the lens of an estimated DSGE model. We augment the canonical DSGE set-up with 'forced savings' (lockdowns, social … dominant role of 'lockdown shocks' ('forced savings', labour hoarding) in explaining the quarterly pattern of real GDP growth … impact of persistently higher (precautionary) savings. The initial inflation response has been modest compared to the …

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 …

significant impulse leading to a sharp increase in households' expenditures and a corresponding fall in the savings ratio …