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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- Gourinchas, P.O. & Parker, J.A., 1997.
"Consumption Over the Life Cycle,"
9722, Wisconsin Madison - Social Systems.
- Gourinchas, Pierre-Olivier & Parker, Jonathan A, 2000. "Consumption Over the Life-Cycle," CEPR Discussion Papers 2345, C.E.P.R. Discussion Papers.
- 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.
- Zou, Heng-fu, 1994.
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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.
- 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.
- 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.
- Cagetti, Marco, 2003. "Wealth Accumulation over the Life Cycle and Precautionary Savings," Journal of Business & Economic Statistics, American Statistical Association, vol. 21(3), pages 339-353, July.
- Francis, Johanna L., 2007.
"Wealth and the Capitalist Spirit,"
5985, University Library of Munich, Germany.
- Karen E. Dynan & Jonathan Skinner & Stephen Zeldes, 2000.
"Do the rich save more?,"
Finance and Economics Discussion Series
2000-52, Board of Governors of the Federal Reserve System (U.S.).
- Christopher D. Carroll, 1997. "Buffer-Stock Saving and the Life Cycle/Permanent Income Hypothesis," The Quarterly Journal of Economics, Oxford University Press, vol. 112(1), pages 1-55.
- 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.
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