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 …

the model, saving depends on the gap between ‘target' and actual wealth, with the target determined by measured credit … supply explains the trend decline in saving, while fluctuations in wealth and consumer-survey-measured unemployment …

seriously adverse outcomes. If the composition of wealth shifts into the hands of investors with higher coefficients of relative … calculates likely magnitudes of the decline and presents evidence in favor of a shift in the composition of wealth toward the …

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 …

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 …