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Secular Movements in U.S. Saving and Consumption

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  • Kaiji Chen

    ()
    (Economics University of Oslo)

  • Ayse Imrohoroglu
  • Selahattin Imrohoroglu

Abstract

The U.S. national saving rate has been declining since the 1960s while the share of consumption in output has been increasing. We explore if a standard growth model can explain the secular movements observed in this time period. Our quantitative findings indicate that the standard neoclassical growth model is able to generate saving rates and consumption that are remarkably similar to the data during 1960-2004

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File URL: http://repec.org/sed2006/up.14040.1138867663.pdf
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Bibliographic Info

Paper provided by Society for Economic Dynamics in its series 2006 Meeting Papers with number 154.

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Date of creation: 03 Dec 2006
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Handle: RePEc:red:sed006:154

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Keywords: U.S. consumption; saving; TFP;

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  1. F. Thomas Juster & Joseph Lupton & James P. Smith & Frank Stafford, 2004. "Savings and Wealth; Then and Now," Labor and Demography 0403027, EconWPA.
  2. Selo Imrohoroglu & Kaiji Chen & Ayse Imrohoroglu, 2005. "Japanese Saving Rate," 2005 Meeting Papers 747, Society for Economic Dynamics.
  3. R. Anton Braun & Daisuke Ikeda, 2005. "Saving and Interest Rates in Japan:Why They Have Fallen and Why They Will Remain Low," 2005 Meeting Papers 625, Society for Economic Dynamics.
  4. David Backus & Espen Henriksen & Frederic Lambert & Christopher Telmer, 2009. "Current Account Fact and Fiction," NBER Working Papers 15525, National Bureau of Economic Research, Inc.
  5. Orazio P. Attanasio, 1998. "Cohort Analysis of Saving Behavior by U.S. Households," Journal of Human Resources, University of Wisconsin Press, vol. 33(3), pages 575-609.
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