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- handle: 10670/1.jder4w
- halshs: halshs-01313771
- doi: 10.1111/ecoj.12189
- SCIENCESPO: 2441/54k1p7hdq38odb1k39k1rdm8di
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Edouard Challe et al., « Precautionary Saving Over the Business Cycle », HAL-SHS : économie et finance, ID : 10.1111/ecoj.12189
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Résumé
We study the macroeconomic implications of time-varying precautionary savings within a general equilibrium model with borrowing constraints, aggregate shocks and uninsurable idiosyncratic unemployment risk. Our framework generates limited cross-sectional household heterogeneity as an equilibrium outcome, thereby making it possible to analyse the role of precautionary saving over the business cycle in an analytically tractable way. The time-series behaviour of aggregate consumption generated by our model is closer to the data than that implied by the hand-to-mouth and representative-agent models, and it is comparable to that produced by the Krusell and Smith (1998) model.