Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/246098 
Year of Publication: 
2019
Series/Report no.: 
Working Paper No. 17/2019
Publisher: 
Norges Bank, Oslo
Abstract: 
In this paper we use Norwegian tax data and a novel natural experiment to isolate the impact of job loss risk on saving behavior. We find that a one percentage point increase in job loss risk increases liquid savings by roughly 1.2 - 2.0 percent. Further, we show that employment falls in non-tradable industries not directly affected by the shock, also after controlling for intersectoral linkages and lower demand from affected industries, consistent with the household demand channel of recessions.
Subjects: 
Precautionary savings
household finance
recessions
JEL: 
D14
E20
E21
Persistent Identifier of the first edition: 
ISBN: 
978-82-8379-114-3
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Working Paper
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