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Erscheinungsjahr: 
2013
Schriftenreihe/Nr.: 
Staff Memo No. 15/2013
Verlag: 
Norges Bank, Oslo
Zusammenfassung: 
This note aims to shed light on the relationship between interest rates and household savings in Norway. To this end, I use a simple life-cycle model that accounts for actual debt levels of Norwegian households. The starting point is that since Norwegian households tend to have negative net financial wealth, a low interest rate makes them better off. In a nutshell, reduced interest rate payments can be viewed as a transitory income increase. When households wish to smooth consumption, only a small fraction of the transitory income gift will be consumed, while most of the reduced income payments will be saved for consumption in future periods. Hence, a life-cycle model is able to explain why households increase savings when interest rates are low.
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ISBN: 
978-82-7553-767-4
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