BufferStockTheory.bib

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|  BIBTEX ENTRIES   |
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@inproceedings{carroll_et_al-proc-scipy-2018,
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@article{carrollBSLCPIH,
  author =        {Carroll, Christopher D.},
  journal =       {Quarterly Journal of Economics},
  number =        {1},
  pages =         {1--56},
  title =         {Buffer Stock Saving and the Life Cycle/Permanent
                   Income Hypothesis},
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  year =          {1997},
}

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  author =        {Gourinchas, Pierre-Olivier and Parker, Jonathan},
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  author =        {Marco Cagetti},
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  number =        {3},
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  volume =        {21},
  year =          {2003},
}

@book{bellmanDynamicProgramming,
  address =       {Princeton, NJ, USA},
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  year =          {1957},
}

@book{slpMethods,
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}

@article{mstIncFluct,
  author =        {Ma, Qingyin and Stachurski, John and
                   Toda, Alexis Akira},
  journal =       {Journal of Economic Theory},
  publisher =     {Elsevier},
  title =         {The income fluctuation problem and the evolution of
                   wealth},
  volume =        {187},
  year =          {2020},
}

@article{kmpHandbook,
  author =        {Krueger, Dirk and Mitman, Kurt and Perri, Fabrizio},
  journal =       {Handbook of Macroeconomics},
  pages =         {843--921},
  publisher =     {Elsevier},
  title =         {Macroeconomics and Household Heterogeneity},
  volume =        {2},
  year =          {2016},
  abstract =      {The goal of this chapter is to study how, and by how
                   much, household income, wealth, and preference
                   heterogeneity amplify and propagate a macroeconomic
                   shock. We focus on the U.S. Great Recession of
                   2007-2009 and proceed in two steps. First, using data
                   from the Panel Study of Income Dynamics, we document
                   the patterns of household income, consumption and
                   wealth inequality before and during the Great
                   Recession. We then investigate how households in
                   different segments of the wealth distribution were
                   affected by income declines, and how they changed
                   their expenditures differentially during the
                   aggregate downturn. Motivated by this evidence, we
                   study several variants of a standard heterogeneous
                   household model with aggregate shocks and an
                   endogenous cross-sectional wealth distribution. Our
                   key finding is that wealth inequality can
                   significantly amplify the impact of an aggregate
                   shock, and it does so if the distribution features a
                   sufficiently large fraction of households with very
                   little net worth that sharply increase their saving
                   (i.e. they are not hand-to mouth) as the recession
                   hits. We document that both these features are
                   observed in the PSID. We also investigate the role
                   that social insurance policies, such as unemployment
                   insurance, play in shaping the cross-sectional income
                   and wealth distribution, and through it, the dynamics
                   of business cycles.},
  doi =           {10.3386/w22319},
  url =           {http://www.nber.org/papers/w22319},
}

@article{schmitt2003closing,
  author =        {Schmitt-Groh{\'e}, Stephanie and Uribe, Mart{\i}n},
  journal =       {Journal of international Economics},
  number =        {1},
  pages =         {163--185},
  publisher =     {Elsevier},
  title =         {Closing small open economy models},
  volume =        {61},
  year =          {2003},
}

@article{benhabibWealth,
  author =        {Benhabib, Jess and Bisin, Alberto and Zhu, Shenghao},
  journal =       {Journal of Economic Theory},
  note =          {Available at
                   \url{https://www.nber.org/papers/w20157.pdf}},
  pages =         {489--515},
  publisher =     {Elsevier},
  title =         {The wealth distribution in Bewley economies with
                   capital income risk},
  volume =        {159},
  year =          {2015},
  url =           {https://www.sciencedirect.com/science/article/pii/
                   S0022053115001362},
}

@misc{maTodaRich,
  author =        {Qingyin Ma and Alexis Akira Toda},
  journal =       {arXiv},
  title =         {A Theory of the Saving Rate of the Rich},
  year =          {2020},
}

@article{rabaultBorrowing,
  author =        {Rabault, Guillaume},
  journal =       {Journal of Economic Dynamics and Control},
  number =        {2},
  pages =         {217--245},
  publisher =     {Elsevier},
  title =         {When do borrowing constraints bind? Some new results
                   on the income fluctuation problem},
  volume =        {26},
  year =          {2002},
}

@article{lsIncFluct,
  author =        {Li, Huiyu and Stachurski, John},
  journal =       {Journal of Economic Dynamics and Control},
  pages =         {353--365},
  publisher =     {Elsevier},
  title =         {Solving the income fluctuation problem with unbounded
                   rewards},
  volume =        {45},
  year =          {2014},
}

