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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- Karen E. Dynan & Jonathan Skinner & Stephen P. Zeldes, 2004.
"Do the Rich Save More?,"
Journal of Political Economy,
University of Chicago Press, vol. 112(2), pages 397-444, April.
- Karen E. Dynan & Jonathan Skinner & Stephen P. Zeldes, 2000. "Do the Rich Save More?," NBER Working Papers 7906, National Bureau of Economic Research, Inc.
- 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.).
- Pierre-Olivier Gourinchas & Jonathan A. Parker, 1999.
"Consumption Over the Life Cycle,"
NBER Working Papers
7271, National Bureau of Economic Research, Inc.
- 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, 1991.
"The spirit of capitalism and long-run growth,"
Policy Research Working Paper Series
630, The World Bank.
- 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.
- 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.
- Eric R. Young, 2004.
"The Wealth Distribution and the Demand for Status,"
- Johanna Francis, 2008.
"Wealth and the Capitalist Spirit,"
Fordham Economics Discussion Paper Series
dp2008-10, Fordham University, Department of 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.
- 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.
- Bakshi, Gurdip S & Chen, Zhiwu, 1996.
"The Spirit of Capitalism and Stock-Market Prices,"
American Economic Review,
American Economic Association, vol. 86(1), pages 133-57, March.
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