This paper examines the relationship between interest rates and household saving rates for an uneven panel of 19 OECD countries during the period 1995–2018. Unlike earlier studies, it uses the pooled mean group methodology to investigate which of the interest rate effects, income or substitution, dominates in the short run, long run, or both periods. With the baseline estimations, I find that the income effect outweighs the substitution effect in the short run, and vice versa in the long run. I also find that inflation (both expected and actual), household wealth through housing prices, unemployment rate, current taxes on income and wealth, and general government debt have significant negative impact on household saving in the long run. I find that financial development has a positive effect on household saving in the long run. Current taxes on income and wealth have a strong negative impact on household saving in the short run.

中文翻译：

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家庭储蓄的短期和长期决定因素：来自经合组织经济体的证据

本文研究了 1995-2018 年期间 19 个经合组织国家的不均衡面板的利率与家庭储蓄率之间的关系。与早期的研究不同，它使用汇总平均组方法来调查利率效应、收入或替代中哪一个在短期、长期或两个时期占主导地位。通过基线估计，我发现收入效应在短期内超过了替代效应，在长期内反之亦然。我还发现，从长远来看，通货膨胀（预期的和实际的）、房价带来的家庭财富、失业率、当前的收入和财富税以及广义政府债务对家庭储蓄有显着的负面影响。我发现从长远来看，金融发展对家庭储蓄有积极影响。