NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Policy Uncertainty and Precautionary Savings

Francesco Giavazzi, Michael McMahon

NBER Working Paper No. 13911
Issued in April 2008

---- Acknowledgements -----

This paper was started when both authors were at the Bank of England. The paper represents the views of the authors and not necessarily those of the Bank of England. Giavazzi thanks the Houblon-Norman Fund at the Bank of England for support. We are also grateful to Daron Acemoglu, Alberto Alesina, Oriana Bandiera, Tim Besley, Olivier Blanchard, Nicola Fuchs-Schuendeln, Xavier Gabaix, Tullio Jappelli, Eliana Laferrara, Alan Manning, Steve Pischke, Guido Tabellini, John van Reenen and Guglielmo Weber for helpful comments. The data used in this paper were made available to us by the German Socio-Economic Panel Study (GSOEP) at the German Institute for Economic Research (DIW), Berlin. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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