| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19067 |
| 来源ID | Working Paper 19067 |
| Saving and the Long Shadow of Macroeconomic Shocks | |
| Joshua Aizenman; Ilan Noy | |
| 发表日期 | 2013-05-23 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | The global crisis of 2008 raises many questions regarding the long‐term response to crises. We know that households that lost access to credit, for example, were forced to adjust and increase saving. But, will households keep on saving more than they would have done otherwise had the global financial crisis not occurred? And for how long will this increased saving persist? Here, we study the degree to which past adverse income shocks increase the saving rates of affected households. We find evidence consistent with history‐dependent dynamics: more experience of past crises tends to increase household saving. We follow up with an investigation of the importance of historical exposure for current account dynamics, but find no strong indication that our measure of past exposure is important to the current account’s determination. We conclude by estimating the likely impact of the 2008 GFC on future saving. |
| 主题 | Macroeconomics ; Consumption and Investment ; International Economics ; International Finance |
| URL | https://www.nber.org/papers/w19067 |
| 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/576742 |
| 推荐引用方式 GB/T 7714 | Joshua Aizenman,Ilan Noy. Saving and the Long Shadow of Macroeconomic Shocks. 2013. |
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