International Finance Discussion Papers : Precautionary Portfolio Behavior from a Life-Cycle Perspective (Paperback)
International Finance Discussion Papers : Precautionary Portfolio Behavior from a Life-Cycle Perspective (Paperback)
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International Finance Discussion Papers : Precautionary Portfolio Behavior from a Life-Cycle Perspective (Paperback)

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The literature on asset accumulation by households draws a sharp distinction between "short-run" precautionary motives to buffer annual consumption from annual labor income shocks, and "long-run" life cycle considerations under labor income certainty. How
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