[PDF.79hk] International Finance Discussion Papers: Precautionary Savings and the Wealth Distribution with Illiquid Durables
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International Finance Discussion Papers: Precautionary Savings and the Wealth Distribution with Illiquid Durables
Joseph Gruber, Robert Martin
[PDF.il88] International Finance Discussion Papers: Precautionary Savings and the Wealth Distribution with Illiquid Durables
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| 2013-02-08 | Original language:English | PDF # 1 | 9.69 x.10 x7.44l,.24 | File type: PDF | 50 pages|
We study the role an illiquid durable consumption good plays in determining the level of precautionary savings and the distribution of wealth in a standard Aiyagari model (i.e. a model with heterogeneous agents, idiosyncratic uncertainty, and borrowing constraints). Transactions costs induce an inaction region over which the durable stock and the associated user cost are not adjusted in response to changes in income, increasing, on average, the volatility of non-durable ...
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