Secular Movements in U.S. Saving and Consumption
نویسندگان
چکیده
The U.S. national saving rate has been declining since the 1960s while the share of consumption in output has been increasing. We explore if a standard growth model can explain the secular movements observed in this time period. Our quantitative findings indicate that the standard neoclassical growth model is able to generate saving rates and consumption that are remarkably similar to the data during 1960-2004. ∗Department of Economics, University of Oslo ‡Department of Finance and Business Economics, Marshall School of Business, University of Southern California, Los Angeles, CA 90089-1427. Corresponding author: [email protected]
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