{"id":"https://openalex.org/W2157359391","doi":"https://doi.org/10.3982/ecta13601","title":"Precautionary Savings, Illiquid Assets, and the Aggregate Consequences of Shocks to Household Income Risk","display_name":"Precautionary Savings, Illiquid Assets, and the Aggregate Consequences of Shocks to Household Income Risk","publication_year":2019,"publication_date":"2019-01-01","ids":{"openalex":"https://openalex.org/W2157359391","doi":"https://doi.org/10.3982/ecta13601","mag":"2157359391"},"language":"en","primary_location":{"id":"doi:10.3982/ecta13601","doi":"https://doi.org/10.3982/ecta13601","is_oa":false,"landing_page_url":"https://doi.org/10.3982/ecta13601","pdf_url":null,"source":{"id":"https://openalex.org/S95464858","display_name":"Econometrica","issn_l":"0012-9682","issn":["0012-9682","1468-0262"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","dongbi-a","doyens","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Econometrica","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://autopapers.ssrn.com/sol3/papers.cfm?abstract_id=2666992","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5102975433","display_name":"Christian Bayer","orcid":"https://orcid.org/0000-0001-6369-6787","observed_orcids":["https://orcid.org/0000-0001-6369-6787"]},"institutions":[{"id":"https://openalex.org/I135140700","display_name":"University of Bonn","ror":"https://ror.org/041nas322","country_code":"DE","type":"education","lineage":["https://openalex.org/I135140700"]}],"countries":["DE"],"is_corresponding":false,"raw_author_name":"Christian Bayer","raw_affiliation_strings":["University of Bonn >  >  >  >"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Bonn >  >  >  >","institution_ids":["https://openalex.org/I135140700"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5079097133","display_name":"Ralph Luetticke","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I135140700","display_name":"University of Bonn","ror":"https://ror.org/041nas322","country_code":"DE","type":"education","lineage":["https://openalex.org/I135140700"]}],"countries":["DE"],"is_corresponding":false,"raw_author_name":"Ralph Luetticke","raw_affiliation_strings":["University of Bonn - The Bonn Graduate School of Economics"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Bonn - The Bonn Graduate School of Economics","institution_ids":["https://openalex.org/I135140700"]}]},{"author_position":"middle","author":{"id":null,"display_name":"Lien Pham-Dao","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I135140700","display_name":"University of Bonn","ror":"https://ror.org/041nas322","country_code":"DE","type":"education","lineage":["https://openalex.org/I135140700"]}],"countries":["DE"],"is_corresponding":false,"raw_author_name":"Lien Pham-Dao","raw_affiliation_strings":["University of Bonn - The Bonn Graduate School of Economics"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Bonn - The Bonn Graduate School of Economics","institution_ids":["https://openalex.org/I135140700"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5013142842","display_name":"Volker Tjaden","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I135140700","display_name":"University of Bonn","ror":"https://ror.org/041nas322","country_code":"DE","type":"education","lineage":["https://openalex.org/I135140700"]}],"countries":["DE"],"is_corresponding":false,"raw_author_name":"Volker Tjaden","raw_affiliation_strings":["University of Bonn - The Bonn Graduate School of Economics"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Bonn - The Bonn Graduate School of Economics","institution_ids":["https://openalex.org/I135140700"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I135140700"],"apc_list":{"value":5290,"currency":"USD","value_usd":5290},"apc_paid":null,"fwci":28.67,"has_fulltext":false,"cited_by_count":241,"citation_normalized_percentile":{"value":0.99603673,"is_in_top_1_percent":true,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":100},"biblio":{"volume":"87","issue":"1","first_page":"255","last_page":"290"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.7378000020980835,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.7378000020980835,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.2361000031232834,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11742","display_name":"Economic