Social Security, Pensions and the Life Cycle Accumulation of Wealth: Some Empirical Tests
The paper presents new empirical findings on the life cycle model (LCM) that are based on the 1962 Survey of Financial Characteristics of Consumers and the 1983 Survey of Consumer Finances. Both datasets contain a rich sampling of the upper wealth classes. The most important finding is that the explanatory power of the LCM is substantially greater (in some cases, by a factor of two) on the bottom 95% of the wealth distribution than for the full sample.
Volume (Year): (1988)
Issue (Month): 9 ()
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