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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
How do financial markets price new information? This paper analyzes price setting at the intersection of private and public information, by testing whether and how the reaction of financial markets to public signals depends on the relative importance of private information in agents' information...
Persistent link: https://www.econbiz.de/10013157672
I extend the model of Laubach and Williams (2003) by introducing an explicit role for the financial cycle in the joint estimation of the natural rates of interest, unemployment and output, and the sustainable growth rate of the US economy. By incorporating the financial cycle - arguably an...
Persistent link: https://www.econbiz.de/10012914883
How do financial markets price new information? This paper analyzes price setting at the intersection of private and public information, by testing whether and how the reaction of financial markets to public signals depends on the relative importance of private information in agents’...
Persistent link: https://www.econbiz.de/10011605123
Recent fiscal policies have aimed to stimulate household spending. In 2008, most households received one-time economic stimulus payments. In 2009, most working households received the Making Work Pay tax credit in the form of reduced withholding; other households, mainly retirees, received...
Persistent link: https://www.econbiz.de/10013130153
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
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
We address the question of whether the heterogeneity in savings is partly due to differences in pension wealth across … heterogeneity in the mean savings offset depending on age, risk attitudes and country. Third, the offset follows different patterns …
Persistent link: https://www.econbiz.de/10012842350
Given that savings behaviour and worker productivity have strong life-cycle components and given that demographic …
Persistent link: https://www.econbiz.de/10012778366
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