Abstract

MARTINEZ FERNANDEZ, Ignacio; ALONSO, Miguel Ángel  and  PALMA MARTOS, Neira Luis. Disaggregated savings. Some implications for a capital-based macroeconomic framework. Cuad. Econ. [online]. 2023, vol.42, n.spe88, pp.43-60.  Epub Feb 23, 2024. ISSN 0121-4772.  https://doi.org/10.15446/cuad.econ.v42n88.102922.

As Bagus and Howden (2010) highlighted, one of the paths to achieve a more fruitful understanding of the business cycle involves examining saving as a heterogeneous analytical category. The aim of this paper is to continue this line of inquiry using the capital-based framework developed by Garrison (2001). This paper contributes to the literature by studying the impact of heterogenous savings on economic growth and business cycles in a capital-based macroeconomics framework. With this aim the implications of disaggregated saving is analysed by means of the differential market signals that are generated by cash-build savings (Pätruti, 2017) and loanable funds accessible through the credit markets.

Keywords : Business cycles; cash-built savings; term structure of savings; money demand.

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