Precautionary Saving and the Marginal Propensity to Consume out of Permanent Income
NBER Working Paper No. 8233
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Thanks to an anonymous referee whose comments substiantially improved the paper. The paper’s title is intended as homage to Miles Kimball’s paper “Precautionary Saving and the Marginal Propensity to Consume.” The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.