tailieunhanh - Theoretical Foundations of Buffer Stock Saving

The performance of synthesis in a variety of situations has been evaluated through its application to simulated data. Bence et al. (1993) investigated the importance of adult surveys versus recruitment surveys in stabilizing the results of model results. Sampson (1993) explored the importance of providing sufficient flexibility in the specification of fishery selectivity. Methot (1994) showed that the size model was capable of extracting information on population characteristics from size composition data. In 1996-1997, the National Research Council’s evaluation of stock-assessment methods (NRC 1998) demonstrated that complex models such as synthesis were necessary to account for biases in data. Most recently, Sampson. | Theoretical Foundations of Buffer Stock Saving July 30 2011 Christopher D. Carroll1 Abstract Buffer-stock models of saving are now standard in the consumption literature. This paper builds theoretical foundations for rigorous understanding of the main features of such models including the existence of a target wealth ratio and the proposition that aggregate consumption growth equals aggregate income growth in a small open economy populated by buffer stock savers. Keywords Precautionary saving buffer stock saving marginal propensity to consume permanent income hypothesis JEL codes D81 D91 E21 PDF http people ccarroll papers Slides http people ccarroll papers Web http people ccarroll papers BufferStockTheory Archive http people ccarroll papers Contains software for solving and simulating the model 1Contact ccarroll@ Department of Economics 440 Mergenthaler Hall Johns Hopkins University Baltimore MD 21218 http people ccarroll and National Bureau of Economic Research. Thanks to James Feigenbaum Joseph Kaboski Miles Kimball Misuzu Otsuka Damiano Sandri Adam Szeidl Metin Uyanik and Weifeng Wu for comments on earlier versions of this paper John Boyd for help in applying his weighted contraction mapping theorem Ryoji Hiraguchi for extraordinary mathematical insight that improved the paper greatly David Zervos for early guidance to the literature and participants in a seminar at Johns Hopkins University and a presentation at the 2009 meetings of the Society of Economic Dynamics for their insights. 1 Introduction Spurred by the success of Modigliani and Brumberg s 1954 Life Cycle model and Friedman s 1957 Permanent Income Hypothesis a vast literature in the 1960s and 1970s formalized the idea that household spending can be modeled as reflecting optimal intertemporal choice. Famous papers by Schectman and .

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