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dc.contributor.authorCaporale, Guglielmo Mariaen
dc.contributor.authorCostantini, Mauroen
dc.contributor.authorParadiso, Antonioen
dc.date.accessioned2012-08-07-
dc.date.accessioned2012-08-20T10:37:11Z-
dc.date.available2012-08-20T10:37:11Z-
dc.date.issued2012-
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
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x3897en
dc.subject.jelC32en
dc.subject.jelE21en
dc.subject.jelO51en
dc.subject.ddc330en
dc.subject.keywordsaving rateen
dc.subject.keywordmortgage equity withdrawalen
dc.subject.keywordasset pricesen
dc.subject.keywordmortgage ratesen
dc.subject.keywordVector Error Correctionen
dc.subject.keywordimpulse response analysisen
dc.subject.stwSparenen
dc.subject.stwHypotheken
dc.subject.stwEigenkapitalen
dc.subject.stwImmobilienpreisen
dc.subject.stwSchätzungen
dc.subject.stwUSAen
dc.titleRe-examining the decline in the US saving rate: The impact of mortgage equity withdrawal-
dc.typeWorking Paperen
dc.identifier.ppn720736870en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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