Theory and Policy","score":0.014399999752640724,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/precautionary-saving","display_name":"precautionary saving","score":0.8970000147819519},{"id":"https://openalex.org/keywords/illiquid-assets","display_name":"illiquid assets","score":0.8339999914169312},{"id":"https://openalex.org/keywords/income-risk","display_name":"income risk","score":0.7879999876022339},{"id":"https://openalex.org/keywords/incomplete-markets","display_name":"incomplete markets","score":0.8640000224113464},{"id":"https://openalex.org/keywords/nominal-rigidities","display_name":"nominal rigidities","score":0.9210000038146973},{"id":"https://openalex.org/keywords/aggregate-demand","display_name":"aggregate demand","score":0.7590000033378601},{"id":"https://openalex.org/keywords/liquidity-provision","display_name":"liquidity provision","score":0.49000000953674316},{"id":"https://openalex.org/keywords/human-capital","display_name":"human capital","score":0.8600000143051147},{"id":"https://openalex.org/keywords/consumer-demand","display_name":"consumer demand","score":0.5709999799728394},{"id":"https://openalex.org/keywords/business-cycles","display_name":"business cycles","score":0.4560000002384186}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6068764328956604},{"id":"https://openalex.org/C148179231","wikidata":"https://www.wikidata.org/wiki/Q4692251","display_name":"Aggregate income","level":4,"score":0.5608639121055603},{"id":"https://openalex.org/C2780138423","wikidata":"https://www.wikidata.org/wiki/Q7239395","display_name":"Precautionary savings","level":3,"score":0.532896876335144},{"id":"https://openalex.org/C4679612","wikidata":"https://www.wikidata.org/wiki/Q866298","display_name":"Aggregate (composite)","level":2,"score":0.47228652238845825},{"id":"https://openalex.org/C194425066","wikidata":"https://www.wikidata.org/wiki/Q1257519","display_name":"Permanent income hypothesis","level":3,"score":0.46826794743537903},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.4214455485343933},{"id":"https://openalex.org/C183582576","wikidata":"https://www.wikidata.org/wiki/Q184783","display_name":"Market liquidity","level":2,"score":0.4191424250602722},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.3861660361289978},{"id":"https://openalex.org/C145236788","wikidata":"https://www.wikidata.org/wiki/Q28161","display_name":"Labour economics","level":1,"score":0.33412396907806396},{"id":"https://openalex.org/C45555294","wikidata":"https://www.wikidata.org/wiki/Q28113351","display_name":"Inequality","level":2,"score":0.1034981906414032},{"id":"https://openalex.org/C519300510","wikidata":"https://www.wikidata.org/wiki/Q3915542","display_name":"Income distribution","level":3,"score":0.09929394721984863},{"id":"https://openalex.org/C192562407","wikidata":"https://www.wikidata.org/wiki/Q228736","display_name":"Materials science","level":0,"score":0.0},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.0},{"id":"https://openalex.org/C134306372","wikidata":"https://www.wikidata.org/wiki/Q7754","display_name":"Mathematical analysis","level":1,"score":0.0},{"id":"https://openalex.org/C159985019","wikidata":"https://www.wikidata.org/wiki/Q181790","display_name":"Composite material","level":1,"score":0.0}],"mesh":[],"locations_count":5,"locations":[{"id":"doi:10.3982/ecta13601","doi":"https://doi.org/10.3982/ecta13601","is_oa":false,"landing_page_url":"https://doi.org/10.3982/ecta13601","pdf_url":null,"source":{"id":"https://openalex.org/S95464858","display_name":"Econometrica","issn_l":"0012-9682","issn":["0012-9682","1468-0262"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","dongbi-a","doyens","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Econometrica","raw_type":"journal-article"},{"id":"mag:2157359391","doi":null,"is_oa":true,"landing_page_url":"https://autopapers.ssrn.com/sol3/papers.cfm?abstract_id=2666992","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},{"id":"mag:2921803041","doi":null,"is_oa":false,"landing_page_url":"https://EconPapers.repec.org/RePEc:cpr:ceprdp:10849","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RePEc: