Are Successive Generations Getting Wealthier, and If So, Why?
This paper examines the wealth of successive birth cohorts in the United States using data from the 1989-2001 Surveys of Consumer Finances. We find that older households (those aged 55-64, 65-74 or 75-84) in 2001 had more wealth than households of similar age in 1989, but that the same was not true of younger households. We also find that changes in standard demographic characteristics (marital status, educational attainment, years in the labor force, and health status) can explain most of the divergent trends across age groups. Given the historically large capital gains that accrued during the 1990s, these results raise some intriguing questions about the nature of saving and wealth accumulation during that decade.
Volume (Year): 37 (2006)
Issue (Month): 1 ()
|Contact details of provider:|| Postal: 1775 Massachusetts Ave NW, Washington DC 20036|
Phone: (202) 797-6000
Fax: (202) 797-6004
Web page: http://www.brookings.edu/economics.aspx
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Saku Aura, 2002.
"Does the Balance of Power Within a Family Matter? The Case of the Retirement Equity Act,"
CESifo Working Paper Series
734, CESifo Group Munich.
- Aura, Saku, 2005. "Does the balance of power within a family matter? The case of the Retirement Equity Act," Journal of Public Economics, Elsevier, vol. 89(9-10), pages 1699-1717, September.
- Saku Aura, "undated". "Does the balance of power within a family matter? The case of the Retirement Equity Act," Working Papers 202, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
- Karen Pence & John Sabelhaus, 1999. "Household Saving in the '90s: Evidence from Cross-Section Wealth Surveys: Technical Paper 1999-3," Working Papers 13345, Congressional Budget Office.
- Kopczuk, Wojciech & Saez, Emmanuel, 2004.
"Top Wealth Shares in the United States, 1916-2000: Evidence From Estate Tax Returns,"
National Tax Journal,
National Tax Association, vol. 57(2), pages 445-487, June.
- Wojciech Kopczuk & Emmanuel Saez, 2004. "Top Wealth Shares in the United States: 1916-2000: Evidence from Estate Tax Returns," NBER Working Papers 10399, National Bureau of Economic Research, Inc.
- Ana M. Aizcorbe & Arthur B. Kennickell & Kevin B. Moore, 2003. "Recent changes in U.S. family finances: evidence from the 1998 and 2001 Survey of Consumer Finances," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Jan, pages 1-32.
- Dora L. Costa, 2000.
"From Mill Town to Board Room: The Rise of Women's Paid Labor,"
Journal of Economic Perspectives,
American Economic Association, vol. 14(4), pages 101-122, Fall.
- Dora L. Costa, 2000. "From Mill Town to Board Room: The Rise of Women's Paid Labor," NBER Working Papers 7608, National Bureau of Economic Research, Inc.
- Robert Barsky & John Bound & Kerwin Charles & Joseph Lupton, 2001.
"Accounting for the Black-White Wealth Gap: A Nonparametric Approach,"
NBER Working Papers
8466, National Bureau of Economic Research, Inc.
- Barsky R. & Bound J. & Charles K.K. & Lupton J.P., 2002. "Accounting for the Black-White Wealth Gap: A Nonparametric Approach," Journal of the American Statistical Association, American Statistical Association, vol. 97, pages 663-673, September.
- David A. Wise & Steven F. Venti, 1993.
"The Wealth of Cohorts: Retirement Saving and the Changing Assets of Older Americans,"
NBER Working Papers
4600, National Bureau of Economic Research, Inc.
- Steven F. Venti & David A. Wise, 1996. "The Wealth of Cohorts: Retirement Saving and the Changing Assets of Older Americans," NBER Working Papers 5609, National Bureau of Economic Research, Inc.
- Sabelhaus, John & Pence, Karen, 1999. "Household Saving in the '90s: Evidence from Cross-Section Wealth Surveys," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 45(4), pages 435-453, December.
- William G. Gale, 1998. "The Effects of Pensions on Household Wealth: A Reevaluation of Theory and Evidence," Journal of Political Economy, University of Chicago Press, vol. 106(4), pages 706-723, August.
When requesting a correction, please mention this item's handle: RePEc:bin:bpeajo:v:37:y:2006:i:2006-1:p:155-234. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jennifer Ambrosino)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.