Jappelli, Tullio; Modigliani, Franco - Centro Studi di Economia e Finanza (CSEF) - 1998
The life-cycle hypothesis posits that saving is positive for young households and negative for the retired, so that … wealth should be hump-shaped. Yet, if one looks at the microeconomic evidence on saving by age, dissaving by the elderly is … limited or absent. But the saving measures usually computed on cross-sections or panel data are based on a concept of income …