"hump" savings. A major difference between this study and previous investigations of this issue is the use of more accurate … savings. This paper suggests the importance of and need for substantially greater research and data collection on … intergenerational transfers. fife-cycle models of savings that emphasize savings for retirement as the dominant form of apical …

savings? Is it primarily accumulation for retirement as claimed by Albert Ando, Richard Brumberg, and Franco Modigliani in … their celebrated Life Cycle Model of Savings? Is it primarily intentional accumulation for intergenerational transfers? Or … is it primarily precautionary savings, much of which may be bequeathed because of imperfections in annuity markets? This …

We propose a theory of indebted demand, capturing the idea that large debt burdens by households and governments lower … aggregate demand, and thus natural interest rates. At the core of the theory is the simple yet under-appreciated observation …

model is based on the theory of exact aggregation. It recognizes explicitly that households with different characteristics …

. We study investment strategies of state pension plans and estimate the distribution of future funding outcomes. We …

A common theme which runs through much of the investment literature is that private incentives may lead to sub …-optimal levels of investment activity. The idea has been extended casually to consideration of human capital investment as well. It … programs to alleviate these intergenerational externalities. Specifically, the sub-optimal investment in offspring human …

This paper develops a theory of intergenerational exchange for generations that are either selfish or have non …-dynastic altruism. The main building blocks of the theory are forward and backward intergenerational goods (FIGs and BIGs) and the … positive surplus are self-sustainable, but FIGs never are. However, even with selfish generations, optimal investment in future …