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Microeconomic Evidence on the Composition of Effective Household SavingsDuring the 1960s and 1970s

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  • Edward J. Kane

Abstract

This paper studies the impact of broad changes in the economic and financial environment on the savings rate and portfolio composition of individuals in different age groups and household types. Employing survey data, household savings are cumulated as increases in net transactable wealth observed across three benchmark dates: January-February 1962, the first half of 1970, and August-September,1911. This paper describes how savings rates and the allocation of accumulated savings across different financial and real-estate assets varied with household circumstances. A sharp turn-around is observed between the 1960s and 1970s in the profiles of saving and homeownership for younger and older households.

Suggested Citation

  • Edward J. Kane, 1984. "Microeconomic Evidence on the Composition of Effective Household SavingsDuring the 1960s and 1970s," NBER Working Papers 1349, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:1349
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    References listed on IDEAS

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    1. Friend, Irwin & Lieberman, Charles, 1975. "Short-Run Asset Effects on Household Saving and Consumption: The Cross-Section Evidence," American Economic Review, American Economic Association, vol. 65(4), pages 624-633, September.
    2. Barro, Robert J & Sahasakul, Chaipat, 1983. "Measuring the Average Marginal Tax Rate from the Individual Income Tax," The Journal of Business, University of Chicago Press, vol. 56(4), pages 419-452, October.
    3. Hendershott, Patric H. & Cheng Hu, Sheng, 1981. "Inflation and extraordinary returns on owner-occupied housing: Some implications for capital allocation and productivity growth," Journal of Macroeconomics, Elsevier, vol. 3(2), pages 177-203.
    4. Munnell, Alicia H, 1976. "Private Pensions and Saving: New Evidence," Journal of Political Economy, University of Chicago Press, vol. 84(5), pages 1013-1032, October.
    5. Barro, Robert J & Sahasakul, Chaipat, 1983. "Measuring the Average Marginal Tax Rate from the Individual Income Tax," The Journal of Business, University of Chicago Press, vol. 56(4), pages 419-452, October.
    6. Robert J. Barro & Chaipat Sahasakul, 1983. "Measuring the Average Marginal Tax Rates from Social Security and the Individual Income Tax," University of Chicago - George G. Stigler Center for Study of Economy and State 29, Chicago - Center for Study of Economy and State.
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