Consumers and the economy, part I: Household credit and personal saving
In the years since the bursting of the housing bubble, the personal saving rate has trended up from around 1% to around 6%, while the ratio of household debt to disposable income has dropped from 130% to 118%. Changes over time in the availability of credit to households can explain 90% of the variance of the saving rate since the mid-1960s, including the recent uptrend, according to a simple empirical model.
Volume (Year): (2011)
Issue (Month): jan10 ()
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- Reuven Glick & Kevin J. Lansing, 2009. "U.S. household deleveraging and future consumption growth," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue may15.
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