A key Issue: The use of forced savings

Thanks to government support and very expansionary monetary policies, households' consumption fell much more than their income during the lockdown, resulting in large forced savings initially held in monetary form (bank deposits, we are looking at the United States and the euro zone). The economic and financial equilibrium will now depend heavily on the use of the forced savings. Will it be : Consumed; Used to buy housing; Used to buy risky financial assets; Kept in monetary form without an attempt to use it? Regardless of the use of the additional money held, the quantity of money remains the same, but the use determines what balances the additional money supply: Additional consumption; An increase in housing construction and in real estate prices; A rise in risky asset prices; An increase in the demand for money .