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FinanceandEconomicsDiscussionSeriesFederalReserveBoard,Washington,D.C.ISSN1936-2854(Print)ISSN2767-3898(Online)TheMacroeconomicEffectsofExcessSavingsBenceBardoczy,JaeSim,andAndreasTischbirek2024-062Pleasecitethispaperas:Bardoczy,Bence,JaeSim,andAndreasTischbirek(2024).“TheMacroeconomicEffectsofExcessSavings,”FinanceandEconomicsDiscussionSeries2024-062.Washington:BoardofGovernorsoftheFederalReserveSystem,https://doi.org/10.17016/FEDS.2024.062.NOTE:StaffworkingpapersintheFinanceandEconomicsDiscussionSeries(FEDS)arepreliminarymaterialscirculatedtostimulatediscussionandcriticalcomment.TheanalysisandconclusionssetfortharethoseoftheauthorsanddonotindicateconcurrencebyothermembersoftheresearchstaffortheBoardofGovernors.ReferencesinpublicationstotheFinanceandEconomicsDiscussionSeries(otherthanacknowledgement)shouldbeclearedwiththeauthor(s)toprotectthetentativecharacterofthesepapers.TheMacroeconomicEffectsofExcessSavingsBenceBard´oczyJaeSimAndreasTischbirek*July2024AbstractWestudytheconsequencesofshockstothehouseholdwealthdistributionindynamicgeneralequilibriumbycharacterizingtherateatwhichexcesswealthisdepleted.An-alyticalresultslinktheaggregatedecumulationratetothedistributionoftheadditionalbalances,microintertemporalmarginalpropensitiestoconsume,andgeneralequilibriumfeedback.AquantitativeheterogeneousagentNewKey...