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Keywords:Saving and investment 

Journal Article
The influence of housing and durables on personal saving

The rate of national saving declined sharply in the 1980s. Some of the explanations for this puzzling performance have considered the influence of capital gains, a reduction in the need for precautionary saving, a decline in the need for retirement saving, the effect of slower income growth, and a host of other factors. ; This article explores the relationship between personal saving and the treatment of owner-occupied housing and consumer durable goods in the national income and product accounts. It examhaes the potential consequences of understating the returns on owner-occupied houses and ...
New England Economic Review , Issue Nov , Pages 3-16

Journal Article
Explaining the postwar pattern of personal saving

Economists spent most of the 1980s trying to explain the decline in personal and national saving. They have supplied a host of possibilities, including the impact of capital gains, a decline in the need for retirement saving, and the impact of slower income growth, among others. None of these candidates, however, provides a convincing explanation for the apparent changing pattern of personal thrift. ; Two potential culprits have received considerably less attention and most probably have played major roles in the decline in the reported personal saving rate: the appreciation of owner-occupied ...
New England Economic Review , Issue Nov , Pages 17-28

Journal Article
Household wealth composition: the impact of capital gains

New England Economic Review , Issue Nov , Pages 26-39

Journal Article
The saving mystery, or where did the money go?

Of great concern and puzzlement to many has been the decline in the U.S. personal saving rate. From 8 percent of personal income 20 years ago, saving has fallen to less than 4 percent. This is a matter of concern because saving and investment are closely linked, and investment is believed critical to productivity gains and a rising standard of living. The decline in saving is also a source of puzzlement because it runs counter to many people's perception of what is happening.> This article investigates the decline in saving, focusing on "where the money went." The authors find that rising ...
New England Economic Review , Issue Sep , Pages 15-27

Journal Article
Are we investing too little?

One of the most disappointing features of U.S. economic performance over the past 20 years has been the slowing of growth in productivity and, as a result, in real incomes. For many, the explanation can be found in the low U.S. saving rate. Since the mid 1980s, national saving has averaged just over 15 percent of GDP, compared to more than 20 percent during the 1970s. Thus, one plausible explanation for slow productivity growth, at least in recent years, could be that our low saving rate is constraining investment and thereby depriving the nation of both the tools and the technologies that ...
New England Economic Review , Issue Nov , Pages 29-50

Journal Article
Public pension surpluses and national saving: foreign experience

New England Economic Review , Issue Mar , Pages 16-38

Journal Article
The role of savings and investment in balancing the current account: some empirical evidence from the United States

Current account deficits ultimately reflect a disparity between a country's national savings and investment. As such, the issue of how current account balance is achieved in practice can be viewed in terms of whether it is savings or investment that adjusts to an external deficit. In this article, the author examines empirically how savings and investment have responded to current account imbalances in the United States over the past 40 years. The main finding is that, on average, investment was largely responsible for rebalancing the current account in the long run. The finding that ...
New England Economic Review , Issue Jul , Pages 3-14

Discussion Paper
Overborrowing and undersaving: lessons and policy implications from research in behavioral economics

The U.S. household carries over $7,500 in uncollateralized debt and likely saves at a negative rate. There is a growing body of evidence that this borrowing and saving behavior may not, as assumed by standard economics, be the product of rational financial planning. This paper discusses insights from behavioral economics on how self-control problems could play a crucial role in determining such financial outcomes. It is important to note that self-control problems, as defined in this paper, are thought of as an issue affecting all people, not just those involved in our specific research. ; ...
Public and Community Affairs Discussion Papers , Paper 2007-4

Discussion Paper
The theory of life-cycle saving and investing

How much should a family save for retirement and for the kids? college education? How much insurance should they buy? How should they allocate their portfolio across different assets? What should a company choose as the default asset allocation for a mandatory retirement saving plan? We believe that the life-cycle model developed by economists over the last fifty years provides guidance for making such decisions. The theory teaches us to view financial assets as vehicles for transferring resources across different times and outcomes over the life cycle, and that perspective allows households ...
Public Policy Discussion Paper , Paper 07-3

Discussion Paper
Changes in U.S. household balance sheet behavior after the housing bust and Great Recession: evidence from panel data

This paper uses panel data through 2011 to examine evidence of shifts in household balance sheet behavior following the financial crisis and Great Recession. The paper considers evidence of balance sheet repair through debt repayment as well as changes in the composition of households? balance sheets and/or saving decisions to determine whether households? desire for holding or investing in riskier versus safer assets has changed. The data show relatively small and limited balance sheet adjustment?especially for those households considered the most likely to have been impacted by the economic ...
Public Policy Discussion Paper , Paper 13-6



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