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.
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Bibliographic InfoArticle provided by Western Economic Association International in its journal Economic Inquiry.
Volume (Year): 31 (1993)
Issue (Month): 4 (October)
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- 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," Finance and Economics Discussion Series 2004-21, Board of Governors of the Federal Reserve System (U.S.).
- 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.
- Arie Kapteyn & R. Alessie & Annamaria Lusardi, 2003.
"Explaining the wealth holdings of different cohorts: productivity growth and social security,"
01-03, Utrecht School of Economics.
- 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.
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