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Dissecting Saving Dynamics
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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 Dissecting Saving Dynamics by : Christopher D. Carroll
Download or read book Dissecting Saving Dynamics written by Christopher D. Carroll and published by . This book was released on 2019 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: We show that an estimated tractable 'buffer stock saving' model can match the 30-year decline in the U.S. saving rate leading up to 2007, the sharp increase during the Great Recession, and much of the intervening business cycle variation. In the model, saving depends on the gap between 'target' and actual wealth, with the target determined by measured credit availability and measured unemployment expectations. Following financial deregulation starting in the late 1970s, expanding credit supply explains the trend decline in saving, while fluctuations in wealth and consumer-survey-measured unemployment expectations capture much of the business-cycle variation, including the sharp rise during the Great Recession.
Book Synopsis Dissecting Saving Dynamics by : Chris Carroll
Download or read book Dissecting Saving Dynamics written by Chris Carroll and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We show that an estimated tractable 'buffer stock saving' model can match the 30-year decline in the U.S. saving rate leading up to 2007, the sharp increase during the Great Recession, and much of the intervening business cycle variation. In the model, saving depends on the gap between 'target' and actual wealth, with the target determined by measured credit availability and measured unemployment expectations. Following financial deregulation starting in the late 1970s, expanding credit supply explains the trend decline in saving, while fluctuations in wealth and consumer-survey-measured unemployment expectations capture much of the business-cycle variation, including the sharp rise during the Great Recession.
Book Synopsis Dissecting Savings Dynamics by : Chris Carroll
Download or read book Dissecting Savings Dynamics written by Chris Carroll and published by . This book was released on 2019 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: We show that an estimated tractable ‘buffer stock saving’ model can match the 30-year decline in the U.S. saving rate leading up to 2007, the sharp increase during the Great Recession, and much of the intervening business cycle variation. In the model, saving depends on the gap between ‘target’ and actual wealth, with the target determined by measured credit availability and measured unemployment expectations. Following financial deregulation starting in the late 1970s, expanding credit supply explains the trend decline in saving, while fluctuations in wealth and consumer-survey-measured unemployment expectations capture much of the business-cycle variation, including the sharp rise during the Great Recession.
Book Synopsis Dissecting Savings Dynamics by : Christopher Carroll
Download or read book Dissecting Savings Dynamics written by Christopher Carroll and published by . This book was released on 2012 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Dynamic Soaring Dissected by : Colin Taylor
Download or read book Dynamic Soaring Dissected written by Colin Taylor and published by Grosvenor House Publishing. This book was released on 2023-01-26 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dynamic Soaring Dissected Albatrosses fly over the oceans in swooping, curving flight gliding thousands of kilometres in search of food, mostly without flapping their wings. This is known as dynamic soaring, which is the use of the energy of the horizontal wind to sustain speed and height. It is different from the soaring flight of most other birds and gliders which use the vertical motion of the air to maintain or gain height. Since the 1880's, a time before manned gliding flight had been achieved, the mechanism of dynamic soaring has been poorly explained by the Rayleigh cycle or the wind gradient theory. However, there is more to dynamic soaring than the wind gradient and furthermore, the true nature of albatross flight has only recently been revealed by filming and GPS tracking. Dynamic Soaring Dissected takes up the discussion where it was left in the 19th century and explains how aircraft and birds fly. It looks at albatross flight through the lens of electronic tracking and takes us on a foraging trip with an albatross in long-distance soaring flight. In the Windward Turn Theory, it describes the mechanism of dynamic soaring and the hidden effect of the wind on a bird or an aircraft in flight. It explains the way that albatrosses are able to turn this effect to their advantage and how they are able to dynamic soar crosswind, upwind and downwind. It also describes how radio-control gliders can achieve huge speeds in circling flight and settles the perennial debate on the Myth of the Downwind Turn and what really happens when an aircraft turns downwind and ends up in a stall and spin accident.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1498398006 Total Pages :76 pages Book Rating :4.4/5 (983 download)
Book Synopsis Cyprus by : International Monetary Fund. European Dept.
Download or read book Cyprus written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2014-10-22 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper on Cyprus models the evolution of the saving rate to help shed some light on its determinants, which could help inform medium-term projections. This paper suggests that household net wealth and unemployment are key determinants of the saving rate in Cyprus. Cypriot households dissaved in the period preceding the global crisis, as their wealth increased, and credit could be used to finance consumption. The data uncertainty, due to various data sources used and relatively short time-period may affect the regression results. Moreover, in the estimation, the endogeneity between household wealth and the saving rate, as well as between unemployment and the saving rate may have not been fully controlled through lags. Due to the lack of micro-level data, the analysis does not explore the distributional consideration with respect to wealth. Since wealth is likely distributed unevenly, high indebted households with limited wealth are likely to reduce their saving rate more than the average to support consumption in the face of economic stress. The forward-looking projections are also subject to considerable uncertainty and should be interpreted with care.
