This paper investigates the effect of mortgage equity withdrawal onsaving in the US over the period 1993–2011. A multivariate timeseries analysis based on a vector error correction model (VECM)is carried out. The saving rate, mortgage equity withdrawal, netwealth, interest rates and inflation are included in the empiricalmodel. The results show that the equity withdrawal mechanismplays a relevant role in explaining the saving rate pattern.
|Titolo:||Re-examining the Decline in the US Saving Rate: The Impact of Mortgage Equity Withdrawals|
|Data di pubblicazione:||2013|
|Appare nelle tipologie:||1.1 Articolo in rivista|