-cycle framework how individuals respond to recessions. Our focus is on the sharp increase in savings rates that have been observed in … the current and recent recessions. We show empirically that these saving spikes were short-lived and common to all working … age groups. We then study life-cycle models in which recessions involve one or more of: (i) an aggregate permanent …

This paper examines trends in household consumption and saving behaviour in each of the last three recessions in the UK … durable expenditure than was seen in previous recessions, and the distributional pattern across individuals differs. The young …