The Response of Household Saving to the Large Shock of German Reunification
利用德国统一作为自然实验，分析东德与西德居民储蓄行为的差异，发现东德储蓄率更高、年龄越大差距越大、且随时间缩小，并用生命周期模型解释这些特征，强调预防性储蓄动机的关键作用。
German reunification was a large, unexpected shock for East Germans. Exploiting German reunification as a natural experiment, I analyze the validity of the life-cycle consumption model. I derive three stylized features concerning the saving behavior of East versus West Germans after reunification: (i) East Germans have higher saving rates than West Germans; (ii) this East-West gap is increasing in age at reunification; and (iii) for every cohort, this gap is declining over time. I show that a comprehensive life-cycle model can replicate these features. The precautionary saving motive is essential for the success of the model.