4 papers
A Theory of Saving under Risk Preference Dynamics
Qingyin Ma, Xinxi Song, Alexis Akira Toda
Empirical evidence shows that wealthy households have substantially higher saving rates and markedly lower marginal propensity to consume (MPC) than other groups. Existing theory c…
Optimal Savings under Transition Uncertainty and Learning Dynamics
Qingyin Ma, Xinxin Zhang
This paper studies optimal consumption and saving decisions under uncertainty about the transition dynamics of the economic environment. We consider a general optimal savings probl…
Wealth Preferences and the Upper Tail of Consumption
Qingyin Ma, Alexis Akira Toda
We develop a theory of optimal saving when wealth enters utility. Relative curvatures of consumption and wealth utility, and , govern the upper-tail behavior. When , we…
Interest Rate Dynamics and Commodity Prices
Christophe Gouel, Qingyin Ma, John Stachurski
In economic studies and popular media, interest rates are routinely cited as a major factor behind commodity price fluctuations. At the same time, the transmission channels are far…