LEADER 06634oam 22012854 450 001 9910960605203321 005 20250426110116.0 010 $a9781475579260 010 $a1475579268 010 $a9781475513660 010 $a1475513666 035 $a(CKB)2670000000278881 035 $a(EBL)1606970 035 $a(SSID)ssj0000949366 035 $a(PQKBManifestationID)11485485 035 $a(PQKBTitleCode)TC0000949366 035 $a(PQKBWorkID)10996404 035 $a(PQKB)11099566 035 $a(Au-PeEL)EBL1606970 035 $a(CaPaEBR)ebr10627102 035 $a(OCoLC)870245044 035 $a(IMF)WPIEE2012219 035 $a(IMF)WPIEA2012219 035 $a(MiAaPQ)EBC1606970 035 $aWPIEA2012219 035 $a(EXLCZ)992670000000278881 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aDissecting Saving Dynamics : $eMeasuring Wealth, Precautionary, and Credit Effects /$fChristopher Carroll, Martin Sommer, Jiri Slacalek 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (48 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/12/219 300 $a"September 2012." 311 08$a9781475594348 311 08$a1475594348 311 08$a9781475505696 311 08$a1475505698 320 $aIncludes bibliographical references. 327 $aCover; Contents; I. Introduction; Figures; 1. Personal Saving Rate in 2007-2011 and Previous Recessions; II. Theory: Target Wealth and Credit Conditions; 2. Consumption Function (Stable Arm of Phase Diagram); 3. A Wealth Shock; 4. Relaxation of a Natural Borrowing Constraint from 0 to h; 5. Dynamics of the Saving Rate after an Increase in Unemployment Risk; III. Data and Measurement Issues; 6. Net Worth-Disposable Income Ratio; 7. The Credit Easing Accumulated (CEA) Index; 8. Unemployment Risk E[sub(t)]u[sub(t+4)] and Unemployment Rate (Percent); IV. Reduced-Form Saving Regressions 327 $aA. Baseline Estimates 9. The Fit of the Baseline Model and the Time Trend-Actual and Fitted PSR (Percent of Disposable Income); B. Robustness Checks; 10. The Fit of the Baseline Model and the Model with Full Controls (of Table 2)-Actual and Fitted PSR (Percent of Disposable Income); C. Sub-Sample Stability; D. Saving Rate Decompositions; V. Structural Estimation; A. Estimation Procedure; B. Results; 11. Extent of Credit Constraints mt (Fraction of Quarterly Disposable Income); 12. Per Quarter Permanent Unemployment Risk ?[sub(t)] 327 $a13. Fit of the Structural Model-Actual and Fitted PSR (Percent of Disposable Income)14. Decomposition of Fitted PSR (Percent of Disposable Income); VI. Conclusions; 15. Alternative Measures of Credit Availability; 16. Growth of Real Disposable Income (Percent); 17. Personal Saving Rate (Percent of Disposable Income); Tables; 1. Preliminary Saving Regressions and the Time Trend; 2. Additional Saving Regressions I.-Robustness to Explanatory Variables; 3. Additional Saving Regressions II.-Sub-sample Stability; 4. Personal Saving Rate-Actual and Explained Change, 2007-2010 327 $a5. Calibration and Structural Estimates6. Preliminary Saving Regressions and the Time Trend-Saving Rate Generated by the Structural Model; 7. Univariate Properties of Disposable Income and Personal Saving Rate; 8. Campbell (1987) Saving for a Rainy Day Regressions; References 330 3 $aWe argue that the U.S. personal saving rate?s long stability (from the 1960s through the early 1980s), subsequent steady decline (1980s - 2007), and recent substantial increase (2008 - 2011) can all be interpreted using a parsimonious ?buffer stock? model of optimal consumption in the presence of labor income uncertainty and credit constraints. Saving in the model is affected by the gap between ?target? and actual wealth, with the target wealth determined by credit conditions and uncertainty. An estimated structural version of the model suggests that increased credit availability accounts for most of the saving rate?s long-term decline, while fluctuations in net wealth and uncertainty capture the bulk of the business-cycle variation. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/219 606 $aSaving and investment 606 $aWealth 606 $aAggregate Factor Income Distribution$2imf 606 $aBusiness Fluctuations$2imf 606 $aCredit$2imf 606 $aCycles$2imf 606 $aDisposable income$2imf 606 $aIncome economics$2imf 606 $aIncome$2imf 606 $aLabor$2imf 606 $aLabour$2imf 606 $aMacroeconomics$2imf 606 $aMacroeconomics: Consumption$2imf 606 $aMonetary economics$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aMoney and Monetary Policy$2imf 606 $aMoney$2imf 606 $aNational accounts$2imf 606 $aNational income$2imf 606 $aPersonal income$2imf 606 $aPersonal Income, Wealth, and Their Distributions$2imf 606 $aSaving$2imf 606 $aUnemployment$2imf 606 $aUnemployment: Models, Duration, Incidence, and Job Search$2imf 606 $aWealth$2imf 607 $aUnited States$2imf 615 0$aSaving and investment. 615 0$aWealth. 615 7$aAggregate Factor Income Distribution 615 7$aBusiness Fluctuations 615 7$aCredit 615 7$aCycles 615 7$aDisposable income 615 7$aIncome economics 615 7$aIncome 615 7$aLabor 615 7$aLabour 615 7$aMacroeconomics 615 7$aMacroeconomics: Consumption 615 7$aMonetary economics 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aMoney and Monetary Policy 615 7$aMoney 615 7$aNational accounts 615 7$aNational income 615 7$aPersonal income 615 7$aPersonal Income, Wealth, and Their Distributions 615 7$aSaving 615 7$aUnemployment 615 7$aUnemployment: Models, Duration, Incidence, and Job Search 615 7$aWealth 676 $a332.024 700 $aCarroll$b Christopher$0265898 701 $aSlacalek$b Jiri$01816499 701 $aSommer$b Martin$01816500 801 0$bDcWaIMF 906 $aBOOK 912 $a9910960605203321 996 $aDissecting Saving Dynamics$94372616 997 $aUNINA