The decline in household saving and the wealth effect
By: F. Thomas Juster ... [et al.].
Contributors: Juster, F. Thomas 1926-
Series: Finance and economics discussion series ;; 2004-32; Finance and economics discussion series (Online) ;; 2004-32.
Publisher: Federal Reserve Board
Published: 2004
Place of publication: Washington, D.C
Language: eng
Format: Electronic resource
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 five-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 affects across asset types results in a significant understatement or overstatement of the size of their impact, depending on the asset"--Federal Reserve Board web site.
Notes: Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 6/29/2004.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.