Taxation and Savings: Some Life-Cycle Estimates for Canada
The paper estimates a life-cycle model of consumption, saving, and wealth accumulation from disaggregated time series data containing an explicit age dimension. Highly significant age effects indicate the importance of age disaggregated analysis. Interest elasticities of saving are considerably greater than earlier empirical estimates, though not as high as Summer's theoretical simulations suggest. Short-run and long-run effects of tax changes on asset accumulation can be quite different and even opposite in sign as households move along their life-cycle.
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