savings. Households across the income distribution all cut spending from March to early April. Since mid April, spending has …We use U.S. household-level bank account data to investigate the heterogeneous effects of the pandemic on spending and …, relative to their pre-pandemic shares. Taken together, our results suggest that spending declines in the initial months of the …

spending propensities out of Social Security wealth are far below those out of pension wealth. The small effect of changes in … among persons with longer horizons indicate that increased longevity has not been met with sufficient spending cuts to …

Rising income inequality since the 1980s in the United States has generated a substantial increase in saving by the top … of the income distribution, which we call the saving glut of the rich. The saving glut of the rich has been as large as … the global saving glut, and it has not been associated with an increase in investment. Instead, the saving glut of the …

household spending. This paper quantifies the spending response to these policies and examines differences in spending by … finds that the reduction in withholding in 2009 boosted spending at roughly half the rate (13 percent) as the one …

Bernanke (2005) hypothesized that a "global savings glut" was causing large trade imbalances. However, we show that the … global savings rates did not show a robust upward trend during the relevant period. Moreover, if there had been a global … savings glut there should have been a large investment boom in the countries that imported capital. Instead, those countries …

We show that incorporating consumption commitments into a standard model of precautionary saving can complicate the …

"Buffer-stock" versions of the dynamic stochastic optimizing model of saving are now standard in the consumption …

This paper studies the optimal trade-off between commitment and flexibility in an intertemporal consumption/savings … problem that optimizes over the set of consumption/saving options available to the individual each period. We characterize the … conditions under which the solution takes a simple threshold form where minimum savings policies are optimal. Our analysis is …