@techreport{Schrooten2004Does,
abstract = {Private savings mirror consumption behavior. In Europe, the dynamic of consumption is very
low, and at the same time, savings are increasing. Is this a result of macroeconomic policy?
A GMM estimator is used to analyze the determinants of private saving in the EU?s 15
member states. Our main findings are that savings rates inherit a certain degree of
persistence and that income growth causes an increase in saving. While monetary policy is
totally insignificant, fiscal policy has a major impact on private savings. The long-run effects
of public deficits are greater than the effects of rising income.},
address = {Berlin},
author = {Mechthild Schrooten and Sabine Stephan},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {E21; C33; 330; Dynamic panel data model; private savings; European Union; GMM estimator; Sparen; Geldpolitik; Finanzpolitik; Wirtschaftspolitische Wirkungsanalyse; Sch\"{a}tzung; Einkommen; EU-Staaten},
language = {eng},
number = {431},
publisher = {Deutsches Institut f\"{u}r Wirtschaftsforschung (DIW)},
title = {Does Macroeconomic Policy Affect Private Savings in Europe? : Evidence From a Dynamic Panel Data Model},
type = {DIW-Diskussionspapiere},
url = {http://hdl.handle.net/10419/18167},
year = {2004}
}
