Nominal interest rates strongly affect savings – ECB paper

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Eurozone households’ savings decisions are strongly influenced by nominal interest rates, a working paper published by the European Central Bank finds.

In Consumer savings behaviour at low and negative interest rates, Marco Felici, Geoff Kenny and Roberta Friz look for evidence of how real and nominal rates influence savers.

The authors use a panel dataset to model the effects of interest rates on consumer behaviour in 19 eurozone countries from 2003 to 2019. The panel combines nominal

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