This paper estimates reduced form retirement and wealth equations, and analyzes the relationship between them. Data are … model of retirement and wealth. To improve retirement analysis, we develop the premium value, a measure of the future value …

wealth accumulation is to finance future consumption, either their own or that of heirs. The paper concludes that the … simplest model that explains the relevant facts is one in which either consumers regard the accumulation of wealth as an end in … itself, or unspent wealth yields a flow of services (such as power or social status) which have the same practical effect on …

This paper uses the Panel Study of Income Dynamics to provide some of the first direct evidence that wealth is … retirement early in life: wealth is estimated to be less sensitive to uncertainty in permanent income than implied by that model …-stock' models of saving described in Carroll (1992) or Deaton (1991), in which consumers hold wealth principally to insulate …

of Income Dynamics. While a cross-section time-series regression implies that housing wealth does affect saving, a fixed …

transfers for U.S. savings. Modigliani's paper is the latest salvo in a long running debate over the importance of … intergenerational transfers in explaining savings behavior. While Modigliani corrects an algebraic error of minor consequences in our … important as those raised by Modigilani suggest that our method produces an overestimate of the importance of life cycle wealth …

data on income and wealth to answer this empirical question. The relation between saving rates and wealth crucially depends … constant across the wealth distribution. However, saving rates including capital gains ("gross saving rates") increase markedly … with wealth. The proximate explanation is that wealthier households own assets that experience persistent capital gains …