| Description |
1 online resource (36 pages) : color illustrations |
| Series |
IMF working paper, 1018-5941 ; WP/14/225 |
|
IMF working paper ; WP/14/225.
|
| Contents |
Cover Page; Title Page; Copyright Page; Contents; Abstract; Executive Summary; I. The Inequality and Wealth Narratives; II. Implications for the Household Saving Rate; A. Data Sources; B. Data Definitions; C. Assessment; III. Why did The Saving Rate Fall?; A. Saving Rate Arithmetic; B. Empirical Evidence; C. Wealth Effects; IV. A New Synthesis; V. Explaining the Great Recession; A. Role of Wealth; B. Role of the Rich; VI. How Robust are the Results?; VII. Conclusion; Annex. Data Sources; Footnotes |
| Summary |
Most papers explaining the macro causes of the U.S. Great Recession focus on the behavior of the middle class: how its saving rate declined in the pre-crisis years, then surged following the crisis. This paper argues that the saving rate of the rich followed a similar pattern, the result of wealth effects associated with a boom-bust in asset prices. Indeed, the swings in saving by the rich must actually have played the most important role in the consumption boom-bust, since since the top 10 percent account for almost half of income and two-thirds of wealth. In other words, the rich played a critical role in the Great Recession.--Abstract |
| Notes |
"December 2014." |
|
"European and Research Departments." |
| Bibliography |
Includes bibliographical references (pages 32-34) |
| Notes |
Online resource; title from pdf title page (IMF.org Web site, viewed December 18, 2014) |
| Subject |
Global Financial Crisis, 2008-2009.
|
|
Rich people -- United States
|
|
Income distribution -- United States
|
|
Savings accounts -- United States
|
|
Saving and investment -- United States
|
|
Business cycles -- United States
|
|
Consumption (Economics) -- United States
|
|
Business cycles
|
|
Consumption (Economics)
|
|
Income distribution
|
|
Rich people
|
|
Saving and investment
|
|
Savings accounts
|
|
United States
|
| Form |
Electronic book
|
| Author |
Felman, J. (Joshua), author.
|
|
International Monetary Fund. European Department, issuing body.
|
|
International Monetary Fund. Research Department, issuing body.
|
| ISBN |
9781498315470 |
|
149831547X |
|
149830737X |
|
9781498307376 |
|
