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Uninsured Idiosyncratic Risk and Aggregate Saving
The Quarterly Journal of Economics · 1994 · Vol. 109(3) · pp. 659–684
S. Rao Aiyagari✉(Federal Reserve Bank of Minneapolis)
Abstract
We present a qualitative and quantitative analysis of the standard growth model modified to include precautionary saving motives and liquidity constraints. We address the impact on the aggregate saving rate, the importance of asset trading to individuals, and the relative inequality of wealth and income distributions.
Economic theories and modelsMonetary Policy and Economic ImpactEconomic Theory and PolicySystematic riskMarket liquidityEconomicsAggregate (composite)Asset (computer security)Precautionary savingsInequalityWealth distributionEconometricsMonetary economics
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Uninsured Idiosyncratic Risk and Aggregate Saving
The Quarterly Journal of Economics · 1994 · 2,827 citations
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