Discrete breaks in the US savings: evidence and permanent income implications

Working Paper N° 8

Guardado en:
Detalles Bibliográficos
Autor principal: Tanner, Evan
Formato: Documento de trabajo
Lenguaje:Inglés
Publicado: Universidad Torcuato Di Tella 2024
Materias:
Ahorro
Savings
Comportamiento del Consumidor
Consumer behavior
Acceso en línea:https://repositorio.utdt.edu/handle/20.500.13098/12923
Aporte de:
Repositorio Digital Universidad Torcuato Di Tella de Universidad Torcuato Di Tella
id I57-R163-20.500.13098-12923
record_format dspace
spelling I57-R163-20.500.13098-129232025-06-18T20:47:18Z Discrete breaks in the US savings: evidence and permanent income implications Tanner, Evan Ahorro Savings Comportamiento del Consumidor Consumer behavior Working Paper N° 8 The main purpose of this paper is to investigate whether permanent, discrete breaks in U.S. savings have occurred. Breaks are hypothesized to occur in both a constant (intercept) and a time-trend term. To test for these breaks, I draw upon the recent methods applied to gross national product. Evidence in this paper suggests that permanent breaks in saving occurred during both the early 1970s the middle 1980s. As a related issue, the stationarity of savings is also discussed. Evidence presented within favors stationarity when breaks are included but not when breaks are omitted. implications of breaks and stationarity for the expected long-run value of assets are examined. An additional related issue that is also addressed in this paper regards test of the PIH. The PIH suggests that savings act as a buffer-stock to smooth consumption. One framework which captures this aspect of the PIH is due to Campbell (1987) and Campbell and Deaton (1989). In this paper, modify their framework to include discrete breaks in savings. Evidence presented within suggest that, when breaks are added to their framework, the "rainy day" finding is strengthened Este Documento forma parte de la serie Working Papers (ISSN 0327-9588), publicada por la Universidad Torcuato Di Tella entre 1993 y 2001 Universidad Torcuato Di Tella 2024-07-30T22:05:39Z 2024-07-30T22:05:39Z 1994 info:eu-repo/semantics/workingPaper https://repositorio.utdt.edu/handle/20.500.13098/12923 eng Working Papers (ISSN 0327-9588) info:eu-repo/semantics/openAccess https://creativecommons.org/licenses/by-sa/2.5/ar/ 36 p. application/pdf application/pdf
institution Universidad Torcuato Di Tella
institution_str I-57
repository_str R-163
collection Repositorio Digital Universidad Torcuato Di Tella
language Inglés
orig_language_str_mv eng
topic Ahorro
Savings
Comportamiento del Consumidor
Consumer behavior
spellingShingle Ahorro
Savings
Comportamiento del Consumidor
Consumer behavior
Tanner, Evan
Discrete breaks in the US savings: evidence and permanent income implications
topic_facet Ahorro
Savings
Comportamiento del Consumidor
Consumer behavior
description Working Paper N° 8
format Documento de trabajo
author Tanner, Evan
author_facet Tanner, Evan
author_sort Tanner, Evan
title Discrete breaks in the US savings: evidence and permanent income implications
title_short Discrete breaks in the US savings: evidence and permanent income implications
title_full Discrete breaks in the US savings: evidence and permanent income implications
title_fullStr Discrete breaks in the US savings: evidence and permanent income implications
title_full_unstemmed Discrete breaks in the US savings: evidence and permanent income implications
title_sort discrete breaks in the us savings: evidence and permanent income implications
publisher Universidad Torcuato Di Tella
publishDate 2024
url https://repositorio.utdt.edu/handle/20.500.13098/12923
work_keys_str_mv AT tannerevan discretebreaksintheussavingsevidenceandpermanentincomeimplications
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