Logo of Humboldt-Universität zu BerlinLogo of Humboldt-Universität zu Berlin
edoc-Server
Open-Access-Publikationsserver der Humboldt-Universität
de|en
Header image: facade of Humboldt-Universität zu Berlin
View Item 
  • edoc-Server Home
  • Schriftenreihen und Sammelbände
  • Fakultäten und Institute der HU
  • Institut für Geschichtswissenschaften
  • Working Papers of the Priority Programme 1859 – Experience and Expectation. Historical Foundations of Economic Behaviour
  • View Item
  • edoc-Server Home
  • Schriftenreihen und Sammelbände
  • Fakultäten und Institute der HU
  • Institut für Geschichtswissenschaften
  • Working Papers of the Priority Programme 1859 – Experience and Expectation. Historical Foundations of Economic Behaviour
  • View Item
JavaScript is disabled for your browser. Some features of this site may not work without it.
All of edoc-ServerCommunity & CollectionTitleAuthorSubjectThis CollectionTitleAuthorSubject
PublishLoginRegisterHelp
StatisticsView Usage Statistics
All of edoc-ServerCommunity & CollectionTitleAuthorSubjectThis CollectionTitleAuthorSubject
PublishLoginRegisterHelp
StatisticsView Usage Statistics
View Item 
  • edoc-Server Home
  • Schriftenreihen und Sammelbände
  • Fakultäten und Institute der HU
  • Institut für Geschichtswissenschaften
  • Working Papers of the Priority Programme 1859 – Experience and Expectation. Historical Foundations of Economic Behaviour
  • View Item
  • edoc-Server Home
  • Schriftenreihen und Sammelbände
  • Fakultäten und Institute der HU
  • Institut für Geschichtswissenschaften
  • Working Papers of the Priority Programme 1859 – Experience and Expectation. Historical Foundations of Economic Behaviour
  • View Item
2022-03Diskussionspapier DOI: 10.18452/24406
Heterogeneous Savers and their Inflation Expectation during German Industrialization: Social class, Wealth, and Gender
Lehmann-Hasemeyer, Sibylle cc
Neumayer, Andreas
Streb, Jochen
Philosophische Fakultät
Using microeconomic data on 2,500 savers of the savings bank Ludwigsburg, we study individual savings behavior in 19th century-Germany. We show that wealthy savers responded to an increase in the expected inflation rate (and falling real interest rate) by increasing their savings, suggesting that they pursued a real saving target that could only be defended by saving more when investment conditions became adverse. Workers’ savings behavior changed over time. For a long time, poorer, often female, working-class savers were forced to reduce their savings in times of high prices because they had to spend most of their income on essential consumer goods. This changed in the 1880s, when the living conditions of the working class improved significantly due to rising real wages and greater social security. We therefore observe a structural break in the savings regime: the originally negative relationship between inflation expectations and savings was reversed into a positive one. Looking only at the aggregate may obscure the true motives and changes in behavior of heterogeneous savers.
Files in this item
Thumbnail
SPPWP_33_2022_Neumayer_Lehmann_Streb.pdf — Adobe PDF — 655.9 Kb
MD5: 7f1b2f577eeaac87294e502a5f6d03a6
Cite
BibTeX
EndNote
RIS
InCopyright
Details
DINI-Zertifikat 2019OpenAIRE validatedORCID Consortium
Imprint Policy Contact Data Privacy Statement
A service of University Library and Computer and Media Service
© Humboldt-Universität zu Berlin
 
DOI
10.18452/24406
Permanent URL
https://doi.org/10.18452/24406
HTML
<a href="https://doi.org/10.18452/24406">https://doi.org/10.18452/24406</a>