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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/10014278544
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Micro and Macro Analysis on Household Income, Wealth and Saving in the Euro Area
Honkkila, Juha - 2013
The report on the Measurement of Economic Performance and Social Progress by Stiglitz, Sen and Fitoussi concludes that in the measurement of household welfare all material components should be covered, i.e. consumption, income and wealth, from both the micro as well as the macro perspective....
Persistent link: https://www.econbiz.de/10013072608
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Financial Literacy and Savings Account Returns
Deuflhard, Florian - 2015
Savings accounts are owned by most households, but little is known about the performance of households' investments. We … create a unique dataset by matching information on individual savings accounts from the DNB Household Survey with market data …
Persistent link: https://www.econbiz.de/10013014617
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Dissecting Saving Dynamics : Measuring Wealth, Precautionary and Credit Effects
Carroll, Christopher D. - 2019
We argue that the U.S. personal saving rate's long stability (from the 1960s through the early 1980s), subsequent steady decline (1980s-2007), and recent substantial increase (2008-2011) can all be interpreted using a parsimonious 'buffer stock' model of optimal consumption in the presence of...
Persistent link: https://www.econbiz.de/10012905525
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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
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Sequential Optimization, Front-Loaded Information, and U.S. Consumption
Willman, Alpo - 2021
In an overlapping generations maximization framework with consumers, whose information on uncertain future income realizations is front-loaded, a closed form aggregate consumption function with CRRA preferences is derived. To have a closed form solution we assume that consumers solve their...
Persistent link: https://www.econbiz.de/10013317049
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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
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Consumption, habit persistence, imperfect information and the lifetime budget constraint
Willman, Alpo - 2003
Based on the households' utility maximisation, a closed form approximation of the consumption function is derived and the deep parameters of the consumption function are estimated using aggregate euro area data. The novel element in our approach is the parameterisation of the information content...
Persistent link: https://www.econbiz.de/10011604297
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The output composition puzzle: a difference in the monetary transmission mechanism in the euro area and U.S.
Mojon, Benoît; Angeloni, Ignazio; Terlizzese, Daniele; … - 2003
We revisit recent evidence on how monetary policy affects output and prices in the U.S. and in the euro area. The response patterns to a shift in monetary policy are similar in most respects, but differ noticeably as to the composition of output changes. In the euro area investment is the...
Persistent link: https://www.econbiz.de/10011604314
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Information, habits, and consumption behavior: evidence from micro data
Kuismanen, Mika; Pistaferri, Luigi - 2006
Most of the empirical literature on consumption behaviour over the last decades has focused on estimating Euler equations. However, there is now consensus that data-related problems make this approach unfruitful, especially for answering policy relevant issues. Alternatively, many papers have...
Persistent link: https://www.econbiz.de/10011604618