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Government Debt and Capital Accumulation in an Era of Low Interest Rates

Mankiw, Nicholas Gregory - National Bureau of Economic Research - 2022

This essay discusses the reasons for and implications of the decline in real interest rates around the world over the past several decades. It suggests that the decline in interest rates is largely explicable from trends in saving, growth, and markups. In this environment, greater government...

Persistent link: https://www.econbiz.de/10013210052

Accounting for Macro-Finance Trends : Market Power, Intangibles, and Risk Premia

Farhi, Emmanuel - 2018

) stock market valuation ratios have increased only moderately; (3) investment has been lackluster. We use a simple extension … traditional culprits of increasing savings supply and technological growth slowdown …

Persistent link: https://www.econbiz.de/10012480933

Financial and Total Wealth Inequality with Declining Interest Rates

Greenwald, Daniel L.; Leombroni, Matteo; Lustig, Hanno; … - National Bureau of Economic Research - 2021

with lower returns on financial wealth, households with high levels of financial wealth must increase savings to afford the …

Persistent link: https://www.econbiz.de/10012496167

The Interest Rate Effect on Private Saving : Alternative Perspectives

Aizenman, Joshua - 2016

Using an uneven panel of 135 countries from 1995 to 2014, we investigate the link between interest rates and private saving, and focus on whether the interest rate effect is dominated by the income (i.e., negative) or the substitution (i.e., positive) effect. With the baseline estimation, we...

Persistent link: https://www.econbiz.de/10012455808

The Role of the Growth of Risk-Averse Wealth in the Decline of the Safe Real Interest Rate

Hall, Robert E. - 2016

Over the past few decades, worldwide real interest rates have trended downward. The real interest rate describes the terms of trade between risk-tolerant and risk-averse investors. Debt pays off equally across contingencies at a given future date, so debt is valuable to risk-averse investors to...

Persistent link: https://www.econbiz.de/10012456479

Uncertainty or Frictions? A Quantitative Model of Scarce Safe Assets

Ilut, Cosmin L.; Krivenko, Pavel; Schneider, Martin - National Bureau of Economic Research - 2024

characterization of asset premia and precautionary savings effects in steady state …

Persistent link: https://www.econbiz.de/10014512052

World Interest Rates and Investment

Barro, Robert J. - 1991

rates - is determined to equate the world aggregate of investment demand to the world aggregate of desired national saving …

Persistent link: https://www.econbiz.de/10012475144

The International Linkage of Real Interest Rates : The European - U.S. Connection

Cumby, Robert E. - 1984

Casual observation indicates that in recent years real interest rates in the United States appear to have risen sharply and have remained high relative to historical standards. Many observers have claimed that these high real rates have been transmitted abroad and have lead to high real rates in...

Persistent link: https://www.econbiz.de/10012477666

The Effects of Investing Social Security Funds in the Stock Market When Fixed Costs Prevent Some Households from Holding Stocks

Abel, Andrew B. - 2000

With fixed costs of participating in the stock market, consumers with high income will participate in the stock market, but consumers with lower income will not participate. If a fully-funded defined-contribution social security system tries to exploit the equity premium by selling a dollar of...

Persistent link: https://www.econbiz.de/10012471011

Saving and Investment in an Open Economy with Non-Traded Goods

Engel, Charles - 1987

, investment in capital goods and a non-traded good. Such an environment is rich enough to explain several phenomena that are … inexplicable in more barren models. We suggest an explanation of why saving and investment may be correlated even with no … restrictions on trade in assets. We explain why a high saving country may nonetheless borrow from abroad to finance investment. We …

Persistent link: https://www.econbiz.de/10012476928

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