The formalization of the private savings behavior is founded on the life-cycle theory. It may be concluded from the empirical results that the main determinants of the propensity to save out of disposable income, are: the growth of the per capita income, the real interest rate, the ratio of...

We integrate age specific productivity differentials into a long-run neoclassical growth model for the Austrian economy with a highly disaggregated labor supply structure. We assume two life time productivity profiles reflecting either small or large hump-shaped productivity differentials and...

The temporal interdependence between saving and output has been in focus in a number of recent empirical studies. Results from these studies have compelled some authors to question the traditional notion of a causal chain where saving leads growth through capital accumulation. This paper...