| 来源类型 | Working Paper
|
| 规范类型 | 报告
|
| DOI | 10.3386/w3040
|
| 来源ID | Working Paper 3040
|
| An Explanation of the Behavior of Personal Savings in the United States in Recent Years |
| Eytan Sheshinski; Vito Tanzi
|
| 发表日期 | 1989-07-01
|
| 出版年 | 1989
|
| 语种 | 英语
|
| 摘要 | A sharp increase in the real interest rates in the U.S. in the 1980s was expected to induce a higher personal saving rate. Actually, between 1981 and 1983 the personal saving rate fell from 7.5 percent to 5.4 percent and for the 1985-1988 period it had averaged only 4 percent even though real interest rates have remained high. We argue that one possible explanation for this negative relation between interest rates and the personal saving rate is the large fraction of wealth, especially financial wealth, held by persons over 65 years old (this group has received more than 50 percent of all interest income in the U.S. during this period). Life cycle theory suggests, as we demonstrate, that the wealth effect created by an increase in the rate of interest reduces the savings of old persons and raises savings of the young and hence the effect on aggregate savings depends on the age distribution in the population. |
| URL | https://www.nber.org/papers/w3040
|
| 来源智库 | National Bureau of Economic Research (United States)
|
| 引用统计 |
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/560315
|
推荐引用方式
GB/T 7714 |
Eytan Sheshinski,Vito Tanzi. An Explanation of the Behavior of Personal Savings in the United States in Recent Years. 1989.
|
|
文件名：
|
w3040.pdf
|
|
格式：
|
Adobe PDF
|
此文件暂不支持浏览
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
