Konferenzbeitrag
Depressed Demand
Using a survey of Dutch households, we find that individuals who have experienced higher national unemployment rates over their lifetime save more and borrow less, after controlling for aggregate shocks, income, wealth, and demographics. These results are consistent with experience-based learning and inconsistent with rational learning. Furthermore, these individuals find it more important to save for retirement and are more worried about losing their job. These observations suggest that periods of high unemployment depress aggregate demand because of persistently more pessimistic beliefs.
- Sprache
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Englisch
- Erschienen in
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Series: Beiträge zur Jahrestagung des Vereins für Socialpolitik 2020: Gender Economics
- Klassifikation
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Wirtschaft
Macroeconomics: Consumption; Saving; Wealth
Business Fluctuations; Cycles
Macro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on the Macro Economy‡
- Ereignis
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Geistige Schöpfung
- (wer)
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Nghiem, Giang
- Ereignis
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Veröffentlichung
- (wer)
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ZBW - Leibniz Information Centre for Economics
- (wo)
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Kiel, Hamburg
- (wann)
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2020
- Handle
- Letzte Aktualisierung
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20.09.2024, 08:21 MESZ
Datenpartner
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Objekttyp
- Konferenzbeitrag
Beteiligte
- Nghiem, Giang
- ZBW - Leibniz Information Centre for Economics
Entstanden
- 2020