Musgrave’s “target saver” theory: Implications for macroeconomic stability and economic policy effectiveness” |
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Authors: | Richard J Cebula Shyam Menon |
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Institution: | (1) Department of Economics, Armstrong Atlantic State University, Savannah, GA 31419, USA |
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Abstract: | Musgrave develops the concept of the “target saver,” in which the household saves in the present in order to finance a target
level of consumption outlays in the future. The resulting household behavior is one in which a rise in the rate of interest
in the present period reduces the amount of saving needed for future consumption, so that household saving is inversely rather
than positively a function of the interest rate. The present study examines the potential implications of the target saver
in the aggregate for macroeconomic stability and economic policy effectiveness.
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Keywords: | Saving Interest Rate Stability Policy Effectiveness |
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