Eurozone non-labour income used for saving, not spending – paper
Erosion in financial wealth dragged on consumption, Bank of Italy study finds
A new paper from the Bank of Italy finds no single cause for the persistently lower consumption growth and higher savings rates in the eurozone since the pandemic.
The paper, published today (July 29), looks at six factors – interest rates, consumer confidence, energy inflation, uncertainty, non-labour income and financial wealth in real terms – to explain why households in the eurozone continued to spend less and save more.
Using a large-scale vector autoregression model, authors Donato Ceci
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