LEADER 07030oam 22012014 450 001 9910957183303321 005 20250426110744.0 010 $a9786612844058 010 $a9781462342648 010 $a1462342647 010 $a9781451873443 010 $a1451873441 010 $a9781282844056 010 $a1282844059 010 $a9781452779324 010 $a1452779325 035 $a(CKB)3170000000055345 035 $a(SSID)ssj0001476207 035 $a(PQKBManifestationID)11847412 035 $a(PQKBTitleCode)TC0001476207 035 $a(PQKBWorkID)11442151 035 $a(PQKB)10026376 035 $a(OCoLC)694141007 035 $a(IMF)WPIEE2009197 035 $a(MiAaPQ)EBC1608820 035 $a(IMF)WPIEA2009197 035 $aWPIEA2009197 035 $a(EXLCZ)993170000000055345 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aFrugality : $eAre We Fretting Too Much? Household Saving and Assets in the United States /$fEvan Tanner, Yasser Abdih 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a51 p. $cill 225 1 $aIMF Working Papers 300 $a"Middle East and Central East Department ; IMF Institute". 300 $a"September 2009". 311 08$a9781451917673 311 08$a1451917678 320 $aIncludes bibliographical references. 327 $aIntro -- Contents -- I. Introduction -- II. Indicators of Household Wealth and Saving in the United States. -- III. An Inverse Relationship between Primary Savings and Asset Income? -- IV. The Estimated Relation Between Primary Saving and Asset Income -- V. Prospective Analysis: Alternative Scenarios for Savings and Assets -- A. Forward Simulations -- B. Stochastic Simulation (No Change to Parameters) -- C. Alternative "New Frugality" Scenarios: Structural Shifts In The Model -- VI. Pleasant Pigovian Accounting? Further Reflections on the Paradox of Thrift -- A. An Accounting Model -- B. Prospective Paths for Consumer Expenditures -- C. Capital Investment -- VII. Summary, Conclusions, and Directions for Future Work -- References -- Appendixes -- A. Data Definitions -- B. Assessing Transversality: Primary Savings and the Level of Assets -- C. Estimation Details -- 1. Model Setup -- 2. Coefficient Estimates: Long-Run and Short-Run -- D. Pleasant Pigovian Accounting in an Open Economy -- Appendix Tables -- A.1. Unit Root Tests for Variables in Levels and Differences -- A.2. Cointegration Analysis (Johansen (1990) Test -- A.3. Hypothesis Tests, Restrictions on Cointegrating Coefficients -- A.4. Summary of Estimates, VECM System (3') -- Tables -- 1. United States: Household Assets and Liabilities Averages by Decade -- 2. United States: Household Assets and Liabilities Averages by Decade -- 3. United States: Household Assets and Liabilities Changes between Decades -- 4. Summary of Estimates, Equations (4a), (4b), (4c) -- 5. Summary of Alternative Savings Scenarios -- 6. Summary of Estimates, Equation (12) -- 7. Summary of Estimates, Equation (13) -- Figures -- 1. Household Net Wealth and Personal Savings (in Percent of GDP) -- 2. United States: Real Rates of Return on Assets Percent per Annum, Yearly. 327 $a3. United States: Saving, Alternative Measures (In Percent of Disposable -- 4. Impulse Response Functions, VECM System (3() -- 5. Primary Savings (S*)-Stochastic Simulations US Billion -- 6. Net Worth (A, Upper Chart) and Primary Savings (S*, Lower Chart), -- 7. U.S. Savings: Corporate vs. Household Savings -- 8. US: Capital Formation and Net Wealth -- 9. US Household Consumption -- 10. Fixed Capital Formation (FC), Stochastic Simulations (US Billions) -- 11. Total Fixed Investment (Billions of 2000 US) -- Boxes -- 1. Recent Views on U.S. Savings and the Paradox Of Thrift in the Popular and Financial Press. 330 3 $aHousehold savings rates in the United States have recently crept up from all-time lows. Some have suggested that a shift toward frugality will hamper GDP growth-the Keynesian "paradox of thrift." We estimate that households compensate for a fall in their asset income by saving more out of their labor income, dollar-for-dollar. In the wake of the crisis, our model predicts that such primary savings will increase, but only temporarily and modestly, as household assets stabilize. As savings flows gradually accumulate, they help rebuild corporate net worth and hence firms' capacity to make capital investments. A timely return to pre-crisis levels of capital investment would require that U.S. households save substantially more than the model predicts, starting now. 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