@article{carrollBrookings,
  author =        {Carroll, Christopher D.},
  journal =       {Brookings Papers on Economic Activity},
  note =
  {\url{https://www.econ2.jhu.edu/people/ccarroll/BufferStockBPEA.pdf}},
  number =        {2},
  pages =         {61--156},
  title =         {The Buffer-Stock Theory of Saving: Some Macroeconomic
                   Evidence},
  volume =        {1992},
  year =          {1992},
  url =           {https://www.econ2.jhu.edu/people/ccarroll/
                   BufferStockBPEA.pdf},
}

@article{seIncFluct,
  author =        {Schechtman, Jack and Escudero, Vera},
  journal =       {Journal of Economic Theory},
  pages =         {151--166},
  title =         {Some results on `An Income Fluctuation Problem'},
  volume =        {16},
  year =          {1977},
}

@article{macurdyTimeseries,
  author =        {MaCurdy, Thomas},
  journal =       {Journal of Econometrics},
  number =        {1},
  pages =         {83--114},
  title =         {The Use of Time Series Processes to Model the Error
                   Structure of Earnings in a Longitudinal Data
                   Analysis},
  volume =        {18},
  year =          {1982},
}

@article{acCovariance,
  author =        {Abowd, John M. and Card, David},
  journal =       {Econometrica},
  pages =         {411--445},
  title =         {On the Covariance Structure of Earnings and Hours
                   Changes},
  volume =        {57},
  year =          {1989},
}

@article{csNature,
  author =        {Carroll, Christopher D. and Samwick, Andrew A.},
  journal =       {Journal of Monetary Economics},
  number =        {1},
  pages =         {41--71},
  title =         {The {N}ature of {P}recautionary {W}ealth},
  volume =        {40},
  year =          {1997},
  url =           {https://www.econ2.jhu.edu/people/ccarroll/papers/
                   nature.pdf},
}

@article{jpCins,
  author =        {Jappelli, Tullio and Pistaferri, Luigi},
  journal =       {Econometric Society World Congress 2000 Contributed
                   Paper Number 0118},
  month =         {August},
  title =         {Intertemporal Choice and Consumption Mobility},
  year =          {2000},
  url =           {http://fmwww.bc.edu/RePEc/es2000/0118.pdf},
}

@techreport{dhmImproving,
  author =        {Daly, Moira and Hryshko, Dmytro and
                   Manovskii, Iourii},
  institution =   {National Bureau of Economic Research},
  title =         {Improving the measurement of earnings dynamics},
  year =          {2016},
}

@article{dmHowMuch,
  author =        {Hryshko, Dmytro and Manovskii, Iourii},
  journal =       {Manuscript, University of Alerta},
  month =         {August},
  title =         {How much consumption insurance in the US?},
  year =          {2020},
  url =           {http://www.artsrn.ualberta.ca/econweb/hryshko/Papers/
                   HryshkoManovskii-how-much-aug25-2020.pdf},
}

@article{deatonLiqConstr,
  author =        {Deaton, Angus S.},
  journal =       {Econometrica},
  note =          {\url{https://www.jstor.org/stable/2938366}},
  pages =         {1221-1248},
  title =         {Saving and Liquidity Constraints},
  volume =        {59},
  year =          {1991},
  url =           {http://www.jstor.org/stable/2938366},
}

@article{scheinkman&weiss:borrowing,
  author =        {Scheinkman, Jos\'e and Weiss, Laurence},
  journal =       {Econometrica},
  number =        {1},
  pages =         {23--46},
  title =         {Borrowing Constraints and Aggregate Economic
                   Activity},
  volume =        {54},
  year =          {1986},
}

@article{claridaErgodic,
  author =        {Clarida, Richard H.},
  journal =       {International Economic Review},
  pages =         {339--351},
  title =         {Consumption, Liquidity Constraints, and Asset
                   Accumulation in the Face of Random Fluctuations in
                   Income},
  volume =        {XXVIII},
  year =          {1987},
}

@article{cwcUnderUncert,
  author =        {Chamberlain, Gary and Wilson, Charles A.},
  journal =       {Review of Economic Dynamics},
  number =        {3},
  pages =         {365--395},
  title =         {Optimal Intertemporal Consumption Under Uncertainty},
  volume =        {3},
  year =          {2000},
}

@article{tocheUrisk,
  author =        {Toche, Patrick},
  journal =       {Economics Letters},
  number =        {2},
  pages =         {267--272},
  title =         {A Tractable Model of Pre{\-}cau{\-}tion{\-}ary
                   Sav{\-}ing in Con{\-}tin{\-}uous Time},
  volume =        {87},
  year =          {2005},
}

