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dc.contributor.authorSchrooten, Mechthilden_US
dc.contributor.authorStephan, Sabineen_US
dc.date.accessioned2009-01-28T15:39:49Z-
dc.date.available2009-01-28T15:39:49Z-
dc.date.issued2004en_US
dc.identifier.urihttp://hdl.handle.net/10419/18167-
dc.description.abstractPrivate 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.en_US
dc.language.isoengen_US
dc.publisherDeutsches Institut für Wirtschaftsforschung (DIW) Berlinen_US
dc.relation.ispartofseriesDIW-Diskussionspapiere 431en_US
dc.subject.jelE21en_US
dc.subject.jelC33en_US
dc.subject.ddc330en_US
dc.subject.keywordDynamic panel data modelen_US
dc.subject.keywordprivate savingsen_US
dc.subject.keywordEuropean Unionen_US
dc.subject.keywordGMM estimatoren_US
dc.subject.stwSparenen_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwFinanzpolitiken_US
dc.subject.stwWirtschaftspolitische Wirkungsanalyseen_US
dc.subject.stwSchätzungen_US
dc.subject.stwEinkommenen_US
dc.subject.stwEU-Staatenen_US
dc.titleDoes Macroeconomic Policy Affect Private Savings in Europe? Evidence From a Dynamic Panel Data Modelen_US
dc.typeWorking Paperen_US
dc.identifier.ppn390960985en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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DIW-Diskussionspapiere

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