The effect of interest-rate changes on household saving and consumption: a survey
RePEc: Research Papers in EconomicsPublished 1 January 1996
Douglas W. Elmendorf
Citations38
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Abstract
Direct estimates of the interest elasticity of saving suffer from several serious problems. As an alternaive, this survey uses an indirect approach that combines models of individual behavior with estimates of certain features of individuals' preferences. The paper examines the effect of interest-rate changes on the consumption and saving of people who follow the lifecycle model, who plan to leave bequests, who save to reach a fixed target, and who have short planning horizons. It is
Keywords
Social SciencesEconomics, Econometrics and FinanceBusiness, Management and Accounting