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|z 9781463936433
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|a Mody, Ashoka.
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|a Precautionary Savings in the Great Recession /
|c Ashoka Mody, Damiano Sandri, Franziska Ohnsorge.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2012.
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|a 1 online resource (38 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a 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.
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|a Mode of access: Internet
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|a Ohnsorge, Franziska.
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|a Sandri, Damiano.
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|a IMF Working Papers; Working Paper ;
|v No. 2012/042
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2012/042/001.2012.issue-042-en.xml
|z IMF e-Library
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