This paper examines testable implications of the life-cycle theory of saving with lifetime uncertainty. Theory sugges ts that persons facing lower mortality rates should exhibit greater consumption growth. Nonparametric tests, using the Retirement Histor y Survey, provide mixed support for the...

During the period 1888-1907, national banks proved reluctant to devote the maximum allowable fraction of their capital to the issue of national bank notes. John A. James (1976) attributes this to note issue being less profitable than direct loans. This paper demonstrates note issue was the more...