An Investigation of Life Cycle Saving Behavior in the United States
Author | : Arthur B. Kennickell |
Publisher | : |
Total Pages | : 508 |
Release | : 1984 |
Genre | : Consumer behavior |
ISBN | : |
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Author | : Arthur B. Kennickell |
Publisher | : |
Total Pages | : 508 |
Release | : 1984 |
Genre | : Consumer behavior |
ISBN | : |
Author | : Laurence J. Kotlikoff |
Publisher | : MIT Press |
Total Pages | : 596 |
Release | : 2001-06-22 |
Genre | : Business & Economics |
ISBN | : 9780262263344 |
This collection of essays, coauthored with other distinguished economists, offers new perspectives on saving, intergenerational economic ties, retirement planning, and the distribution of wealth. The book links life-cycle microeconomic behavior to important macroeconomic outcomes, including the roughly 50 percent postwar decline in America's rate of saving and its increasing wealth inequality. The book traces these outcomes to the government's five-decade-long policy of transferring, in the form of annuities, ever larger sums from young savers to old spenders. The book presents new theoretical and empirical analyses of altruism that rule out the possibility that private intergenerational transfers have offset those by the government.While rational life-cycle behavior can explain broad economic outcomes, the book also shows that a significant minority of households fail to make coherent life-cycle saving and insurance decisions. These mistakes are compounded by reliance on conventional financial planning tools, which the book compares with Economic Security Planner (ESPlanner), a new life-cycle financial planning software program. The application of ESPlanner to U.S. data indicates that most Americans approaching retirement age are saving at much lower rates than they should be, given potential major cuts in Social Security benefits.
Author | : Gilbert R. Ghez |
Publisher | : Columbia University Press |
Total Pages | : 180 |
Release | : 1975 |
Genre | : Business & Economics |
ISBN | : |
There is a belief now that family behavior over the life cycle can be analyzed by economic methods. This study deals with allocation of resources by families over time.
Author | : Axel Borsch-Supan |
Publisher | : Elsevier |
Total Pages | : 415 |
Release | : 2003-01-09 |
Genre | : Business & Economics |
ISBN | : 0080510175 |
Life-Cycle Savings and Public Policy examines data on many households from a number of different countries. The hope is that through these observations we can learn about the ways policies affect savings, and that other differences among savers can be controlled for, instead of being blamed on cultural differences. This book features a consistent framework among chapters. It reaches a harmony between measurement and analysis to compare accurately the resulting data and statistics. It provides econometric methodology to reveal the way policies affect savings. The book features data on household savings in Germany, Italy, Japan, the Netherlands, the U.K., and the U.S. This book is recommended reading for anyone interested in saving, social insurance policy, or capital formation. - Features a consistent framework among chapters - Reaches a harmony between measurement and analysis to compare accurately the resulting data and statistics - Provides econometric methodology to reveal the way policies affect savings
Author | : Stephen C. Lerch |
Publisher | : |
Total Pages | : 334 |
Release | : 1987 |
Genre | : Consumer behavior |
ISBN | : |
Author | : Fumio Hayashi |
Publisher | : MIT Press |
Total Pages | : 532 |
Release | : 1997 |
Genre | : Business & Economics |
ISBN | : 9780262082556 |
Analysis of consumption and saving decisions by households has always been one of the most active areas of research in economics--and with good reason. Private consumption is the most important component of aggregate demand in a capitalist economy, and explaining consumption is the key element in most macroeconomic forecasting models. To evaluate the effect of government policies invariably requires the knowledge of how they change parameters relevant for household decision making. Understanding Saving collects eleven papers by economist Fumio Hayashi, along with two previously unpublished chapters, for a total of thirteen chapters. The monograph, which brings together Hayashi's empirical research on saving, is divided into three sections. Part I, "Liquidity Constraints", contains five studies that test the well-known implication of the Life Cycle-Permanent Income hypothesis that households shield consumption from income fluctuations. Part II, "Risk-Sharing and Altruism", contains three papers that examine the interactions between related and unrelated households predicted by the hypothesis for the US and Japanese households. The three papers in Part III, "Japanese Saving Behavior", present the author's explanation of the high saving rate in postwar Japan.
Author | : B. Douglas Bernheim |
Publisher | : University of Chicago Press |
Total Pages | : 408 |
Release | : 1991-05 |
Genre | : Business & Economics |
ISBN | : 9780226044040 |
"... Papers presented at a conference held at the Stouffer Wailea Hotel, Maui, Hawaii, January 6-7, 1989. ... part of the Research on Taxation program of the National Bureau of Economic Research." -- p. ix.
Author | : Orazio P. Attanasio |
Publisher | : |
Total Pages | : 56 |
Release | : 1993 |
Genre | : Cohort analysis |
ISBN | : |
In this paper I analyze the pattern of saving behavior by U.S. households, using the Consumer Expenditure (CEX) Survey. The analysis' main goal is to explain the decline in aggregate personal saving in the United States in the 1980s. I estimate a typical' saving-age profile and identify systematic movements of the profile across different cohorts of U.S. households. In addition, I consider different definitions of saving and control for a number of factors that figure in popular explanations fo the decline in saving. The main results can be summarized as follows: 1) the typical' saving-age profile presents a pronounced hump' and peaks around age 60; 2) this typical' age profile was, at least during the 1980s, shifted down for those cohorts born between 1925 and 1939. This is consistent with the low level of aggregate saving because these cohort were, in the 1980s, in that part of their life cycle when saving is highest; 3) this results holds for various definition of saving with one notable exception; the decline is less pronounced when expenditure on durables is considered as saving; and 4) some other popular explanations of the decline in saving are rejected by the data, including those appealing to the presence of capital gains on real or financial assets.
Author | : You-Hyun Cho |
Publisher | : |
Total Pages | : 244 |
Release | : 1992 |
Genre | : Saving and investment |
ISBN | : |