The decline in household saving and the wealth effect

• 成果类型: Article
• 署名作者: Juster, FT; Lupton, JP; Smith, JP; Stafford, F
• 署名单位: University of Michigan System; University of Michigan; Federal Reserve System - USA; RAND Corporation
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• 发表日期: 2006-02
• 页码: 20-27
• 关键词: consumption

摘要

Using a unique set of household-level panel data, we estimate the effect of capital gains on saving by asset type, controlling for observable and unobservable household-specific fixed effects. The results suggest that the decline in the personal saving rate since 1984 is largely due to the significant capital gains in corporate equities experienced over this period. Over 5-year periods, the effect of capital gains in corporate equities on saving is substantially larger than the effect of capital gains in housing or other assets. Failure to differentiate wealth effects across asset types results in a significant understatement of their size.