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Understanding the postwar decline in United States saving: a cohort analysis

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  • Jagadeesh Gokhale
  • Laurence J. Kotlikoff
  • John Sabelhaus

Abstract

An analysis of the postwar decline in U.S. national saving that decomposes changes in the net national saving rate into those due to changes in cohort-specific consumption propensities, the intergenerational distribution of resources, the rate of government spending, and demographics. ; A review and expansion of Calomiris, Kahn, and Longhofer's (1994) cultural affinity theory of discrimination in the residential mortgage market, which is based on the idea that lenders find it easier or less costly to evaluate the creditworthiness of applicants with whom they have a common experiential background.

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Bibliographic Info

Paper provided by Federal Reserve Bank of Cleveland in its series Working Paper with number 9518.

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Date of creation: 1995
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Handle: RePEc:fip:fedcwp:9518

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Keywords: Saving and investment;

References

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  1. Laurence J. Kotlikoff, 1989. "From Deficit Delusion to the Fiscal Balance Rule: Looking For an Economically Meaningful Way to Assess Fiscal Policy," NBER Working Papers 2841, National Bureau of Economic Research, Inc.
  2. David M. Cutler & James M. Poterba & Louise M. Sheiner & Lawrence H. Summers, 1990. "An Aging Society: Opportunity or Challenge?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 21(1), pages 1-74.
  3. Michael J. Boskin & Lawrence J. Lau, 1988. "An Analysis of Postwar U.S. Consumption and Saving: Part I -- The Model and Aggregation," NBER Working Papers 2605, National Bureau of Economic Research, Inc.
  4. Alan J. Auerbach & Jagadeesh Gokhale & Laurence J. Kotlikoff & John Sabelhaus & David N. Weil, 1994. "The annuitization of Americans' resources: a cohort analysis," Working Paper 9413, Federal Reserve Bank of Cleveland.
  5. Barry Bosworth & Gary Burtless & John Sabelhaus, 1991. "The Decline in Saving: Some Microeconomic Evidence," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 22(1), pages 183-256.
  6. Altonji, Joseph G & Hayashi, Fumio & Kotlikoff, Laurence J, 1992. "Is the Extended Family Altruistically Linked? Direct Tests Using Micro Data," American Economic Review, American Economic Association, vol. 82(5), pages 1177-98, December.
  7. Lawrence Summers & Chris Carroll, 1987. "Why Is U.S. National Saving So Low?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 18(2), pages 607-642.
  8. Orazio P. Attanasio, 1993. "A Cohort Analysis of Saving Behavior by U.S. Households," NBER Working Papers 4454, National Bureau of Economic Research, Inc.
  9. Michael J. Boskin & Lawrence J. Lau, 1988. "An Analysis of U.S. Postwar Consumption and Saving: Part II -- Empirical Results," NBER Working Papers 2606, National Bureau of Economic Research, Inc.
  10. Laurence Kotlikoff, 1993. "From deficit delusion to the Fiscal Balance Rule: Looking for an economically meaningful way to assess fiscal policy," Journal of Economics, Springer, vol. 58(1), pages 17-41, December.
  11. repec:fth:harver:1490 is not listed on IDEAS
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Citations

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Cited by:
  1. Albert Ando & Andrea Moro, 1995. "Demographic Dynamics, Labor Force Participation and Household Asset Accumulation: Case of Japan," NBER Working Papers 5261, National Bureau of Economic Research, Inc.
  2. Jagadeesh Gokhale & Laurence J. Kotlikoff & Mark J. Warshawsky, 2001. "Life-Cycle Saving, Limits on Contributions to DC Pension Plans, and Lifetime Tax Benefits," NBER Working Papers 8170, National Bureau of Economic Research, Inc.
  3. Jagadeesh Gokhale & Laurence J. Kotlikoff & James Sefton & Martin Weale, 1999. "Simulating the Transmission of Wealth Inequity via Bequests," NBER Working Papers 7183, National Bureau of Economic Research, Inc.
  4. Jagadeesh Gokhale & Laurence J. Kotlikoff, 2002. "The Impact of Social Security and Other Factors on the Distribution of Wealth," NBER Chapters, in: The Distributional Aspects of Social Security and Social Security Reform, pages 85-114 National Bureau of Economic Research, Inc.
  5. Jagadeesh Gokhale, 1996. "Demographic change, generational accounts, and national saving in the United States," Working Paper 9603, Federal Reserve Bank of Cleveland.
  6. Kaiji Chen & Ayşe İmrohoroğlu & Selahattin İmrohoroğlu, 2007. "The Japanese saving rate between 1960 and 2000: productivity, policy changes, and demographics," Economic Theory, Springer, vol. 32(1), pages 87-104, July.

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