Journal ArticleDOI
The Effect of Uncertainty on Saving Decisions
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This article is published in The Review of Economic Studies.The article was published on 1970-07-01. It has received 937 citations till now. The article focuses on the topics: Precautionary savings.read more
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Precautionary Saving in the Small and in the Large
TL;DR: The Arrow-Pratt theory of risk aversion was shown to be isomorphic to the theory of optimal choice under risk in this paper, making possible the application of a large body of knowledge about risk aversion to precautionary saving.
Journal ArticleDOI
Macroeconomic determinants of growth: Cross-country evidence
Roger C. Kormendi,Philip Meguire +1 more
TL;DR: The authors examined the cross-sectional relation between the mean growth rate of real product (growth) and variables suggested by the theoretical literature and found that Barro's hypothesis that the variability of monetary shocks adversely affects growth receives strong support.
Book
Recursive Macroeconomic Theory
TL;DR: In this paper, an introduction to recursive methods for dynamic macroeconomics is presented, including standard applications such as asset pricing, and advanced material, including analyses of reputational mechanisms and contract design.
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An empirical analysis of cross-national economic growth, 1951-1980
Kevin B. Grier,Gordon Tullock +1 more
TL;DR: This paper investigated empirical regularities in post-war economic growth using pooled cross-section/time-series data on 113 countries, and found that the growth of government consumption is significantly negatively correlated with the economic growth in three of four subsamples, including the OECD, and that political repression is positively correlated with growth in Africa and Central and South America.
Journal ArticleDOI
The Buffer-Stock Theory of Saving: Some Macroeconomic Evidence
TL;DR: This article showed that consumer pessimism about unemployment explains a substantial part of the recent weakness in consumption and showed that the buffer-stock model of saving can imply a central role for unemployment expectations.
References
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Journal ArticleDOI
Risk Aversion in the Small and in the Large
TL;DR: In this article, a measure of risk aversion in the small, the risk premium or insurance premium for an arbitrary risk, and a natural concept of decreasing risk aversion are discussed and related to one another.
Journal ArticleDOI
Aspects of the theory of risk-bearing
Journal ArticleDOI
Saving and Uncertainty: The Precautionary Demand for Saving
TL;DR: In this article, a two-period model was developed to analyze rigorously the precautionary demand for saving, which is defined as the extra saving caused by future income being random rather than determinate.
Book ChapterDOI
The accumulation of risky capital: a sequential utility analysis
TL;DR: In this article, the optimal lifetime consumption strategy of an individual whose wealth holding possibilities expose him to the risk of loss is analyzed using a stochastic, discrete-time dynamic programming model.