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What drives the US personal saving rate? The role of wealth, credit and uncertainty

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  • Jiri Slacalek

Abstract

Since the beginning of the Great Recession at the end of 2007 US households have received a triple dose of bad news: a collapse of asset values, a sharp tightening in credit availability and an extensive increase in economic and financial uncertainty. Focusing on the dynamics of personal saving, our research explores how these shocks affect the nature of the recovery. JEL Classification: E21, E32

Suggested Citation

  • Jiri Slacalek, 2012. "What drives the US personal saving rate? The role of wealth, credit and uncertainty," Research Bulletin, European Central Bank, vol. 16, pages 10-12.
    • Handle: RePEc:ecb:ecbrbu:2012:0016:3
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    File URL: http://www.ecb.europa.eu/pub/pdf/other/researchbulletin16en.pdf
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    References listed on IDEAS

    as
    1. Mr. Christopher Carroll & Mr. Martin Sommer & Mr. Jiri Slacalek, 2012. "Dissecting Saving Dynamics: Measuring Wealth, Precautionary, and Credit Effects," IMF Working Papers 2012/219, International Monetary Fund.
    2. Günter Coenen & Christopher J. Erceg & Charles Freedman & Davide Furceri & Michael Kumhof & René Lalonde & Douglas Laxton & Jesper Lindé & Annabelle Mourougane & Dirk Muir & Susanna Mursula & Carlos d, 2012. "Effects of Fiscal Stimulus in Structural Models," American Economic Journal: Macroeconomics, American Economic Association, vol. 4(1), pages 22-68, January.
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    More about this item

    Keywords

    consumption; saving; wealth;
    All these keywords.

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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