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Consumers and the economy, part I: Household credit and personal saving

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Author Info

  • Reuven Glick
  • Kevin J. Lansing

Abstract

In the years since the bursting of the housing bubble, the personal saving rate has trended up from around 1% to around 6%, while the ratio of household debt to disposable income has dropped from 130% to 118%. Changes over time in the availability of credit to households can explain 90% of the variance of the saving rate since the mid-1960s, including the recent uptrend, according to a simple empirical model.

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File URL: http://www.frbsf.org/publications/economics/letter/2011/el2011-01.html
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File URL: http://www.frbsf.org/publications/economics/letter/2011/el2011-01.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of San Francisco in its journal FRBSF Economic Letter.

Volume (Year): (2011)
Issue (Month): jan10 ()
Pages:

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Handle: RePEc:fip:fedfel:y:2011:i:jan10:n:2011-01

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Related research

Keywords: Consumer behavior ; Saving and investment ; Households;

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  1. Reuven Glick & Kevin J. Lansing, 2009. "U.S. household deleveraging and future consumption growth," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue may15.
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Cited by:
  1. Kevin J. Lansing, 2011. "Gauging the impact of the Great Recession," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue july11.

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