rate. So a rise will be driven by higher household savings of the coming years as the two primary forces that depressed … savings in recent years are reversed: the exceptionally rapid rise in household wealth and the high level of mortgage …

There is a consensus among academics and policymakers that the excess savings built up by households during the past … savings generally increase during recessions; the pandemic is different only by the magnitude of these savings, but not by … their sign. Moreover, it suggests that these excess savings are rather compensatory than precautionary, as households save …