Interest Elasticity in a Life-Cycle Model with Precautionary Savings
在同时包含退休和预防性储蓄动机的生命周期模型中，计算了税后利率永久上升对退休时家庭财富的影响，发现储蓄的利率弹性很低，但结果对效用参数敏感。
This paper examines the question of whether households adjust savings in response to interest rates in a life-cycle model with precautionary savings, where both motives for saving (retirement and precautionary) are present. While uncertainty may be the most important motive for younger households, eventually, households will start saving for retirement as well. By how much the wealth of the median household at retirement changes after an exogenous permanent increase in the after-tax interest rate is computed. In an estimated life-cycle model with precautionary savings, the elasticity of savings is also very low. However, the results are sensitive to the utility parameters.