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broadly, the transformation of savings into future capital input. We find that this shock is the most important driver of U …
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broadly, the transformation of savings into future capital input. We find that this shock is the most important driver of U …
Persistent link: https://www.econbiz.de/10013153123
The ‘saving for a rainy day' hypothesis implies that households' saving decisions reflect that they can (rationally) predict future income declines. The empirical relevance of this hypothesis plays a key role in discussions of fiscal policy multipliers and it holds under the null that the...
Persistent link: https://www.econbiz.de/10013021263
The ‘saving for a rainy day' hypothesis implies that households' saving decisions reflect that they can (rationally) predict future income declines. The empirical relevance of this hypothesis plays a key role in discussions of fiscal policy multipliers and it holds under the null that the...
Persistent link: https://www.econbiz.de/10013022495