The Response of Household Saving to the Large Shock of German Reunification
作者： Nicola Fuchs-Schundeln
DOI: 10.2139/SSRN.1361064
关键词: Stylized fact 、 Cohort 、 Consumption (economics) 、 Economic consequences 、 German reunification 、 Forward looking 、 Development economics 、 Natural experiment 、 Shock (economics) 、 Economics 、 Demographic economics
摘要: German reunification was a large, unexpected shock for East Germans, with different economic consequences birth cohorts. Exploiting as natural experiment, I analyze the validity of life-cycle consumption model. In empirical part, derive three stylized features concerning saving behavior vs. West Germans in 1990s: (i) have higher rates than after reunification, (ii) this East-West gap is increasing age cohort, and (iii) every declining over time. The theoretical part investigates whether comprehensive life cycle model can predict these features. find strong evidence favor rational, forward looking behavior. precautionary motive essential replicating from data.
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