IDEAS home Printed from https://ideas.repec.org/a/fip/fedfel/96090.html
   My bibliography  Save this article

The Rise and Fall of Pandemic Excess Savings

Author

Abstract

U.S. households built up savings at unprecedented rates following the strong fiscal response and lower consumer spending related to the pandemic. Despite recent rapid drawdowns of those funds, estimates suggest a substantial stock of excess savings remains in the aggregate economy. Since 2020, households across all income levels have held a historically large share of savings in cash or other easily accessible forms. Estimates suggest that those funds could be available to support personal spending at least into the fourth quarter of 2023.

Suggested Citation

  • Hamza Abdelrahman & Luiz E. Oliveira, 2023. "The Rise and Fall of Pandemic Excess Savings," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, vol. 2023(11), pages 1-6, May.
    • Handle: RePEc:fip:fedfel:96090
    as

    Download full text from publisher

    File URL: https://www.frbsf.org/wp-content/uploads/sites/4/el2023-11.pdf
    File Function: Full text - article PDF
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. 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.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Hamza Abdelrahman & Luiz E. Oliveira & Adam Hale Shapiro, 2024. "The Rise and Fall of Pandemic Excess Wealth," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, vol. 2024(06), pages 1-6, February.
    2. Sylvain Leduc & Luiz E. Oliveira, 2023. "From Hiring Difficulties to Labor Hoarding?," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, vol. 2023(32), pages 1-6, November.
    3. Martin DeLuca & Roberto Pinheiro, 2023. "Excess Savings and Consumer Behavior: Excess Compared to What?," Economic Commentary, Federal Reserve Bank of Cleveland, vol. 2023(19), pages 1-10, November.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.

      Corrections

      All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fedfel:96090. See general information about how to correct material in RePEc.

      If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

      If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

      If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

      For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Federal Reserve Bank of San Francisco Research Library (email available below). General contact details of provider: https://edirc.repec.org/data/frbsfus.html .

      Please note that corrections may take a couple of weeks to filter through the various RePEc services.

      IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.