The Decline in Household Saving and the Wealth Effect
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 significa...
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| Veröffentlicht in: | The review of economics and statistics 2006-02, Vol.88 (1), p.20-27 |
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| container_title | The review of economics and statistics |
| container_volume | 88 |
| creator | Juster, F. Thomas Lupton, Joseph P. Smith, James P. Stafford, Frank |
| description | 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. |
| doi_str_mv | 10.1162/003465306775565800 |
| format | Article |
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| ispartof | The review of economics and statistics, 2006-02, Vol.88 (1), p.20-27 |
| issn | 0034-6535 1530-9142 |
| language | eng |
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| source | Business Source Complete; JSTOR Mathematics & Statistics; JSTOR Archive Collection A-Z Listing; MIT Press Journals |
| subjects | Capital gains Correlation analysis Equity Household consumption Household saving Household wealth Households Housing Impact analysis Personal finance Savings Savings rates Stock markets Studies Wealth Wealth effect |
| title | The Decline in Household Saving and the Wealth Effect |
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