Research Papers in Economics","raw_type":null},{"id":"pmh:oai:RePEc:cpr:ceprdp:10849","doi":null,"is_oa":false,"landing_page_url":"http://www.cepr.org/active/publications/discussion_papers/dp.php?dpno=10849","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:eprints.ucl.ac.uk.OAI2:10049831","doi":null,"is_oa":false,"landing_page_url":"https://discovery.ucl.ac.uk/id/eprint/10049831/","pdf_url":null,"source":{"id":"https://openalex.org/S4306400024","display_name":"UCL Discovery (University College London)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I45129253","host_organization_name":"University College London","host_organization_lineage":["https://openalex.org/I45129253"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Econometrica , 87 (1) pp. 255-290. (2019)","raw_type":"Article"}],"best_oa_location":{"id":"mag:2157359391","doi":null,"is_oa":true,"landing_page_url":"https://autopapers.ssrn.com/sol3/papers.cfm?abstract_id=2666992","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/1","display_name":"No poverty","score":0.41670000553131104}],"study_designs":[],"awards":[{"id":"https://openalex.org/G3207356259","display_name":null,"funder_award_id":"2007\u20132013","funder_id":"https://openalex.org/F4320320300","funder_display_name":"European Commission"},{"id":"https://openalex.org/G7464643105","display_name":"Heterogeneity, Uncertainty and Macroeconomic Performance","funder_award_id":"282740","funder_id":"https://openalex.org/F4320338352","funder_display_name":"FP7 Ideas: European Research Council"}],"funders":[{"id":"https://openalex.org/F4320320300","display_name":"European Commission","ror":"https://ror.org/00k4n6c32"},{"id":"https://openalex.org/F4320325133","display_name":"Deutsche Bundesbank","ror":"https://ror.org/03jvfq589"},{"id":"https://openalex.org/F4320338352","display_name":"FP7 Ideas: European Research Council","ror":"https://ror.org/0472cxd90"}],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W2186052342","https://openalex.org/W7057117948","https://openalex.org/W2751901481","https://openalex.org/W1549028533","https://openalex.org/W7097419671","https://openalex.org/W7100424281","https://openalex.org/W7098942495","https://openalex.org/W3187212820","https://openalex.org/W1548984483","https://openalex.org/W2154404962"],"abstract_inverted_index":{"Households":[0,89],"face":[1],"large":[2],"income":[3],"uncertainty":[4,35,80,103],"that":[5,75],"varies":[6],"substantially":[7],"over":[8],"the":[9,14,76,99,107],"business":[10],"cycle.":[11],"We":[12,73],"examine":[13],"macroeconomic":[15],"consequences":[16,78],"of":[17,79],"these":[18],"variations":[19],"in":[20],"a":[21,31,65,85],"model":[22],"with":[23,90],"incomplete":[24],"markets,":[25],"liquid":[26,44],"and":[27,30,56,105],"illiquid":[28,53,96],"assets,":[29],"nominal":[32],"rigidity.":[33],"Heightened":[34],"depresses":[36],"aggregate":[37],"demand":[38],"as":[39],"households":[40],"respond":[41],"by":[42,70],"hoarding":[43],"``paper''":[45],"assets":[46],"for":[47],"precautionary":[48],"motives,":[49],"thereby":[50],"reducing":[51],"both":[52],"physical":[54],"investment":[55],"consumption":[57],"demand.":[58],"This":[59],"translates":[60],"into":[61],"output":[62],"losses,":[63],"which":[64],"central":[66],"bank":[67],"can":[68],"prevent":[69],"providing":[71],"liquidity.":[72],"show":[74],"welfare":[77],"shocks":[81],"crucially":[82],"depend":[83],"on":[84],"household's":[86],"asset":[87],"position.":[88],"little":[91],"human":[92],"capital":[93],"but":[94],"high":[95],"wealth":[97],"lose":[98],"most":[100,108],"from":[101,109],"an":[102],"shock":[104],"gain":[106],"stabilization":[110],"policy.":[111]},"counts_by_year":[{"year":2026,"cited_by_count":21},{"year":2025,"cited_by_count":41},{"year":2024,"cited_by_count":36},{"year":2023,"cited_by_count":28},{"year":2022,"cited_by_count":25},{"year":2021,"cited_by_count":32},{"year":2020,"cited_by_count":20},{"year":2019,"cited_by_count":15},{"year":2018,"cited_by_count":5},{"year":2017,"cited_by_count":5},{"year":2016,"cited_by_count":7},{"year":2015,"cited_by_count":4},{"year":2012,"cited_by_count":1}],"updated_date":"2026-11-02T09:45:03.842371","created_date":"2016-06-24T00:00:00"}