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Corporate Savings and Shareholder Consumption

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Author Info
Alan J. Auerbach
Kevin Hassett

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Abstract

This paper reexamines the implications of changing corporate savings, testing for the presence of a "corporate veil". We argue that previous tests for such s veil have lacked proper focus, identifying influences of corporate saving on private saving that are entirely consistent with a complete piercing of the corporate veil. We formulate two tests. Results based on the first find that wealth-neutral changes In corporate dividend policy do not significantly affect aggregate consumption, suggesting that no corporate veil exists, The second test finds the aggregate consumption response to changes in corporate wealth is close to zero, consistent with the presence of a veil but also with heterogeneity in the population with respect to consumption behavior.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2994.

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Date of creation: Oct 1991
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Publication status: published relationship to a non-chapter. This should not happen. Please contact NBER.
Handle: RePEc:nbr:nberwo:2994

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  1. Frank R. Lichtenberg, 1996. "Labor Market Institutions, Liquidity Constraints, and Macroeconomic Stability," NBER Working Papers 3926, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  2. David Altig, 1990. "The case of the missing interest deductions: will tax reform increase U. S. saving rates?," Economic Review, Federal Reserve Bank of Cleveland, issue Q IV, pages 22-34. [Downloadable!]
  3. Jonathan Skinner & Daniel Feenberg, 1990. "The Impact of the 1986 Tax Reform Act on Personal Saving," NBER Working Papers 3257, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Mechthild Schrooten & Sabine Stephan, 2001. "Savings in Central Eastern Europe," Discussion Papers of DIW Berlin 250, DIW Berlin, German Institute for Economic Research. [Downloadable!]
  5. James M. Poterba, 1992. "Dividends, Capital Gains, and the Corporate Veil: Evidence from Britain, Canada, and the United States," NBER Working Papers 2975, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  6. Alan J. Auerbach & Laurence J. Kotlikoff, 1990. "Demographics, Fiscal Policy, and U.S. Saving in the 1980s and Beyond," NBER Working Papers 3150, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  7. Joseph G. Haubrich, 1990. "Consumption and fractional differencing: old and new anomalies," Working Paper 9010, Federal Reserve Bank of Cleveland. [Downloadable!]
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  8. Alan J. Auerbach & Daniel Feenberg, 2000. "The Significance of Federal Taxes as Automatic Stabilizers," NBER Working Papers 7662, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
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