Precautionary Saving under Liquidity Constraints: A Decomposition
区分了由流动性约束引起的预防性储蓄（PS2）和应对收入不确定性的传统预防性储蓄（PS1），证明存在一个财富阈值，低于此阈值PS2为正，高于则无影响。数值模拟显示PS2在数量上重要，且能解释一些PS1无法解释的实证发现。
This paper investigates the effects of liquidity constraints on consumption/saving by separating precautionary saving caused by liquidity constraints (PS2) from the conventional precautionary saving made against income uncertainty (PS1). It is proved that there exists a unique level of wealth below which PS2 is strictly positive and above which liquidity constraints have no effects at all. The numerical simulations show that PS2 is quantitatively important, depending on age and the level of wealth. Some empirical findings in the literature cannot be explained by PS1 alone but are consistent with the model in which PS2 is present. Copyright 1995 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.