returns on those investments) has important implications for the saving, investment, and entry decisions of continuing and … conclusion that entrepreneurial saving and investment decisions are interdependent raises three areas for future research: (1 … asset pricing; and (3) analyzing consequences for tax policy toward entrepreneurial saving and investment …

We study the effects of money (anticipated inflation) on capital formation. Previous papers on this topic adopt reduced …-form approaches, putting money in the utility function or imposing cash in advance, but use otherwise frictionless models. We follow a … literature that is more explicit about the frictions making money essential. This introduces several new elements, including a …

, given the considerations mentioned above, "precautionary saving" exceeds life-cycle saving (that would have taken place in …-cycle model provides an inadequate explanation of observed saving behavior. Second, the introduction of an actuarially fair social … security system leads to a significant partial equilibrium increase in lifetime consumption and welfare, accompanied by a …

This paper focuses on precautionary saving against uncertain longevity and on the annuity insurance aspects of social … in response to missing markets for providing insurance for consumption in the face of lifetime uncertainty. A simple life …-cycle model is used to show that even an actuarially fair, fully funded social security system can reducenational saving. Second …

Attempts to measure the impacts of pensions on household saving have occupied much of the literature in empirical … individual saving by more than the tax paid. Hence, previous partial equilibrium estimates of the impact of social security on … saving drawn solely from consideration of the intergenerational wealth transfer at the introduction of the system are, if …

In this paper, we argue that there is more to be learned from recent research on the effectiveness of targeted saving … incentives than is suggested by the wide variation in empirical estimates. First, we conclude that characterizations of saving … appear to stimulate moderate amounts of new saving. Second, we suggest a cost-benefit approach to ask: What is the …

Microdata studies of household saving often find a significant group in the population with virtually no wealth …, raising concerns about heterogeneity in motives for saving. In particular, this heterogeneity has been interpreted as evidence … against the life-cycle model of saving. This paper argues that a life-cycle model can replicate observed patterns in household …

-age and consumption-age profiles by education group, and (3) short-run time-series co-movements of consumption and income …