Fiscal Policy and the Saving Glut of the Rich -- by Francesco Bianchi, Nicolò Ceneri, Leonardo Melosi, Alessandro T. Villa

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2026, 18th Annual Feldstein Lecture, Mark Duggan, "Social Security Reform in an Era of Fiscal Deficits" Primary tabs
  • Acknowledgements and Disclosures

    We thank Luigi Bocola, Hanno Lustig, Karel Mertens, our discussants Chen Lian, Ralph Luetticke, and Carlo Galli, and all seminar participants at Stanford University, Sveriges Riksbank, Dallas Fed, Chicago Fed, BIS, SED, 2026 Konstanz Seminar, and at the NBER MADEM meeting for useful comments and suggestions. The views in this paper are solely those of the authors and should not be interpreted as reflecting the views of the Federal Reserve Bank of Chicago, any person associated with the Federal Reserve System, or the National Bureau of Economic Research.


  • Citation and Citation DataCopy Citation Francesco Bianchi, Nicolò Ceneri, Leonardo Melosi, and Alessandro T. Villa, "Fiscal Policy and the Saving Glut of the Rich," NBER Working Paper 35715 (2026), https://doi.org/10.3386/w35715. Copy to Clipboard Download Citation
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