We propose a theory of indebted demand, capturing the idea that large debt burdens by households and governments lower … aggregate demand, and thus natural interest rates. At the core of the theory is the simple yet under-appreciated observation …

This paper presents a dynamic theory of housing market fluctuations. It develops a life-cycle model where households …

for the future (global savings glut). Low growth is linked to slowing population growth and a declining marginal …, from the perspective of Austrian business cycle theory, interest rates were step by step decreased by central banks to … nihilo and the need of time to produce capital invalidates the IS identity assumed in the Keynesian theory to hold …

risk of workers, which mitigates their precautionary savings motive. Using a quantitative model analysis, we show that this …

, capital controls, and other government distortions of international transactions, may reduce private savings rates. A two … that there is a significant and robust relationship between economic liberalization and lower rates of savings. One … implication is that at least part of the decline in savings rates in some countries over the past two decades may be explained by …