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The Trickling Up of Excess Savings / Adrien Auclert, Matthew Rognlie, Ludwig Straub.
- Format:
- Book
- Author/Creator:
- Auclert, Adrien.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w30900.
- NBER working paper series no. w30900
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2023.
- Summary:
- We provide a simple framework connecting the distribution of excess savings across households to the dynamics of aggregate demand. Deficit-financed fiscal transfers generate excess savings. The poorest households with the highest MPCs spend down their excess savings the fastest, increasing other households' incomes and their excess savings. This leads to a long-lasting increase in aggregate demand until, ultimately, excess savings have "trickled up" to the richest savers with the lowest MPCs, raising wealth inequality.
- Notes:
- Print version record
- January 2023.
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