A Household Level Study of the Determinants of Incomes and Consumption
利用英国家庭微观数据，估计永久收入和收入不确定性对消费的影响，发现预防性动机可解释相当一部分家庭储蓄，并评估了住房资本利得对消费的作用。
This paper uses micro data to estimate the determinants of household income and to measure how human capital and earnings uncertainty affect consumption. We also estimate how home-owners react to capital gains on housing and assess whether these gains are treated in the same way as other sources of income. Using UK micro data we show that estimates of permanent income and of earnings uncertainty have powerful effects on spending. We find that precautionary motives may account for a substantial proportion of household saving. We also provide estimates of the shape of the earnings profile for various occupational groups and of the returns to education in different professions.