Show simple item record

2022-03Diskussionspapier DOI: 10.18452/24406
Heterogeneous Savers and their Inflation Expectation during German Industrialization: Social class, Wealth, and Gender
dc.contributor.authorLehmann-Hasemeyer, Sibylle
dc.contributor.authorNeumayer, Andreas
dc.contributor.authorStreb, Jochen
dc.date.accessioned2022-03-29T13:07:24Z
dc.date.available2022-03-29T13:07:24Z
dc.date.issued2022-03none
dc.identifier.urihttp://edoc.hu-berlin.de/18452/25054
dc.description.abstractUsing 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.eng
dc.language.isoengnone
dc.publisherHumboldt-Universität zu Berlin
dc.rights.urihttp://rightsstatements.org/vocab/InC/1.0/
dc.subjectExpectationseng
dc.subjectinflationeng
dc.subjectindustrializationeng
dc.subjectinequalityeng
dc.subjectheterogeneous saverseng
dc.subject.ddc330 Wirtschaftnone
dc.titleHeterogeneous Savers and their Inflation Expectation during German Industrialization: Social class, Wealth, and Gendernone
dc.typeworkingPaper
dc.identifier.urnurn:nbn:de:kobv:11-110-18452/25054-0
dc.identifier.doihttp://dx.doi.org/10.18452/24406
local.edoc.pages35none
local.edoc.type-nameDiskussionspapier
local.edoc.container-typeseries
local.edoc.container-type-nameSchriftenreihe
dc.description.versionNot Reviewednone
dc.identifier.eissn2510-053X
dc.identifier.zdb2916406-0
bua.series.nameWorking Papers of the Priority Programme 1859 – Experience and Expectation. Historical Foundations of Economic Behaviournone
bua.series.issuenumber33
bua.departmentPhilosophische Fakultätnone
bua.series.editorAlexander Nützenadel, Jochen Strebnone

Show simple item record