tendency to decline with age, in apparent contradiction of the life-cycle theory of saving. However, a broadened concept of …") does decline more or less as predicted by the theory. No matter how they are defined, assets are a decreasing function of … issues econometrically, an equation for assets is developed from the strict life-cycle theory. The specification is …

We develop a life-cycle model of optimal retirement and savings behavior under complete markets where retirement is … proportionately, while, contrary to conventional views, reducing savings rates. The retirement age is not simply proportional to … retirement) and higher consumption (lower savings) …

, increases in longevity lead to higher savings rates at every age, even when retirement is endogenous. In a stable population … these higher savings rates are offset by increased old age dependency, but during the disequilibrium phase, when longevity … is rising, the effect on aggregate savings rates can be substantial. Our results explain the boom in savings in East Asia …

.S. savings behavior. The restrictions imposed by general equilibrium theory play an important role in arriving at each of these …

We consider both theoretically and empirically the effect of unemployment insurance (UI) on precautionary savings … that UI crowds out up to one-half of private savings for the typical unemployment spell. We also find that this effect is …