eprintid: 15244
rev_number: 36
eprint_status: archive
userid: 600
dir: disk0/00/01/52/44
datestamp: 2009-04-28 14:18:04
lastmod: 2015-07-23 09:36:43
status_changed: 2009-04-28 14:18:04
type: working_paper
metadata_visibility: show
creators_name: Attanasio, O.
creators_id: OPATT42
title: A cohort analysis of saving behaviour by US households
ispublished: pub
subjects: 12000
divisions: F24
keywords: JEL classification: E21, D12
note: Please see http://eprints.ucl.ac.uk/14761/ for related item
abstract: In this paper I analyze the pattern of saving behavior by U.S. households, using the Consumer Expenditure (CEX) Survey. The analysis' main goal is to explain the decline in aggregate personal saving in the United States in the 1980s. I estimate a typical' saving-age profile and identify systematic movements of the profile across different cohorts of U.S. households. In addition, I consider different definitions of saving and control for a number of factors that figure in popular explanations of the decline in saving. The main results can be summarized as follows: 1) the typical' saving-age profile presents a pronounced hump' and peaks around age 60; 2) this typical' age profile was, at least during the 1980s, shifted down for those cohorts born between 1925 and 1939. This is consistent with the low level of aggregate saving because these cohort were, in the 1980s, in that part of their life cycle when saving is highest; 3) this results holds for various definition of saving with one notable exception; the decline is less pronounced when expenditure on durables is considered as saving; and 4) some other popular explanations of the decline in saving are rejected by the data, including those appealing to the presence of capital gains on real or financial assets.
date: 1993-09
publisher: National Bureau of Economic Research
official_url: http://www.nber.org/papers/w4454
vfaculties: VSHS
oa_status: green
language: eng
primo: open
primo_central: open_green
lyricists_name: Attanasio, O
lyricists_id: OPATT42
full_text_status: public
series: NBER Working Papers
number: 4454
place_of_pub: Cambridge, US
citation:        Attanasio, O.;      (1993)    A cohort analysis of saving behaviour by US households.                    (NBER Working Papers  4454). National Bureau of Economic Research: Cambridge, US.       Green open access   
 
document_url: https://discovery.ucl.ac.uk/id/eprint/15244/1/15244.pdf