Intergenerational Precautionary Savings in Europe*
利用欧洲跨国纵向家庭数据，研究父母储蓄是否受子女收入不确定性的影响，发现储蓄对收入风险有显著跨代反应，且存在国别差异。
Abstract In this paper, we study whether precautionary saving motives have an intergenerational component; namely whether and to what extent the income uncertainty of younger generations affects the savings of their parents. To this end, we exploit a cross‐country European longitudinal household dataset collecting information on parents and their offspring, augmented with indicators for their offspring's income risk. We find that savings significantly respond to changes in income risk, also across generations. This finding is robust to several checks and displays heterogeneity across countries, which is consistent with substitutability between private and public insurance tools.