Book Synopsis Precautionary Savings in the Great Recession by : Mr.Ashoka Mody
Download or read book Precautionary Savings in the Great Recession written by Mr.Ashoka Mody and published by International Monetary Fund. This book was released on 2012-02-01 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: Heightened uncertainty since the onset of the Great Recession has materially increased saving rates, contributing to lower consumption and GDP growth. Consistent with a model of precautionary savings in the face of uncertainty, we find for a panel of advanced economies that greater labor income uncertainty is significantly associated with higher household savings. These results are robust to controlling for other determinants of saving rates, including wealth-to-income ratios, the government fiscal balance, demographics, credit conditions, and global growth and financial stress. Our estimates imply that at least two-fifths of the sharp increase in household saving rates between 2007 and 2009 can be attributed to the precautionary savings motive.
Download or read book Macroeconomics written by David G. Tuerck and published by Business Expert Press. This book was released on 2014-11-11 with total page 205 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroeconomics is the study of the economy as a whole and of work and saving choices of individual economic agents from which macroeconomic activity emerges. This book takes an integrative approach to that topic, showing how short-run and long-run forces operate simultaneously to determine the behavior of key economic indicators such as employment and real, inflation-adjusted GDP. The first goal of macroeconomic policy is to bring real GDP into line with the maximum attainable potential real GDP—the level of real GDP at which there are enough jobs to provide employment for every person who wants to work and at which government has done all it can to eliminate disincentives for workers to seek jobs and for employers to offer them. The second goal is to promote economic growth, which means encouraging innovation and a business climate conducive to innovation. This book corrects a popular view that a protracted economic downturn is necessarily characterized by an excess supply of labor and goods and a need for expansive monetary and fiscal policies. In fact, and as was shown some 40 years ago, the problem could just as well be characterized by an excess demand for labor and goods and a need for contractive monetary and fiscal policy.
Book Synopsis Macroeconomics, Third Edition by : David G. Tuerck
Download or read book Macroeconomics, Third Edition written by David G. Tuerck and published by Business Expert Press. This book was released on 2021-02-01 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book brings these theories together under one methodological roof, where the choices made by economic agents depend on their varying perceptions of the economic constraints they face, combining new classical principles, under which the economy operates at full employment, with theories that allow for extended periods of underemployment brought about by mixed signals from workers and employers. The task of macroeconomics is to provide the tools for understanding the performance of the aggregate economy, as measured by production, employment, inflation, and other economic indicators. Most books on this topic compare different theories of macroeconomic performance, under alternative assumptions about how individual consumers, workers and investors adjust to the economic environment in which they find themselves. This book brings these theories together under one methodological roof, where the choices made by economic agents depend on their varying perceptions of the economic constraints they face, combining new classical principles, under which the economy operates at full employment, with theories that allow for extended periods of underemployment brought about by mixed signals from workers and employers. The book takes up modern monetary theory and its bearing on the massive deficits run up the federal government over the ongoing ‘corona contraction’ and the earlier ‘great contraction’. The author also reviews the policy interventions undertaken by the federal government during these contractions, with a view toward assessing their effectiveness.
Book Synopsis Household Deleveraging and Saving Rates: A Cross-Country Analysis by : Romain Bouis
Download or read book Household Deleveraging and Saving Rates: A Cross-Country Analysis written by Romain Bouis and published by International Monetary Fund. This book was released on 2021-10-29 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Historically high household debt in several economies is calling for a deleveraging, but according to some economists, this adjustment can slow GDP growth by weighing on consumption. Using a sample of advanced and emerging market economies, this paper finds evidence of a negative relationship between changes of household debt-to-income ratios and saving rates. This relationship is however asymmetric, being significant only for debt build-ups. Declining debt ratios and saving are significantly related in some economies, but the relationship is driven by consumer credit, not by mortgages. Results therefore suggest that the economic cost associated with household deleveraging may be overestimated and motivate a deleveraging via lower mortgages.
