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The Carnegie Conjecture: Some Empirical Evidence

Author

Listed:
  • Douglas Holtz-Eakin

    (Syracuse University)

  • David Joulfaian

    (U.S. Department of the Treasury)

  • Harvey S. Rosen

    (Princeton University)

Abstract

This paper examines tax return-generated data on the labor force behavior of people before and after they receive inheritances. The results are consistent with Andrew Camegie's century-old assertion that large inheritances decrease a person's labor force participation. For example, a single person who receives an inheritance of about $150,000 is roughly four times more likely to leave the labor force than a person with an inheritance below $25,000. Additional, albeit weaker, evidence suggests that large inheritances depress labor supply, even when participation is unaltered.

Suggested Citation

  • Douglas Holtz-Eakin & David Joulfaian & Harvey S. Rosen, 1992. "The Carnegie Conjecture: Some Empirical Evidence," Working Papers 682, Princeton University, Department of Economics, Industrial Relations Section..
    • Handle: RePEc:pri:indrel:302
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    JEL classification:

    • C45 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Neural Networks and Related Topics

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