Is wealth accumulation a luxury good?
This paper structurally estimates the Capitalist Spirit Model, in which utility derives from direct preferences for wealth. Its results support the hypothesis that wealth accumulation is a luxury good, by showing that the marginal utility from wealth declines more slowly than that from consumption.
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- Gurdip S. Bakshi & Zhiwu Chen, 1996.
"The Spirit of Capitalism and Stock-Market Prices,"
CEMA Working Papers
511, China Economics and Management Academy, Central University of Finance and Economics.
- Christopher D. Carroll, 1992. "The Buffer-Stock Theory of Saving: Some Macroeconomic Evidence," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 23(2), pages 61-156.
- Karen E. Dynan & Jonathan Skinner & Stephen P. Zeldes, 2000.
"Do the rich save more?,"
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2000-52, Board of Governors of the Federal Reserve System (U.S.).
- Francis, Johanna L., 2009.
"Wealth and the capitalist spirit,"
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Elsevier, vol. 31(3), pages 394-408, September.
- Carroll, Christopher D, 1997.
"Buffer-Stock Saving and the Life Cycle/Permanent Income Hypothesis,"
The Quarterly Journal of Economics,
MIT Press, vol. 112(1), pages 1-55, February.
- Christopher D. Carroll, 1996. "Buffer-Stock Saving and the Life Cycle/Permanent Income Hypothesis," NBER Working Papers 5788, National Bureau of Economic Research, Inc.
- Christopher D Carroll, 1990. "Buffer-Stock Saving and the Life Cycle/Permanent Income Hypothesis," Economics Working Paper Archive 371, The Johns Hopkins University,Department of Economics, revised Aug 1996.
- Zou, Heng-fu, 1994.
"'The spirit of capitalism' and long-run growth,"
European Journal of Political Economy,
Elsevier, vol. 10(2), pages 279-293, July.
- Heng-fu Zou, 1991. "The spirit of capitalism and long-run growth," Policy Research Working Paper Series 630, The World Bank.
- Heng-fu Zou, 1995. "'The spirit of capitalism' and long-run growth," CEMA Working Papers 94, China Economics and Management Academy, Central University of Finance and Economics.
- Heng-fu Zou, 1995.
"The spirit of capitalism and savings behavior,"
CEMA Working Papers
79, China Economics and Management Academy, Central University of Finance and Economics.
- Pierre-Olivier Gourinchas & Jonathan A. Parker, 1999.
"Consumption Over the Life Cycle,"
NBER Working Papers
7271, National Bureau of Economic Research, Inc.
- Luo, Yulei & Young, Eric R., 2009.
"The Wealth Distribution And The Demand For Status,"
Cambridge University Press, vol. 13(S1), pages 1-30, May.
- Smith, William T., 1999. "Risk, the Spirit of Capitalism and Growth: The Implications of a Preference for Capital," Journal of Macroeconomics, Elsevier, vol. 21(2), pages 241-262, April.
- Cagetti, Marco, 2003. "Wealth Accumulation over the Life Cycle and Precautionary Savings," Journal of Business & Economic Statistics, American Statistical Association, vol. 21(3), pages 339-53, July.
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