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 2018-06-08 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 Financial Crises by : Mr.Stijn Claessens
Download or read book Financial Crises written by Mr.Stijn Claessens and published by International Monetary Fund. This book was released on 2014-02-19 with total page 754 pages. Available in PDF, EPUB and Kindle. Book excerpt: The lingering effects of the economic crisis are still visible—this shows a clear need to improve our understanding of financial crises. This book surveys a wide range of crises, including banking, balance of payments, and sovereign debt crises. It begins with an overview of the various types of crises and introduces a comprehensive database of crises. Broad lessons on crisis prevention and management, as well as the short-term economic effects of crises, recessions, and recoveries, are discussed.
Book Synopsis Macroeconomics, Second Edition, Volume II by : David G. Tuerck
Download or read book Macroeconomics, Second Edition, Volume II written by David G. Tuerck and published by Business Expert Press. This book was released on 2018-09-28 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, produced in two volumes, takes an integrative approach to the study of macroeconomics. In that respect, the book brings the different strands of macroeconomics together into a single approach under which economic agents strive to make rational choices but, while doing so, sometimes misconstrue the data available to them. The result is imbalances between aggregate supply and aggregate demand that can cause economic contractions. These imbalances may be self-correcting, or they may become long-lived and require government intervention through the exercise of corrective monetary and fiscal policy. Volume I examines economic behavior on the assumption that economic agents correctly interpret the data before them. It thus takes a “micro foundations” approach, under which aggregate supply equals aggregate demand. Volume II allows for the possibility of myopia on the part of economic agents and for the resulting economic malperformance that can result from this myopia. It examines the short-run disparities between aggregate supply and aggregate demand that can result from ill-informed choices of individual economic agents or from a misdiagnosis of economic data by policy makers. It concludes with a review of recent U.S. economic policy. The book aims to correct a good number of misconceptions that bedevil economic policymaking—among them the idea that protracted economic contractions necessarily call for increased government spending and lower taxes. It challenges the common understanding that government deficits raise interest rates and “crowd out” private investment.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1475540868 Total Pages :14 pages Book Rating :4.4/5 (755 download)
Book Synopsis IMF Research Bulletin, December 2012 by : International Monetary Fund. Research Dept.
Download or read book IMF Research Bulletin, December 2012 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2012-12-14 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Research Summaries in the December 2012 IMF Research Bulletin look at "Market Failures and Macroprudential Policy" (Giovanni Favara and Lev Ratnovski) and "Measurement Matters for House Price Indices" (Mick Silver). The Q&A column looks at "Seven Questions on Turning Points of the Global Business Cycle." The Bulletin also includes a listing of recent IMF Working Papers and Staff Discussion Notes, as well as a list of the top-viewed articles for the first three issues of IMF Economic Review in 2012. Information is also included on a call for papers for the conference "Asia: Challenges of Stability and Growth" to be held in Seoul in 2013.
Book Synopsis Long-run Saving Dynamics by : Jeppe Druedahl
Download or read book Long-run Saving Dynamics written by Jeppe Druedahl and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Happiness is the Wrong Metric by : Amitai Etzioni
Download or read book Happiness is the Wrong Metric written by Amitai Etzioni and published by Springer. This book was released on 2018-01-08 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is open access under a CC BY 4.0 license. This timely book addresses the conflict between globalism and nationalism. It provides a liberal communitarian response to the rise of populism occurring in many democracies. The book highlights the role of communities next to that of the state and the market. It spells out the policy implications of liberal communitarianism for privacy, freedom of the press, and much else. In a persuasive argument that speaks to politics today from Europe to the United States to Australia, the author offers a compelling vision of hope. Above all, the book offers a framework for dealing with moral challenges people face as they seek happiness but also to live up to their responsibilities to others and the common good. At a time when even our most basic values are up for question in policy debates riddled with populist manipulation, Amitai Etzioni’s bold book creates a new frame which introduces morals and values back into applied policy questions. These questions span the challenges of jobless growth to the unanswered questions posed by the role of artificial intelligence in a wide range of daily life tasks and decisions. While not all readers will agree with the communitarian solutions that he proposes, many will welcome an approach that is, at its core, inclusive and accepting of the increasingly global nature of all societies at the same time. It is a must read for all readers concerned about the future of Western liberal democracy. Carol Graham, Leo Pasvolsky Senior Fellow, The Brookings Institution and College Park Professor/University of Maryland In characteristically lively, engaging, and provocative style Etzioni tackles many of the great public policy dilemmas that afflict us today. Arguing that we are trapped into a spiral of slavish consumerism, he proposes a form of liberal communitarian that, he suggests, will allow human beings to flourish in changing circumstances. Jonathan Wolff, Blavatnik Chair of Public Policy, Blavatnik School of Government, University of Oxford
