emergence of global imbalances in the 2000s. The record low household savings rate in the past decade was the product of two … borrowing in the 2000s. We present novel disaggregated estimates of the wealth effect on savings. We show that households reduce … active savings in response to gains in financial wealth and increase borrowing with rising housing wealth. Finally, we argue …

Since 2002 the German government seeks to stimulate private retirement savings by means of special allowances and tax …

and savings decisions of singles and married couples. Partial insurance against wage and employment shocks is provided by … social programs, savings and the labor supplies of all adult household members. The optimal policy mix focuses mainly on …