2001
DOI: 10.1093/oxrep/17.1.1
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Abstract: In this assessment we discuss the issues raised by the papers in this issue of the Oxford Review of Economic Policy in the context of economic models of household consumption and saving. We also provide a discussion of what we consider to be some important areas in the current debate surrounding theories and evidence regarding saving behaviour. We highlight the differences that arise from considering partial, as opposed to general, equilibrium models, and in looking at developed, as opposed to developing count… Show more

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Cited by 56 publications
(9 citation statements)
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References 34 publications
(26 reference statements)
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“…As argued by Attanasio and Banks (2001), analysis of household consumption and saving is of utmost interest to policymakers since, for households, saving facilitates the movement of consumption over time and, for the economy as a whole, saving is a means to finance investment. Our findings suggest that higher income risk is positively associated with saving and that the more financially optimistic individuals are, the lower are their savings.…”
Section: Discussionmentioning
confidence: 99%
See 1 more Smart Citation
“…As argued by Attanasio and Banks (2001), analysis of household consumption and saving is of utmost interest to policymakers since, for households, saving facilitates the movement of consumption over time and, for the economy as a whole, saving is a means to finance investment. Our findings suggest that higher income risk is positively associated with saving and that the more financially optimistic individuals are, the lower are their savings.…”
Section: Discussionmentioning
confidence: 99%
“…In addition, our results suggest that current financial expectations do appear to help predict future consumption. Currently, there is a particular need to understand household saving and consumption decisions as the population continues to age, with the number of retired individuals as a proportion of working-age adults predicted to increase (Attanasio and Banks, 2001). Given that the results herein suggest that older adults are less likely to be financially optimistic -we find a 22 per cent differential between those aged 18 to 30 and those aged over 50 -gaining an understanding of the role financial expectations play in saving and consumption decisions might influence future policy initiatives introduced to deal with such demographic changes.…”
Section: Discussionmentioning
confidence: 99%
“…For example, a reformer of pay-as-yougo pension systems may find that people's actual behavior deviates from that which is predicted by the assumption that all individuals maximize the marginal utility of their consumption over their life-cycles and appropriately react to new stimuli (Attanasio and Banks, 2001). If age generations differ not only in their financial condition through various stages of their life cycles, but also in values, habits and experiences, then one has to take into account that people of different ages may react differently to similar stimuli.…”
Section: The Concept Of Strategy In Game Theorymentioning
confidence: 99%
“…Turning to alternative saving instruments, the estimated coefficient on the log of imputed rent is negative and significant (5% level) to contribution density. Home ownership is often cited as a form of retirement savings and investment in Europe and the United Sates (Barr, 2001, Attanasio and Banks, 2001, Case, Quigly and Shiller, 2001. In Latin America, home property is still the most widely held asset (IADB, 2000) and may be considered a viable alternative to government organized social security.…”
Section: (Via) Tobit Regressions On Contribution Densitymentioning
confidence: 99%