@article{asHomogeneous,
  author =        {Alvarez, Fernando and Stokey, Nancy L},
  journal =       {Journal of economic theory},
  number =        {1},
  pages =         {167--189},
  publisher =     {Elsevier},
  title =         {Dynamic programming with homogeneous functions},
  volume =        {82},
  year =          {1998},
}

@article{mnUnique,
  author =        {Janusz Matkowski and Andrzej S. Nowak},
  journal =       {Economic Theory},
  pages =         {455--474},
  title =         {On Discounted Dynamic Programming With Unbounded
                   Returns},
  volume =        {46},
  year =          {2011},
}

@article{rrExistence,
  author =        {Rinc{\'o}n-Zapatero, Juan Pablo and
                   Rodr{\'\i}guez-Palmero, Carlos},
  journal =       {Econometrica},
  number =        {5},
  pages =         {1519--1555},
  publisher =     {Wiley Online Library},
  title =         {Existence and uniqueness of solutions to the Bellman
                   equation in the unbounded case},
  volume =        {71},
  year =          {2003},
}

@article{mvExistence,
  author =        {Martins-da-Rocha, V Filipe and Vailakis, Yiannis},
  journal =       {Econometrica},
  number =        {3},
  pages =         {1127--1141},
  publisher =     {Wiley Online Library},
  title =         {Existence and uniqueness of a fixed point for local
                   contractions},
  volume =        {78},
  year =          {2010},
}

@article{ramseySave,
  author =        {Ramsey, Frank},
  journal =       {Economic Journal},
  number =        {152},
  pages =         {543--559},
  title =         {A Mathematical Theory of Saving},
  volume =        {38},
  year =          {1928},
}

@book{riehl2017category,
  author =        {Riehl, Emily},
  publisher =     {Courier Dover Publications},
  title =         {Category theory in context},
  year =          {2017},
}

@article{chkLiqConstr,
  author =        {Carroll, Christopher D. and Martin Holm and
                   Miles S. Kimball},
  journal =
  {\href{https://www.econ2.jhu.edu/people/ccarroll/papers/LiqConstr}{Manuscript,
  Johns Hopkins University}},
  note =
  {\url{https://www.econ2.jhu.edu/people/ccarroll/papers/LiqConstr}},
  title =         {Liquidity Constraints and Precautionary Saving},
  year =          {2019},
  url =           {https://www.econ2.jhu.edu/people/ccarroll/papers/LiqConstr},
}

@article{ckConcavity,
  author =        {Carroll, Christo{\-}pher D. and
                   Kim{\-}ball, Miles S.},
  journal =       {Econometrica},
  note =
  {\url{https://www.econ2.jhu.edu/people/ccarroll/concavity.pdf}},
  number =        {4},
  pages =         {981--992},
  title =         {On the {C}on{\-}cav{\-}ity of the {C}onsumption
                   {F}unction},
  volume =        {64},
  year =          {1996},
  url =           {https://www.econ2.jhu.edu/people/ccarroll/concavity.pdf},
}

@article{aiyagari:ge,
  author =        {Aiyagari, S. Rao},
  journal =       {Quarterly Journal of Economics},
  pages =         {659--684},
  title =         {Uninsured Idiosyncratic Risk and Aggregate Saving},
  volume =        {109},
  year =          {1994},
}

@article{yaoNote,
  author =        {Jiaxiong Yao},
  journal =       {Manuscript, Johns Hopkins University},
  title =         {The Theoretical Foundations of Buffer Stock Saving: A
                   Note},
  year =          {2012},
}

@article{jboydWeighted,
  author =        {Boyd, John H.},
  journal =       {Journal of Economic Theory},
  month =         {April},
  number =        {2},
  pages =         {326--345},
  title =         {Recursive Utility and the Ramsey Problem},
  volume =        {50},
  year =          {1990},
}

@article{duranDiscounting,
  author =        {Dur{\'a}n, Jorge},
  journal =       {Economic Theory},
  number =        {2},
  pages =         {395--413},
  publisher =     {Springer},
  title =         {Discounting long run average growth in stochastic
                   dynamic programs},
  volume =        {22},
  year =          {2003},
}

@article{szeidlInvariant,
  author =        {Szeidl, Adam},
  journal =       {Manuscript, Central European University},
  note =          {Available at
  \url{http://www.personal.ceu.hu/staff/Adam_Szeidl/papers/invariant_revision.pdf}},
  title =         {Sta{\-}ble In{\-}vari{\-}ant Distribution in
                   Buffer-Stock Sav{\-}ing and Sto{\-}chastic Growth
                   Models},
  year =          {2013},
}

