Replication data for: Precautionary Saving and Consumption Fluctuations

Principal Investigator(s):  View help for Principal Investigator(s) Jonathan A. Parker; Bruce Preston

Version:  View help for Version V1

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Project Citation: 

Parker, Jonathan A., and Preston, Bruce. Replication data for: Precautionary Saving and Consumption Fluctuations. Nashville, TN: American Economic Association [publisher], 2005. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-12-06. https://doi.org/10.3886/E116057V1

Project Description

Summary:  View help for Summary This paper uses the consumption Euler equation to derive a decomposition of consumption growth into four sources. These four sources are new information, and three sources of predictable consumption growth: intertemporal substitution, changes in the preferences for consumption, and incomplete markets for consumption insurance. Using household-level data, we implement this decomposition for the average growth rate of consumption expenditures on nondurable goods in the United States from 1982 to 1997. The economic importance of precautionary saving rivals that of the real interest rate, but the relative importance of each source of movement in the volatility of consumption is not precisely measured.

Scope of Project

JEL Classification:  View help for JEL Classification
      E21 Macroeconomics: Consumption; Saving; Wealth


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V1 [2019-12-06]

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