This paper investigates the transmission from interest rates to household saving behaviour when introducing two main innovations of analysing this relationship. The first one is based on the use of a set of client interest rates instead of one monetary policy rate. This step enables us to distinguish impacts of the substitution and income effects in more detail. The second major innovation lies in the division of households into income categories, which provides us with more observations and thus makes it possible to conduct this analysis even for a single country. Using the generalized method of moments for the dynamic panel data, we analyse Czech household behaviour for the period 2004-2015. The results highlight that when we ignore details of the transmission channel and use only a monetary policy rate, we lose crucial information about contradictory impacts of the substitution and income effects that are primarily reflected in the client interest rates. This fact may clarify most of the interest rate-savings rate puzzle.

中文翻译：

---

利率和家庭储蓄行为：一个经验难题和一个使用捷克数据的解决方案

当介绍分析这种关系的两个主要创新时，本文研究了从利率到家庭储蓄行为的传导。第一个基于使用一组客户利率而不是一个货币政策利率。这一步使我们能够更详细地区分替代效应和收入效应。第二项重大创新在于将家庭划分为收入类别，这为我们提供了更多观察结果，因此即使在单个国家中也可以进行此分析。使用针对动态面板数据的广义矩方法，我们分析了2004-2015年期间的捷克家庭行为。结果表明，当我们忽略传输渠道的详细信息而仅使用货币政策费率时，我们会丢失有关替代和收入效应的矛盾影响的重要信息，这些信息主要反映在客户利率上。这一事实可以澄清大多数利率储蓄率难题。