{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,6,8]],"date-time":"2026-06-08T07:59:05Z","timestamp":1780905545778,"version":"3.54.1"},"reference-count":43,"publisher":"Wiley","issue":"4","license":[{"start":{"date-parts":[[2026,2,27]],"date-time":"2026-02-27T00:00:00Z","timestamp":1772150400000},"content-version":"vor","delay-in-days":0,"URL":"http:\/\/onlinelibrary.wiley.com\/termsAndConditions#vor"},{"start":{"date-parts":[[2026,2,27]],"date-time":"2026-02-27T00:00:00Z","timestamp":1772150400000},"content-version":"tdm","delay-in-days":0,"URL":"http:\/\/doi.wiley.com\/10.1002\/tdm_license_1.1"}],"content-domain":{"domain":["onlinelibrary.wiley.com"],"crossmark-restriction":true},"short-container-title":["J of Applied Econometrics"],"published-print":{"date-parts":[[2026,6]]},"abstract":"<jats:title>ABSTRACT<\/jats:title>\n                  <jats:p>There is an ongoing debate about the buffer\u2010stock saving hypothesis. This paper develops a formal test of the hypothesis by examining the sub\u2010unity of the marginal propensity to consume out of permanent income (MPCP). Our test relies on a novel estimator of the average derivative of a nonparametric consumption model, using constructed measures of latent permanent income shocks that accommodate nonparametric income distributions. Following Li and Vuong (1998), we use a Kotlarski\u2010based approach to account for asymmetric errors, which is crucial for testing buffer\u2010stock behavior. Applied to the US Panel Study of Income Dynamics (PSID) data, our test rejects a unit MPCP, providing empirical support for buffer\u2010stock saving.<\/jats:p>","DOI":"10.1002\/jae.70048","type":"journal-article","created":{"date-parts":[[2026,3,8]],"date-time":"2026-03-08T11:06:24Z","timestamp":1772967984000},"page":"425-445","update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":0,"title":["Inference on Buffer\u2010Stock Saving"],"prefix":"10.1002","volume":"41","author":[{"given":"Hao","family":"Dong","sequence":"first","affiliation":[{"name":"Department of Economics Southern Methodist University  Dallas United States"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Yuya","family":"Sasaki","sequence":"additional","affiliation":[{"name":"Department of Economics Vanderbilt University  Nashville TN 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