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Excess Savings Are Recession-Specific and Compensatory: Evidence From the US
There is a consensus among academics and policymakers that the excess savings built up by households during the past couple of years are specific to the pandemic. Based on data from the past half century for the US, this article shows that savings generally increase during recessions; the pandemic i...
Autores principales: | , |
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Formato: | Online Artículo Texto |
Lenguaje: | English |
Publicado: |
Springer Berlin Heidelberg
2022
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Materias: | |
Acceso en línea: | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9361900/ http://dx.doi.org/10.1007/s10272-022-1059-0 |
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author | Voinea, Liviu Loungani, Prakash |
author_facet | Voinea, Liviu Loungani, Prakash |
author_sort | Voinea, Liviu |
collection | PubMed |
description | There is a consensus among academics and policymakers that the excess savings built up by households during the past couple of years are specific to the pandemic. Based on data from the past half century for the US, this article shows that savings generally increase during recessions; the pandemic is different only by the magnitude of these savings, but not by their sign. Moreover, it suggests that these excess savings are rather compensatory than precautionary, as households save more to rebuild their lost wealth. |
format | Online Article Text |
id | pubmed-9361900 |
institution | National Center for Biotechnology Information |
language | English |
publishDate | 2022 |
publisher | Springer Berlin Heidelberg |
record_format | MEDLINE/PubMed |
spelling | pubmed-93619002022-08-10 Excess Savings Are Recession-Specific and Compensatory: Evidence From the US Voinea, Liviu Loungani, Prakash Intereconomics Articles There is a consensus among academics and policymakers that the excess savings built up by households during the past couple of years are specific to the pandemic. Based on data from the past half century for the US, this article shows that savings generally increase during recessions; the pandemic is different only by the magnitude of these savings, but not by their sign. Moreover, it suggests that these excess savings are rather compensatory than precautionary, as households save more to rebuild their lost wealth. Springer Berlin Heidelberg 2022-08-06 2022 /pmc/articles/PMC9361900/ http://dx.doi.org/10.1007/s10272-022-1059-0 Text en © The Author(s) 2022 https://creativecommons.org/licenses/by/4.0/Open Access: This article is distributed under the terms of the Creative Commons Attribution 4.0 International License (https://creativecommons.org/licenses/by/4.0/). Open Access funding provided by ZBW — Leibniz Information Centre for Economics. |
spellingShingle | Articles Voinea, Liviu Loungani, Prakash Excess Savings Are Recession-Specific and Compensatory: Evidence From the US |
title | Excess Savings Are Recession-Specific and Compensatory: Evidence From the US |
title_full | Excess Savings Are Recession-Specific and Compensatory: Evidence From the US |
title_fullStr | Excess Savings Are Recession-Specific and Compensatory: Evidence From the US |
title_full_unstemmed | Excess Savings Are Recession-Specific and Compensatory: Evidence From the US |
title_short | Excess Savings Are Recession-Specific and Compensatory: Evidence From the US |
title_sort | excess savings are recession-specific and compensatory: evidence from the us |
topic | Articles |
url | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9361900/ http://dx.doi.org/10.1007/s10272-022-1059-0 |
work_keys_str_mv | AT voinealiviu excesssavingsarerecessionspecificandcompensatoryevidencefromtheus AT lounganiprakash excesssavingsarerecessionspecificandcompensatoryevidencefromtheus |