Showing 1 - 10 of 651
Savings accounts are owned by most households, but little is known about the performance of households' investments. We … create a unique dataset by matching information on individual savings accounts from the DNB Household Survey with market data …
Persistent link: https://www.econbiz.de/10013014617
We address the question of whether the heterogeneity in savings is partly due to differences in pension wealth across … heterogeneity in the mean savings offset depending on age, risk attitudes and country. Third, the offset follows different patterns …
Persistent link: https://www.econbiz.de/10012842350
We argue that the U.S. personal saving rate's long stability (from the 1960s through the early 1980s), subsequent steady decline (1980s-2007), and recent substantial increase (2008-2011) can all be interpreted using a parsimonious 'buffer stock' model of optimal consumption in the presence of...
Persistent link: https://www.econbiz.de/10012905525
The report on the Measurement of Economic Performance and Social Progress by Stiglitz, Sen and Fitoussi concludes that in the measurement of household welfare all material components should be covered, i.e. consumption, income and wealth, from both the micro as well as the macro perspective....
Persistent link: https://www.econbiz.de/10013072608
We study interest rates transmission to savings at low and negative rates. Exploiting cohorts of consumers from a data …-rich multi-country survey, we show how the strength of interest rate transmission to savings varies with the level of nominal … levels, there is evidence that the savings response may even reverse sign. Such a “savings’ reversal” is consistent with the …
Persistent link: https://www.econbiz.de/10014236802
We estimate the long- and short-run relationship between top income and wealth shares for France and the US since 1913. We find strong evidence for a long-run cointegration relationship governed by relative saving rates at the top. For both countries, we estimate a decline in the relative saving...
Persistent link: https://www.econbiz.de/10013315379
In an overlapping generations maximization framework with consumers, whose information on uncertain future income realizations is front-loaded, a closed form aggregate consumption function with CRRA preferences is derived. To have a closed form solution we assume that consumers solve their...
Persistent link: https://www.econbiz.de/10013317049
; hypothesis), (ii) preference shocks (quot;savings glutquot; hypothesis), and (iii) investment shocks (quot;investment droughtquot … part of the variation in imbalances and financial market prices. We find that savings shocks and investment shocks explain … imbalances in the US and emerging Asia than a quot;savings glutquot …
Persistent link: https://www.econbiz.de/10012771616
This study extends a thick modelling tool for aggregated euro area real private consumption of de Bondt et al. (2019) to the four largest euro area countries. The suite of error correction models performs well in and out of sample. The ranges and averages of estimated elasticities are, however,...
Persistent link: https://www.econbiz.de/10012389546
House price booms in Anglo-Saxon economies and their collapse were an important part of the financial accelerator via consumption, construction and the banking system. This paper examines links for Germany between household portfolios, income and consumption in a six-equation system, for...
Persistent link: https://www.econbiz.de/10011605949