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We present a qualitative and quantitative analysis of the standard growth model modified to include precautionary saving motives and liquidity constraints. We address the impact on the aggregate saving rate, the importance of asset trading to individuals, and the relative inequality of wealth and income distributions.
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S. Rao Aiyagari (Mon,) studied this question.
www.synapsesocial.com/papers/6a0d025c2e5f14ab7f7c783e — DOI: https://doi.org/10.2307/2118417
S. Rao Aiyagari
The Quarterly Journal of Economics
Federal Reserve Bank of Minneapolis
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