Household Savings and Negative Interest Rates

World Real Interest Rates: A Global Savings and Investment Perspective

Non-Negative Matrix Factorization and Term Structure of Interest Rates

Non-Negative Matrix Factorization (NNMF) is a technique for dimensionality reduction with a wide variety of applications from text mining to identification of concentrations in chemistry. NNMF deals with non-negative data and results in non-negative factors and factor loadings. Consequently, it is a natural choice when studying the term structure of interest rates. In this paper, NNMF is applie...

Dependency Rates and Savings Rates: Reply

Arthur Goldberger's comment is a tempest in a teacup. This is readily verified from the data presented in Table 1. This table reproduces from my original paper the coefficients for paired equations estimated with three different samples in which In S/N and In S/Y were the dependent variables. As the data of Table 1 indicate, in 7 of the 12 cases, the coefficients are identical through the secon...

Income uncertainty and household savings in China

China’s urban household saving rate has increased markedly since the mid-1990s and the agesaving profile has become U-shaped. To understand these patterns, we analyze a panel of urban Chinese households over the period 1989-2009. We document a sharp increase in income uncertainty, largely due to an increase in transitory variance (the variance in household income attributed to transitory idiosy...

China’s High Savings Rates

Since the early 1980s China has witnessed a rapid increase in its national savings rate to one of the highest rates in the world. Unlike the socialist period when consumption was repressed in order to redirect resources to investment, most of these savings are voluntary. This paper addresses why China’s savings rates are so high and the implications for China’s economy.