Saving Motives over the Life-Cycle

S. Pashchenko, Ponpoje Porapakkarm
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引用次数: 1

Abstract

A major challenge in the study of saving behavior is how to disentangle different motives for saving. We approach this question in the context of an entire life-cycle model. Specifically, we identify the importance of different saving motives by simultaneously accounting for wealth accumulation during working period, wealth decumulation during retirement, and labor supply behavior. We show that exploiting all of these data features can sharpen our identification, thus complementing previous studies that focus only on wealth accumulation or decumulation. We calibrate our model using several micro datasets and use the estimated model to evaluate the contribution of life-cycle, bequest, and precautionary motives to total savings. We also emphasize the importance of accounting for state-contingent assets when analyzing the precautionary saving motive.
生命周期中的储蓄动机
研究储蓄行为的一个主要挑战是如何理清不同的储蓄动机。我们在整个生命周期模型的背景下处理这个问题。具体而言,我们通过同时考虑工作期间的财富积累、退休期间的财富积累和劳动力供给行为来确定不同储蓄动机的重要性。我们表明,利用所有这些数据特征可以提高我们的识别能力,从而补充了以前只关注财富积累或积累的研究。我们使用几个微观数据集校准我们的模型,并使用估计模型来评估生命周期、遗赠和预防动机对总储蓄的贡献。在分析预防性储蓄动机时,我们还强调了核算国有或有资产的重要性。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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