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The paper presents empirical evidence based on the U.S. Consumer Expenditure Survey that accounting for limited asset market participation is important for estimating the elasticity of intertemporal substitution. Differences in estimates of the EIS between asset holders and non–asset holders are large and statistically significant. This is the case whether estimating the EIS on the basis of the Euler equation for stock index returns or the Euler equation for Treasury bills, in each case distinguishing between asset holders and non–asset holders as best as possible. Estimates of the EIS are around 0.3–0.4 for stockholders and around 0.8–1 for bondholders and are larger for households with larger asset holdings within these two groups.

The forced casualness of the man reading the newspaper in the bank lobby would have annoyed Avery on any other day. The bank was on the ground floor of an office building at 3rd and 57th. Avery held a lifetime of official documents: her birth certificate, savings bonds, court documents from two different legal name changes, and a death certificate. Funny, those same banks would look to the government to bail them out should public confidence wane again, but they wouldn't shell out a penny for Avery's treasury notes.

The Singapore Savings Bonds (SSB) is a unique investment program offered by the Singapore government whereby retail investors can earn risk-free tax-free step-up interest closely matched to Treasury bond rates for up to 10 years and can redeem on any business day prior to maturity without any early redemption penalty. This study analyses the unique design of the SSB and provides a valuation of the Bermudan option for early redemption that is embedded in the SSB. The Black–Derman–Toy model is used to build the interest rate tree, and an iterative method is employed to avoid arbitrary specification of the pre-determined short rate volatility function. This bespoke Bermudan option can have changing strike prices over time. It also has a novel characteristic whereby the value of exercise to a buyer need not equal to the cost of being exercised to a seller. Better understanding of embedded options within government savings bonds leads to innovative designs that may encourage effective citizens’ savings.

Increasing savings rates among households of modest incomes would strengthen their balance sheets and reduce wealth inequality. This paper analyzes one of the largest and most successful efforts to increase the savings of ordinary households in American history. The Liberty Bond drives of World War I persuaded tens of millions of Americans to buy government bonds, which were sold in denominations as low as $50, and could be purchased in installment plans. Using newly collected data on the sales of Liberty Bonds at the county level, we analyze the factors that influenced the degree to which the bond drives were successful. The results highlight the importance of the participation of civil society organizations and local banks in marketing the bonds. We discuss the implications of these findings for the design of modern programs to increase savings.

Some state governments and businesses in the United States are starting to pay people to get vaccinated against Covid-19. But even if incentives can produce a short-term bump in vaccination, multiple strategies will be necessary to increase population immunity.

This paper reports the results of a 2007 experiment testing whether specific process simplification can foster increased take-up rates for savings products, particularly by low-to-moderate income (LMI) households. Tax refund recipients at certain H&R Block tax preparation offices were given the option to purchase US Savings Bonds with their tax refunds, augmenting the tax-site savings options offered by H&R Block. Those who received the savings bond offer were substantially more likely to purchase a savings product on-site than those who didn't, even after controlling for client demographics. Much of this take-up was directed at intra-family gifting, or asset building on behalf of children.

Kimble examines the U.S. Treasury's eight war bond drives that raised over $185 billion-the largest single domestic propaganda campaign known to that time. The campaign enlisted such figures as Judy Garland, Norman Rockwell, Irving Berlin, and Donald Duck to cultivate national morale and convince Americans to buy war bonds.