A recent study estimated that a wealth effect of 3 to 4 cents could explain two-fifths to about half of the decline in the personal saving rate since 1988.
The wealth effect explains the decline in personal savings rate.
mnli hypothesis: The wealth effect explains the decline in personal savings rate. premise: A recent study estimated that a wealth effect of 3 to 4 cents could explain two-fifths to about half of the decline in the personal saving rate since 1988.