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The Decline In Saving
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Book Synopsis The Decline in Saving by : Barry P. Bosworth
Download or read book The Decline in Saving written by Barry P. Bosworth and published by Brookings Institution Press. This book was released on 2012-02-02 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt: Longtime Brookings economist and former presidential adviser Barry Bosworth examines why saving rates in the United States have fallen so precipitously over the past quarter century, why the initial consequences were surprisingly benign, and how reduced saving will affect the future well-being of Americans. The Decline in Saving provides an extensive and unparalleled account of the complexity of present saving patterns, an issue made even more serious by the 2008–09 global economic and financial crises. It objectively examines saving at both the individual household and the aggregate economy levels to understand whether the U.S. decline in saving is truly a threat to American prosperity. Highlights from The Decline in Saving: "The magnitude of the two-decade-long fall in household saving has been truly astonishing; it is even more surprising in view of the fact that the large cohort of baby boomers should have been in their peak saving years." "If Americans save so little, why are they so rich? This divergence emerges because the conventional measure of saving excludes all forms of capital gains...." "Saving behavior appears to be influenced in important ways by country-specific institutional factors along with a few common determinants, such as income growth, demographic changes, and variations in private wealth." "In the aggregate, the United States has had a negative net national saving rate since the onset of the financial crisis, and it now relies on foreign resource inflows to finance all its capital accumulation and a portion of its consumption." "The optimistic projections of just a few years ago about the future well-being of retirees now seem seriously dated."
Book Synopsis The Decline in Saving by : Barry Bosworth
Download or read book The Decline in Saving written by Barry Bosworth and published by Brookings Institution Press. This book was released on 2012 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Examines the decline in saving in the United States over the past quarter-century. Is it a statistical artifact of the official measure of saving? Why don't Americans save? What are the consequences for economic growth, the performance of the aggregate economy, and policy goals?"--Provided by publisher.
Book Synopsis Spendthrift in America? by : Jonathan A. Parker
Download or read book Spendthrift in America? written by Jonathan A. Parker and published by . This book was released on 1999 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the past two decades, the personal saving rate in the United States has fallen from eight percent to below zero. This paper demonstrates that this change represents a major shift in the allocation of newly produced goods. The share of GDP that households consume rose by 6 percentage points since 1980. This increase occurred concurrently with a reduction in the growth rate of real consumption spending per person, high real rates of return, and an increasing ratio of aggregate wealth to income. Despite this last fact, wealth changes can explain little of the boom in consumption spending. The largest increases in national wealth post-date the consumption boom and households with different wealth levels have similar increases in consumption. The paper also finds that the changing age distribution of the U.S. population does not explain the consumption boom. While it may be that new wealthier cohorts are driving this boom, the preponderance of evidence suggest rather that the rising consumption to income ratio is due to a common time effect. The main findings of the paper are consistent with either an increase in the discount rate or with a general belief in better economic times in the future. Alternatively, the low rates of saving could be due to a combination of factors such as the increase in intergenerational transfers from the Social Security system raising the consumption of the elderly and an increase in access to credit and expanded financial instruments raising the consumption of the young
Book Synopsis Assessing the Decline in the National Saving Rate by :
Download or read book Assessing the Decline in the National Saving Rate written by and published by Congress. This book was released on 1993 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Decline in Household Saving and the Wealth Effect by : Francis Thomas Juster
Download or read book The Decline in Household Saving and the Wealth Effect written by Francis Thomas Juster and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Tests of Alternate Explanations of the Decline in the Personal Saving Rate by : Edward Bruce Montgomery
Download or read book Tests of Alternate Explanations of the Decline in the Personal Saving Rate written by Edward Bruce Montgomery and published by . This book was released on 1982 with total page 492 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Decline in Household Saving and the Wealth Effect by :
Download or read book The Decline in Household Saving and the Wealth Effect written by and published by . This book was released on 2004 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Observations on the Recent Decline in the Personal Saving Rate by : Edward Montgomery
Download or read book Observations on the Recent Decline in the Personal Saving Rate written by Edward Montgomery and published by . This book was released on 1983 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The U.S. Personal Saving Rate by : Mr.Sam Ouliaris
Download or read book The U.S. Personal Saving Rate written by Mr.Sam Ouliaris and published by International Monetary Fund. This book was released on 2018-06-05 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a time series model for aggregate consumption to predict the U.S. personal saving rate. It then uses the model to test whether there has been a structural break in consumption behavior because of the 2008 financial crisis. Before the crisis, the personal saving rate was trending downwards. However, in 2008 there was a significant rise in the saving rate that continued until the end of 2012, suggesting a permanent change in household behavior. To assess this issue formally, the unknown parameters of the model are estimated using data for 1961Q1-2007Q4, a period which precedes the crisis. The model is then used to predict the saving rate from 2008Q1 onwards and to assess whether the rise in the saving rate after 2008 was due to sizable, but transitory, income/wealth shocks or to changes in the underlying elasticities between saving and its determinants (hence structural). The statistical evidence suggests there was no structural break in the household saving behavior, implying that the rise in the saving rate during 2008-2012 was caused by the negative shocks to income, employment and wealth. This result explains why the saving rate resumed its decline in 2013, as real disposable income, employment and net worth recovered. Assuming that the real growth in these determinants remains strong, the estimated model predicts continued negative pressures on the current account deficit and further external imbalances attributable to the U.S. household sector.
