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    • Saving on a Rainy Day, Borrowing for a Rainy Day 

      Alan, Sule; Crossley, Thomas; Low, Hamish (Faculty of Economics, University of Cambridge, UK, 2012-05-04)
      The aim of this paper is to understand what a recession means for individual consumers, and to model in a life-cycle framework how individuals respond to recessions. Our focus is on the sharp increase in savings rates that ...