Precautionary Saving: An Explanation for Excess Sensitivity of Consumption
用预防性储蓄动机解释消费对预期收入的过度敏感性，通过分析双曲绝对风险厌恶效用函数，发现合理参数化能匹配数据中的过度敏感性和过度平滑性，但两者并非同一现象。
The permanent income hypothesis under certainty equivalence yields a martingale consumption process. Empirically, this hypothesis is rejected because consumption is excessively sensitive to anticipated income. One approach to account for excess sensitivity is to relax certainty equivalence by using utility functions that induce precautionary saving. This article analyzes a hyperbolic absolute risk-aversion utility function. Empirically, some reasonable parameterizations of this specification allow one to match the excess sensitivity associated with the data. These parameterizations also permit one to account for the excess smoothness problem. Excess sensitivity and excess smoothness, however, do not reflect the same phenomenon.