We present a qualitative and quantitative analysis of the standard growth model modified to
include precautionary saving motives and liquidity constraints. We address the impact on the …

This paper uses household data to provide direct estimates of intergenerational transfers as
a source of wealth. The authors distinguish between intended transfers (for example, gifts to …

The importance of precautionary motives in explaining individual and aggregate saving* Page
1 Carnegie-Rochester Conference Series on Public Policy 40 (1994) 59-125 North-Holland The …

Privately held wealth and its unequal distribution, and perhaps especially the transmission
of such wealth across generations, have long been thought to pose particularly pernicious …

Examination of household (micro) data on the elderly has generally concluded that they do
not dissave significantly, whereas estimates using aggregate (macro) data have shown that …

Consumer spending accounts typically for between half and two-thirds of total spending in
the economy. The 1980s in the UK saw an almost continuous rise in the consumption-to …

This paper analyzes the steady-state distribution of tax burdens of a Value Added Tax (VAT)
in the United States using a lifetime perspective. In contrast to an annual snapshot …

When farm income is first increasing and then decreasing in the operator's age, the timing of
farm transferal from parent to child is optimally determined by families who seek to maximize …

Rapid increases in house prices can make home ownership more difficult for prospective
first-time home buyers by increasing the required down payment amount and, if the …

The choice of how much of society s income to consume today and how much t save for
future consumption is among the most important economic decisions. It can have …