@article{harmenbergInvariant,
  author =        {Karl Harmenberg},
  journal =       {Journal of Economic Dynamics and Control},
  pages =         {104185},
  title =         {Agg{\-}re{\-}gat{\-}ing hetero{\-}gen{\-}eous-agent
                   mod{\-}els with per{\-}manent in{\-}come shocks},
  volume =        {129},
  year =          {2021},
  abstract =      {I introduce a method for simulating aggregate
                   dynamics of heterogeneous-agent models where log
                   permanent income follows a random walk. The idea is
                   to simulate the model using a counterfactual
                   permanent-income-neutral measure which incorporates
                   the effect that permanent income shocks have on
                   macroeconomic aggregates. With the
                   permanent-income-neutral measure, one does not need
                   to keep track of the permanent-income distribution.
                   The permanent-income-neutral measure is both useful
                   for the analytical characterization of aggregate
                   consumption-savings behavior and for simulating
                   numerical models. Furthermore, it is trivial to
                   implement with a few lines of code.},
  doi =           {https://doi.org/10.1016/j.jedc.2021.104185},
  issn =          {0165-1889},
  url =           {https://www.sciencedirect.com/science/article/pii/
                   S0165188921001202},
}

@article{BufferStockTheoryQESubmit,
  author =        {Christopher D. Carroll},
  journal =       {Quantitative Economics},
  title =         {Theoretical Foundations of Buffer Stock Saving},
  year =          {2019, Submitted},
  doi =           {https://zenodo.org/badge/latestdoi/304124725},
  url =           {https://econ-ark.github.io/BufferStockTheory},
}

@article{cstwMPC,
  author =        {Christopher D. Carroll and Jiri Sla{\-}calek and
                   Kiichi To{\-}ku{\-}o{\-}ka and Matt{\-}hew N. White},
  journal =       {Quantitative Economics},
  month =         {November},
  note =          {At
  \url{https://www.econ2.jhu.edu/people/ccarroll/papers/cstwMPC}},
  pages =         {977-1020},
  title =         {The Dis{\-}tri{\-}bu{\-}tion of Wealth and the
                   Mar{\-}gi{\-}nal Pro{\-}pen{\-}si{\-}ty to
                   Con{\-}sume},
  volume =        {8},
  year =          {2017},
  doi =           {10.3982/QE694},
  url =           {http://onlinelibrary.wiley.com/doi/10.3982/QE694/pdf},
}

@article{blanchardFinite,
  author =        {Blanchard, Olivier J.},
  journal =       {Journal of Political Economy},
  month =         {April},
  number =        {2},
  pages =         {223--247},
  title =         {Debt, Deficits, and Finite Horizons},
  volume =        {93},
  year =          {1985},
}

@article{yaari1965uncertain,
  author =        {Yaari, Menahem E},
  journal =       {The Review of Economic Studies},
  number =        {2},
  pages =         {137--150},
  publisher =     {JSTOR},
  title =         {Uncertain lifetime, life insurance, and the theory of
                   the consumer},
  volume =        {32},
  year =          {1965},
}

@article{modiglianiWealth,
  author =        {Modigliani, Franco},
  journal =       {Social Research},
  pages =         {160--217},
  title =         {The Life Cycle Hypothesis, the Demand for Wealth, and
                   the Supply of Capital},
  volume =        {33},
  year =          {1966},
}

@book{hendricksBequests,
  author =        {Hendricks, Lutz},
  journal =       {Manuscript, University of Arizona},
  publisher =     {University of Arizona},
  title =         {Bequests and Retirement Wealth in the United States},
  year =          {2001},
  url =           {https://lhendricks.org/Research/wps/bequdata_paper.pdf},
}

@article{hendricksSmallBequests,
  author =        {Lutz Hendricks},
  journal =       {Lecture Notes, Economics 821, University of North
                   Carolina},
  title =         {Wealth Distribution and Bequests},
  year =          {2016},
  url =           {https://lhendricks.org/econ821/wealth/wealth_bequ_sl.pdf},
}

@article{hiraguchiBSProofs,
  author =        {Hiraguchi, Ryoji},
  journal =       {Manuscript, Johns Hopkins University},
  title =         {On the Convergence of Consumption Rules},
  year =          {2003},
}

@article{StachurskiToda2019JET,
  author =        {Stachurski, John and Toda, Alexis Akira},
  journal =       {Journal of Economic Theory},
  month =         jul,
  pages =         {1-24},
  title =         {An Impossibility Theorem for Wealth in
                   Heterogeneous-Agent Models with Limited
                   Heterogeneity},
  volume =        {182},
  year =          {2019},
  doi =           {10.1016/j.jet.2019.04.001},
}