Luigi Ventura, Joseph G. Eisenhauer
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.
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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.
Key concepts: Prudence, Relevance (law), Economics, Estimation, Measure (data warehouse), Precautionary savings, Econometrics, Macroeconomics