Chakrabarti, Rajashri; Lee, Donghoon; Klaauw, Wilbert … - 2011
saving during the 2007 recession. We find that, while different segments of the population were affected in distinct ways … to their deteriorated financial situations, households reduced their average spending and increased their saving. This … increase in saving - at least in 2009 - did not materialize through an increase in contributions to retirement and savings …