Uninsured Idiosyncratic Risk and Aggregate Saving

S. Aiyagari

The Quarterly Journal of Economics, 1994, vol. 109, issue 3, 659-684

Abstract: We present a qualitative and quantitative analysis of the standard growth model modified to include precautionary saving motives and liquidity constraints. We address the impact on the aggregate saving rate, the importance of asset trading to individuals, and the relative inequality of wealth and income distributions.

Date: 1994
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Working Paper: Uninsured idiosyncratic risk and aggregate saving (1993)
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