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dc.contributor.authorCaporale, Guglielmo Mariaen_US
dc.contributor.authorCostantini, Mauroen_US
dc.contributor.authorParadiso, Antonioen_US
dc.date.accessioned2012-08-07en_US
dc.date.accessioned2012-08-20T10:37:11Z-
dc.date.available2012-08-20T10:37:11Z-
dc.date.issued2012en_US
dc.identifier.urihttp://hdl.handle.net/10419/61017-
dc.description.abstractIn this paper we examine the role of mortgage equity withdrawal in explaining the decline of the US saving rate, since when house prices rise and mortgage rates are low, homeowners have an incentive to withdraw housing equity and this may affect the saving rate. We estimate a Vector Error Correction (VEC) model including the saving rate, asset prices, equity withdrawal and interest rates and find that indeed mortgage equity withdrawal is a key determinant of the observed saving pattern.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo Working Paper: Monetary Policy and International Finance 3897en_US
dc.subject.jelC32en_US
dc.subject.jelE21en_US
dc.subject.jelO51en_US
dc.subject.ddc330en_US
dc.subject.keywordsaving rateen_US
dc.subject.keywordmortgage equity withdrawalen_US
dc.subject.keywordasset pricesen_US
dc.subject.keywordmortgage ratesen_US
dc.subject.keywordVector Error Correctionen_US
dc.subject.keywordimpulse response analysisen_US
dc.subject.stwSparenen_US
dc.subject.stwHypotheken_US
dc.subject.stwEigenkapitalen_US
dc.subject.stwImmobilienpreisen_US
dc.subject.stwSchätzungen_US
dc.subject.stwUSAen_US
dc.titleRe-examining the decline in the US saving rate: The impact of mortgage equity withdrawalen_US
dc.typeWorking Paperen_US
dc.identifier.ppn720736870en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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