Frugality.

Frugality.

Household savings rates in the United States have recently crept up from all-time lows. Some have suggested that a shift toward frugality will hamper GDP growth-the Keynesian ""paradox of thrift."" We estimate that households compensate for a fall in their asset income by saving...

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Bibliographic Details
Main Author: Tanner, Evan
Other Authors: Abdih, Yasser
Format: eBook
Language:English
Published: Washington : International Monetary Fund, 2009.
Series:IMF Working Papers.
Subjects:
Saving and investment > United States > Econometric models.
Income > United States > Econometric models.
Wealth > United States > Econometric models.
Income > Econometric models
Saving and investment > Econometric models
Wealth > Econometric models
United States
Online Access:Click for online access
Table of Contents:
  • Cover Page; Title Page; Copyright Page; Contents; I. Introduction; Box 1. Recent Views on U.S. Savings and the Paradox Of Thrift in the Popular and Financial Press; II. Indicators of Household Wealth and Saving in the United States.; Table 1. United States: Household Assets and Liabilities Averages by Decade; Table 2. United States: Household Assets and Liabilities Averages by Decade; Table 3. United States: Household Assets and Liabilities Changes between Decades; Figure 1. Household Net Wealth and Personal Savings (in Percent of GDP).
  • Figure 2. United States: Real Rates of Return on Assets Percent per Annum, YearlyFigure 3. United States: Saving, Alternative Measures (In Percent of Disposable; III. An Inverse Relationship between Primary Savings and Asset Income?; IV. The Estimated Relation Between Primary Saving and Asset Income; Figure 4. Impulse Response Functions, VECM System (3(); V. Prospective Analysis: Alternative Scenarios for Savings and Assets; A. Forward Simulations; Table 4. Summary of Estimates, Equations (4a), (4b), (4c); B. Stochastic Simulation (No Change to Parameters).
  • Figure 5. Primary Savings (S*)-Stochastic Simulations US BillionC. Alternative "New Frugality" Scenarios: Structural Shifts In The Model; Figure 6. Net Worth (A, Upper Chart) and Primary Savings (S*, Lower Chart), ; Table 5. Summary of Alternative Savings Scenarios; VI. Pleasant Pigovian Accounting? Further Reflections on the Paradox of Thrift; A. An Accounting Model; Figure 7. U.S. Savings: Corporate vs. Household Savings; Figure 8. US: Capital Formation and Net Wealth; B. Prospective Paths for Consumer Expenditures; Figure 9. US Household Consumption; C. Capital Investment.
  • Table 6. Summary of Estimates, Equation (12)Table 7. Summary of Estimates, Equation (13); Figure 10. Fixed Capital Formation (FC), Stochastic Simulations (US Billions); Figure 11. Total Fixed Investment (Billions of 2000 US); VII. Summary, Conclusions, and Directions for Future Work; Appendix A. Data Definitions; Appendix B. Assessing Transversality: Primary Savings and the Level of Assets; Appendix C. Estimation Details; Table A.1. Unit Root Tests for Variables in Levels and Differences; 1. Model Setup; Table A.2. Cointegration Analysis (Johansen (1990) Test.
  • 2. Coefficient Estimates: Long-Run and Short-RunTable A.3. Hypothesis Tests, Restrictions on Cointegrating Coefficients; Appendix D. Pleasant Pigovian Accounting in an Open Economy; Table A.4. Summary of Estimates, VECM System (3'); References; Footnotes.

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