the current and recent recessions. We show empirically that these saving spikes were short-lived and common to all working … times. We show that the rise in the aggregate savings ratio is driven by increases in uncertainty, rather than tightening of … credit; temporary shocks to the supply of credit generate increases in saving only among younger agents. …

This paper examines trends in household consumption and saving behaviour in each of the last three recessions in the UK …

We use direct evidence on credit constraints to study their importance for household consumption growth and for welfare …. We distentangle the direct effect on consumption growth of a currently binding credit constraints from the indirect … effect of a potentially binding credit constraint which generates consumption risk. Our data is focused on job losers. We …

The combination of credit constraints and indivisible consumption goods may induce some risk-averse individuals to …

We use direct evidence on credit constraints to study their importance for household consumption growth and for welfare …. We distentangle the direct effect on consumption growth of a currently binding credit constraint from the indirect effect … of a potentially binding credit constraint that generates consumption risk. Our data are focused on job losers. We find …

This paper examines trends in household consumption and saving behaviour in each of the last three recessions in the UK …

The combination of credit constraints and indivisible consumption goods may induce some riskaverse individuals to play …

is not consumption. We propose an alternative borrow-to-invest motive by which house price gains affect household … reducing access to leveraged returns and so reducing lifetime resources, rather than through consumption smoothing. …