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100   $a20111102d2012      uy             0
101 0 $aeng
135   $aur|n|---|||||
181   $ctxt
182   $cc
183   $acr
200 10$aVolatility trap$b[electronic resource] $eprecautionary saving, investment, and aggregate risk /$fprepared by Reda Cherif and Fuad Hasanov
210   $aWashington, D.C. $cInternational Monetary Fund$dc2012
215   $a1 online resource (23 p.)
225 0 $aIMF working paper ;$v12/134
300   $aDescription based upon print version of record.
311   $a1-4755-9955-2 
311   $a1-4755-0386-5 
320   $aIncludes bibliographical references.
327   $aCover; Abstract; Contents; Introduction; II. A "Store-or-Sow" Model of Precautionary Saving and Investment; III. Results and Implications; Figures; 1. Precautionary Saving and the Golden Rule Investment Rate; 2. A Phase Diagram of Precautionary Saving and Investment Rates; 3. Precautionary Saving and Investment Rates vs. Volatility of Permanent Shocks; 4. Precautionary Saving and Investment Rates vs. Volatility of Temporary Shocks; IV. An Empirical Relationship Among Investment, Saving, and Volatility; Tables; 1. Saving, Investment, and Volatility: Descriptive Statistics
327   $a5. Saving vs. Investment6. Saving vs. Investment-Saving Ratio; V. Concluding Remarks; 2. Panel Fixed Effects Regressions; References; Appendix Table. Average Investment, Saving, and Volatility (1970-2008)
330   $aWe study the effects of permanent and temporary income shocks on precautionary saving and investment in a ""store-or-sow"" model of growth. High volatility of permanent shocks results in high precautionary saving in the safe asset and low investment, or a ""volatility trap."" Namely, big savers invest relatively little. In contrast, low volatility of permanent shocks leads to low precautionary saving and high or low investment, depending on the volatility of temporary shocks. Empirical evidence shows a nonlinear relationship between investment and saving and that investment is a hump-shaped fu
410  0$aIMF Working Papers
606   $aRisk
606   $aSaving and investment
608   $aElectronic books.
615  0$aRisk.
615  0$aSaving and investment.
700   $aCherif$b Reda$0882104
701   $aHasanov$b Fuad$f1978-$0882105
712 02$aInternational Monetary Fund.
801  0$bMiAaPQ
801  1$bMiAaPQ
801  2$bMiAaPQ
906   $aBOOK
912   $a9910452407503321
996   $aVolatility trap$92094351
997   $aUNINA