The Spirit of Capitalism, Precautionary Savings, and Consumption
研究资本主义精神（对财富本身的偏好）如何影响储蓄和消费行为，发现它可能降低预防性储蓄的重要性，并解释消费对收入变化的过度敏感性和过度平滑性。
Recent research has shown that the “spirit of capitalism”—a preference for wealth itself, in addition to consumption—has important implications for growth and asset pricing. This paper explores how the spirit of capitalism affects saving and consumption behavior. We demonstrate that the spirit of capitalism may reduce the importance of precautionary savings. It can also explain the excess sensitivity puzzle: the spirit of capitalism causes dramatic deviations from a random walk. It may also offer a partial explanation of the excess smoothness puzzle.