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Why Are Americans Saving So Much of Their Income?

Author

Listed:
  • Andrew Lee Smith

Abstract

For much of 2020, Americans have saved a greater share of their income than ever before. This increase in savings appears to be predominantly driven by precautionary motives. Therefore, consumers may be reluctant to draw down these savings in the future to support spending.

Suggested Citation

  • Andrew Lee Smith, 2020. "Why Are Americans Saving So Much of Their Income?," Economic Bulletin, Federal Reserve Bank of Kansas City, pages 1-4, December.
    • Handle: RePEc:fip:fedkeb:89145
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    File URL: https://www.kansascityfed.org/documents/6727/EconomicBulletin_WhyAmericansSavingSoMuchIncome_2020.pdf
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    Citations

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    Cited by:

    1. Roberto Roson & Camille Vorst, 2023. "Assessing the economic and environmental consequences of the COVID-19 tourism collapse in Andalusia: what lessons can we draw for South-East Asian regions?," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 71(1), pages 269-297, August.
    2. H. Youn Kim & JoseĢ Alberto Molina & Ka Kei Gary Wong, 2022. "Durable Goods and Consumer Behavior with Liquidity Constraints: Evidence from Norway," Boston College Working Papers in Economics 1047, Boston College Department of Economics.
    3. Roberto Roson & Camille Van der Vorst, 2021. "The COVID crumbling of tourism in Andalusia: an assessment of economic and environmental consequences," Working Papers 2021: 18, Department of Economics, University of Venice "Ca' Foscari".
    4. Roson, Roberto & van der Voorst, Camille, 2021. "The COVID crumbling of tourism in Andalusia: an assessment of economic and environmental consequences," Conference papers 333247, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.
    5. Liviu Voinea & Prakash Loungani, 2022. "Excess Savings Are Recession-Specific and Compensatory: Evidence From the US," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 57(4), pages 233-237, July.

    More about this item

    Keywords

    Savings; Consumption; Personal Income; COVID-19;
    All these keywords.

    JEL classification:

    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E27 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Forecasting and Simulation: Models and Applications

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