The Productivity Slowdown and the Savings Shortfall: A Challenge to the Permanent Income Hypothesis
AbstractThe author argues that the savings decline following the post-1973 productivity slowdown discredits the permanent income hypothesis. The permanent income hypothesis predicts that a reduction in expected future income growth should cause an increase in saving. The author shows that economic agents revised downward their expectations of future growth after 1973 but that the saving rate declined. Other economic events during this period cannot explain this discrepancy. Copyright 1993 by Oxford University Press.
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoArticle provided by Western Economic Association International in its journal Economic Inquiry.
Volume (Year): 31 (1993)
Issue (Month): 4 (October)
Contact details of provider:
Postal: Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK
Fax: 01865 267 985
Web page: http://ei.oupjournals.org/
More information through EDIRC
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Kapteyn, Arie & Alessie, Rob & Lusardi, Annamaria, 2005.
"Explaining the wealth holdings of different cohorts: Productivity growth and Social Security,"
European Economic Review,
Elsevier, vol. 49(5), pages 1361-1391, July.
- Kapteyn, Arie & Alessie, Rob & Lusardi, Annamaria, 1999. "Explaining the wealth holdings of different cohorts : productivity growth and social security," Serie Research Memoranda 0038, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
- Arie Kapteyn & Rob Alessie & Annamaria Lusardi, 1999. "Explaining the Wealth Holdings of Different Cohorts: Productivity Growth and Social Security," Tinbergen Institute Discussion Papers 99-069/3, Tinbergen Institute.
- Arie Kapteyn & R. Alessie & Annamaria Lusardi, 2003. "Explaining the wealth holdings of different cohorts: productivity growth and social security," Working Papers 01-03, Utrecht School of Economics.
- Edge, Rochelle M. & Laubach, Thomas & Williams, John C., 2007.
"Learning and shifts in long-run productivity growth,"
Journal of Monetary Economics,
Elsevier, vol. 54(8), pages 2421-2438, November.
- Rochelle M. Edge & Thomas Laubach & John C. Williams, 2004. "Learning and shifts in long-run productivity growth," Working Paper Series 2004-04, Federal Reserve Bank of San Francisco.
- Rochelle M. Edge & Thomas Laubach & John C. Williams, 2004. "Learning and shifts in long-run productivity growth," Finance and Economics Discussion Series 2004-21, Board of Governors of the Federal Reserve System (U.S.).
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Oxford University Press) or (Christopher F. Baum).
If references are entirely missing, you can add them using this form.