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Optimal Financial Knowledge and Wealth Inequality

Michaud, Pierre-Carl; Mitchell, Olivia; Lusardi, Annamaria - National Bureau of Economic Research (NBER) - 2013

cycle model featuring endogenous financial knowledge accumulation. The model generates substantial wealth inequality, over … the potential to account for a large proportion of wealth inequality. The fraction of the population which is rationally …

Persistent link: https://www.econbiz.de/10010950966

Poverty and Self-Control

Bernheim, B. Douglas; Ray, Debraj; Yeltekin, Sevin - National Bureau of Economic Research (NBER) - 2013

The absence of self-control is often viewed as an important correlate of persistent poverty. Using a standard intertemporal allocation problem with credit constraints faced by an individual with quasi- hyperbolic preferences, we argue that poverty damages the ability to exercise self-control....

Persistent link: https://www.econbiz.de/10010951196

The Great Recession, Decline and Rebound in Household Wealth for the Near Retirement Population

Gustman, Alan L.; Steinmeier, Thomas L.; Tabatabai, Nahid - National Bureau of Economic Research (NBER) - 2014

This paper uses data from the Health and Retirement Study to examine the effects of the Great Recession on the wealth held by the near retirement age population from 2006 to 2012. For the Early Boomer cohort (ages 51 to 56 in 2004), real wealth in 2012 remained 3.6 percent below its 2006 value....

Persistent link: https://www.econbiz.de/10010951339

Life Expectancy and Old Age Savings

De Nardi, Mariacristina; French, Eric; Jones, John Bailey - National Bureau of Economic Research (NBER) - 2009

Rich people, women, and healthy people live longer. We document that this heterogeneity in life expectancy is large, and we use an estimated structural model to assess its effect on the elderly's saving. We find that the differences in life expectancy related to observable factors such as...

Persistent link: https://www.econbiz.de/10005085229

Bequest and Tax Planning: Evidence From Estate Tax Returns

Kopczuk, Wojciech - National Bureau of Economic Research (NBER) - 2006

I study bequest and wealth accumulation behavior of the wealthy (subject to the estate tax) shortly before death. The onset of a terminal illness leads to a very significant reduction in the value of estates reported on tax returns - 15 to 20% with illness lasting "months to years" and about 5...

Persistent link: https://www.econbiz.de/10005087449

How Did the Recession of 2007-2009 Affect the Wealth and Retirement of the Near Retirement Age Population in the Health and Retirement Study?

Gustman, Alan L.; Steinmeier, Thomas L.; Tabatabai, Nahid - National Bureau of Economic Research (NBER) - 2011

This paper uses asset and labor market data from the Health and Retirement Study (HRS) to investigate how the recent "Great Recession" has affected the wealth and retirement of those in the population who were just approaching retirement age at the beginning of the recession, a potentially...

Persistent link: https://www.econbiz.de/10009353493

A Model of the Consumption Response to Fiscal Stimulus Payments

Kaplan, Greg; Violante, Giovanni L. - National Bureau of Economic Research (NBER) - 2011

A wide body of empirical evidence finds that around 25 percent of fiscal stimulus payments (e.g., tax rebates) are spent on nondurable household consumption in the quarter that they are received. To interpret this fact, we develop a structural economic model where households can hold two assets:...

Persistent link: https://www.econbiz.de/10009251487

Integrating Retirement Models

Gustman, Alan L.; Steinmeier, Thomas - National Bureau of Economic Research (NBER) - 2009

This paper advances the specification and estimation of models of retirement and saving in two earner families. The complications introduced by the interaction of retirement decisions by husbands and wives have led researchers to adopt a number of simplifications to increase the feasibility of...

Persistent link: https://www.econbiz.de/10008628338

Cross Sectional Facts for Macroeconomists

Krueger, Dirk; Perri, Fabrizio; Pistaferri, Luigi; … - National Bureau of Economic Research (NBER) - 2009

cycle, of several dimensions of economic inequality, including wages, labor earnings, income, consumption, and wealth. After … inequality, over the last three decades. While the trend in the skill premium differed widely across countries, the experience … premium rose and the gender premium fell virtually everywhere. At a higher frequency, earnings inequality appears to be …

Persistent link: https://www.econbiz.de/10008628446

How Much Consumption Insurance Beyond Self-Insurance?

Kaplan, Greg; Violante, Giovanni L. - National Bureau of Economic Research (NBER) - 2009

We assess the degree of consumption smoothing implicit in a calibrated life-cycle version of the standard incomplete-markets model, and we compare it to the empirical estimates of Blundell et al. (2008) (BPP hereafter). We find that households in the model have access to less...

Persistent link: https://www.econbiz.de/10008634657

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