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Empirical Analysis of the Saving Rate in the United States

Author(s): Hedayeh Samavati, Nodir Adilov, David A. Dilts

Citation: Hedayeh Samavati, Nodir Adilov, David A. Dilts, (2013) "Empirical Analysis of the Saving Rate in the United States," Journal of Management Policy and Practice, Vol. 14, Iss. 2, pp. 46 - 53

Article Type: Research paper

Publisher: North American Business Press


After two decades of decline, the personal saving rate in the United States has increased since the onset
of the Great Recession. This paper empirically analyzes the factors affecting the saving rate and factors
that contributed to the recent increase in the saving rate. Our results imply that changes in the
determinants of the saving rate suggested by economic theory can explain much of the recent trend in the
personal saving rate. Specifically, reduction in the household net wealth had the largest contribution to
the increase in the saving rate, while reduction in interest rates negatively affected households’ incentives
to save. These findings have important policy implications.