Precautionary Saving Over the Business Cycle
在一个包含借贷约束、总体冲击和不可保险的个体失业风险的一般均衡模型中，研究了随时间变化的预防性储蓄的宏观经济含义，发现模型产生的总消费时间序列行为比手到口模型和代表性代理人模型更接近数据。
We study the macroeconomic implications of time-varying precautionary savings within a general equilibrium model with borrowing constraints, aggregate shocks and uninsurable idiosyncratic unemployment risk. Our framework generates limited cross-sectional household heterogeneity as an equilibrium outcome, thereby making it possible to analyse the role of precautionary saving over the business cycle in an analytically tractable way. The time-series behaviour of aggregate consumption generated by our model is closer to the data than that implied by the hand-to-mouth and representative-agent models, and it is comparable to that produced by the Krusell and Smith (1998) model.