Rivista di Politica Economica
P. De Santis, G. Moscarini, G. Piga

Our aim is to shed some light on the differences of savings rates over tirne and among countries.

This paper, which is the first step of a wider research program we are involved in, presents an additional point of view to the well-known and far developed debate on this subject. We first seek the micro- economic foundations of savings behavior, then we infer its macro- economic implications.

We basically trust the explcative power of the Life Cycle Hypoth- esis (LCH), but we are concerned with a new approach to the life-cycle income path in a stochastic environment. In order to deal with this particular matter, we formulate, a problem of career choice, formally similar to the Tobinian portfolio selection theory; however this problem is part of a life-cycle framework, determing the income path as the outcome of an optimal investment in human capital under uncertainty.

We will try to formalize a general model of savings behavior; based on these microfoundations, we wiU infer macroeconomic implications, which will help, to some extent, to explain relevant phenomena in both industrialized and underdeveloped countries…continua a leggere

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