Book Synopsis Dissecting Saving Dynamics by : Mr.Christopher Carroll
Download or read book Dissecting Saving Dynamics written by Mr.Christopher Carroll and published by International Monetary Fund. This book was released on 2012-09-01 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: We argue that the U.S. personal saving rate’s long stability (from the 1960s through the early 1980s), subsequent steady decline (1980s - 2007), and recent substantial increase (2008 - 2011) can all be interpreted using a parsimonious ‘buffer stock’ model of optimal consumption in the presence of labor income uncertainty and credit constraints. Saving in the model is affected by the gap between ‘target’ and actual wealth, with the target wealth determined by credit conditions and uncertainty. An estimated structural version of the model suggests that increased credit availability accounts for most of the saving rate’s long-term decline, while fluctuations in net wealth and uncertainty capture the bulk of the business-cycle variation.
Book Synopsis The Decline in Household Saving by : Barry Bosworth
Download or read book The Decline in Household Saving written by Barry Bosworth and published by . This book was released on 2008 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the saving decline from the perspective of microeconomic survey data on the wealth position of American households. Can the surveys provide information on the nature and causes of the saving decline that are not evident in the macroeconomic information? The analysis concentrates on data obtained from six Surveys of Consumer Finances (SCF) covering the period of 1983-2001. The SCF had a panel dimension only in the 1983-89 period.We conclude that the 1983-89 panel survey is a very valuable, but often ignored, exercise in measuring saving behavior. It is particularly instructive in demonstrating the heterogeneous nature of saving behavior and the dominant role of high-income households. Unfortunately, the panel component of the survey was discontinued after 1989. We conclude that cohort-based estimates of saving that can be derived from successive rounds of the SCF cross-section are not effective substitutes for a panel survey. The most substantial opportunity to improve our knowledge of the reasons for the decline in household saving would be to repeat the 1989 exercise by re-interviewing a portion of the households in each SCF survey.
Download or read book NBER Macroeconomics Annual written by and published by . This book was released on 1986 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Global Decline in Saving by : Barry Bosworth
Download or read book The Global Decline in Saving written by Barry Bosworth and published by . This book was released on 1990 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Assessing the Decline in the National Saving Rate by :
Download or read book Assessing the Decline in the National Saving Rate written by and published by Congress. This book was released on 1993 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Aging and the Macroeconomy by : National Research Council
Download or read book Aging and the Macroeconomy written by National Research Council and published by National Academies Press. This book was released on 2013-01-10 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: The United States is in the midst of a major demographic shift. In the coming decades, people aged 65 and over will make up an increasingly large percentage of the population: The ratio of people aged 65+ to people aged 20-64 will rise by 80%. This shift is happening for two reasons: people are living longer, and many couples are choosing to have fewer children and to have those children somewhat later in life. The resulting demographic shift will present the nation with economic challenges, both to absorb the costs and to leverage the benefits of an aging population. Aging and the Macroeconomy: Long-Term Implications of an Older Population presents the fundamental factors driving the aging of the U.S. population, as well as its societal implications and likely long-term macroeconomic effects in a global context. The report finds that, while population aging does not pose an insurmountable challenge to the nation, it is imperative that sensible policies are implemented soon to allow companies and households to respond. It offers four practical approaches for preparing resources to support the future consumption of households and for adapting to the new economic landscape.
Book Synopsis The Significance of the Decline in the Personal Saving Rate by : Richard Berner
Download or read book The Significance of the Decline in the Personal Saving Rate written by Richard Berner and published by . This book was released on 1985 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Great Demographic Reversal by : Charles Goodhart
Download or read book The Great Demographic Reversal written by Charles Goodhart and published by Springer Nature. This book was released on 2020-08-08 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: This original and panoramic book proposes that the underlying forces of demography and globalisation will shortly reverse three multi-decade global trends – it will raise inflation and interest rates, but lead to a pullback in inequality. “Whatever the future holds”, the authors argue, “it will be nothing like the past”. Deflationary headwinds over the last three decades have been primarily due to an enormous surge in the world’s available labour supply, owing to very favourable demographic trends and the entry of China and Eastern Europe into the world’s trading system. This book demonstrates how these demographic trends are on the point of reversing sharply, coinciding with a retreat from globalisation. The result? Ageing can be expected to raise inflation and interest rates, bringing a slew of problems for an over-indebted world economy, but is also anticipated to increase the share of labour, so that inequality falls. Covering many social and political factors, as well as those that are more purely macroeconomic, the authors address topics including ageing, dementia, inequality, populism, retirement and debt finance, among others. This book will be of interest and understandable to anyone with an interest on where the world’s economy may be going.
