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Consumption expenditure declines sharply at the time of retirement for many households, but the majority maintain a smooth consumption path. A simple life cycle model with uncertainty about the time of retirement can account for this pattern. A richer version of the model is calibrated to data...
Persistent link: https://www.econbiz.de/10005822183
Empirical analyses of the effects of public and private pensions on household saving impose strong assumptions in order … results indicate that private pensions in the US crowd out less than $0.15 of household saving per dollar of pension wealth …
Persistent link: https://www.econbiz.de/10008871266
expenditure taxation, by exempting the "normal return" to saving and taxing only "excess returns" on the same tax schedule as …
Persistent link: https://www.econbiz.de/10010552954
average saving rate decreased by eight percentage points. Over the same period the US experienced a substantial increase in … inequality and a continuous decrease in the aggregate saving rate. We propose an explanation based on interpersonal comparisons … consistent with these trends. When households care about their consumption relative to others, individual saving rates decrease …
Persistent link: https://www.econbiz.de/10010604098
be flexibly estimated across age groups. We find that the Scottish policy reduced the average household saving by about … household saving by £12,764. …
Persistent link: https://www.econbiz.de/10011307455
supplies, saving and full consumption for two-adult households over the life cycle. These data are used to test the life cycle …, consumption and saving over their life cycle in the face of this capital market imperfection. This model explains the data much … significantly in their saving behaviour in a way that depends on secondary earner labour supply, with a strong positive association …
Persistent link: https://www.econbiz.de/10010261803
This paper extends the standard model of life cycle consumption, saving and labor supply in a number of directions … behaviour in respect of female labour supply and saving, and provide evidence to show that these are very closely related across …
Persistent link: https://www.econbiz.de/10010262485
The paper re-examines the idea that a family can be viewed as a community governed by a self-enforcing constitution, and extends existing results in two directions. First, it identifies circumstances in which a constitution is renegotiation-proof. Second, it introduces parental altruism. The...
Persistent link: https://www.econbiz.de/10010267482
We analyze the impact of an increase in the risk of divorce on the saving behaviour of married couples. From a … in 1996 as an exogenous increase in the likelihood of marital dissolution. We analyze the saving behaviour over time of …
Persistent link: https://www.econbiz.de/10010268840
Private wealth holdings are likely to become an increasingly important determinant in the job exit decision of elderly workers. Net wealth may correlate with worker's characteristics that also determine the exit out of a job. It is therefore important to include a rich set of observed...
Persistent link: https://www.econbiz.de/10010268883