

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.

Keywords: Consumption; precaution; prudence (search for similar items in EconPapers)
Date: 2005
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Citations: View citations in EconPapers (12)

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DOI: 10.1111/j.1465-6485.2005.00120.x

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