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UID:c47dd7006a2b490984fbfe507f82d0a5
CATEGORIES:Seminars
CREATED:20260818T064750
SUMMARY:Wendy Morrison - Duke University
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:The Savings Wedge\nAbstract:\nWe derive a new criterion for evaluating over
 - or under-saving in over-lapping generations economies with both ex-ante a
 nd ex-post household heterogeneity. Our criterion, which we call the Saving
 s Wedge, nests the traditional ‘r vs. g’ (Golden Rule) criterion as a speci
 al case, but accounts for how aggregate savings affects households’ exposur
 e to uninsurable risk and shifts the income distribution, and can be though
 t of as a risk and redistribution robust Golden Rule criterion. A second-or
 der approximation of the Savings Wedge yields a tractable formula of measur
 able statistics. Using PSID data from 1978 to 2024, we measure the Savings 
 Wedge in the United States and compare our measure to the traditional Golde
 n Rule. The latter implies mild under-saving (10 percent) before 2005, then
  mild over-saving (6 percent). Relative to the Golden Rule, our criterion s
 uggests substantially more under-saving, driven by both high levels of capi
 tal income risk and capital income inequality being greater than labor inco
 me inequality. We find the U.S. under-saves by 30 percent before 2005, with
  no over-saving in the later years\n
DTSTAMP:20261020T161543Z
DTSTART:20261026T163000Z
DTEND:20261026T180000Z
SEQUENCE:0
TRANSP:OPAQUE
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