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The Corporate Saving Glut and the Current Account in Germany

Klug, Thorsten; Mayer, Eric; Schuler, Tobias - 2021

We investigate, in the case of Germany, the positive correlation between the cyclical components of the corporate saving glut in the non-financial corporate sector and the current account surplus from a capital account perspective. Employing sign restrictions, our findings suggest that mostly...

Persistent link: https://www.econbiz.de/10013210659

Consumer Savings Behaviour at Low and Negative Interest Rates

Felici, Marco; Kenny, Geoff; Friz, Roberta - 2022

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

Inequality and Relative Saving Rates at the Top

Lieberknecht, Philipp; Vermeulen, Philip - 2021

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

Macroeconomic Reversal Rate in a Low Interest Rate Environment

End, Jan-Willem van den; Konietschke, Paul; Samarina, Anna - 2021

the impulse responses of investment, savings, consumption, and the output gap to an expansionary monetary policy shock …

Persistent link: https://www.econbiz.de/10013312597

What drives U.S. current account fluctuations?

Barnett, Alina; Straub, Roland - 2008

We use a structural VAR with sign restrictions to jointly identify the impact of monetary policy, private absorption, technology and oil price shocks on current account fluctuations in the U.S.. We derive the sign restrictions from theoretical impulse response functions of a DSGE model with oil,...

Persistent link: https://www.econbiz.de/10011605005

Adjusting to the euro

Fagan, Gabriel; Gaspar, Vítor - 2007

significant impulse leading to a sharp increase in households' expenditures and a corresponding fall in the savings ratio …

Persistent link: https://www.econbiz.de/10011604762

On the Empirical Evidence of the Intertemporal Current Account Model for the Euro Area Countries

Ca'Zorzi, Michele; Rubaszek, Michał - 2022

In this paper we present a novel approach to the empirical validation of the intertemporal approach to the current account. We develop a calibrated model highlighting the role of consumption smoothing and capital accumulation in the economic convergence process. After solving the model, we...

Persistent link: https://www.econbiz.de/10014218841

The Distribution of Wealth and the MPC : Implications of New European Data

Carroll, Christopher D. - 2014

Using new micro data on household wealth from fifteen European countries, the Household Finance and Consumption Survey, we first document the substantial cross-country variation in how various measures of wealth are distributed across individual households. Through the lens of a standard,...

Persistent link: https://www.econbiz.de/10013058553

The Distribution of Wealth and the Marginal Propensity to Consume

Carroll, Christopher D. - 2014

We present a macroeconomic model calibrated to match both microeconomic and macroeconomic evidence on household income dynamics. When the model is modified in a way that permits it to match empirical measures of wealth inequality in the U.S., we show that its predictions (unlike those of...

Persistent link: https://www.econbiz.de/10013057669

Saving Behaviour and Global Imbalances : The Role of Emerging Market Economies

Ferrucci, Gianluigi; Miralles-Cabrera, César - 2021

In recent years there has been considerable variation in savings patterns across countries and regions, with … at the empirical drivers behind these trends. It uses a reduced-form model that relates private savings to an asset of … savings in these economies. Looking ahead, the prospective population aging is likely to lead to a considerable fall in saving …

Persistent link: https://www.econbiz.de/10013316672