全球智库信息集成服务系统(G2TT): Understanding the Postwar Decline in U.S. Saving: A Cohort Analysis

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w5571
来源ID	Working Paper 5571
	Understanding the Postwar Decline in U.S. Saving: A Cohort Analysis
	Jagadeesh Gokhale; Laurence J. Kotlikoff; John Sabelhaus
发表日期	1996-05-01
出版年	1996
语种	英语
摘要	Since 1980, the U.S. net national saving rate has averaged less than half the rate observed in the 1950s and 60s. This paper develops a unique cohort data set to study the decline in U.S. national saving. It decomposes postwar changes in U.S. saving into those due to changes in cohort-specific consumption propensities, those due to changes in the intergenerational distribution of resources, those due to changes in government spending on goods and services, and those due to changes in demographics. Our findings are striking. The decline in U.S. saving can be traced to two factors: The redistribution of resources from young and unborn generations with low or zero propensities to consume toward older generations with high consumption propensities, and a significant increase in the consumption propensities of older Americans. Most of the redistribution to the elderly reflects the growth in Social Security, Medicare, and Medicaid benefits. The increase in the elderly's consumption propensities may also reflect government policy, namely the fact that Social Security, Medicare, and Medicaid benefits are paid in the form of annuities and that, in the case of Medicare and Medicaid, the annuities are in-kind and must, therefore, be consumed.
主题	Macroeconomics ; Consumption and Investment
URL	https://www.nber.org/papers/w5571
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/563045
推荐引用方式 GB/T 7714	Jagadeesh Gokhale,Laurence J. Kotlikoff,John Sabelhaus. Understanding the Postwar Decline in U.S. Saving: A Cohort Analysis. 1996.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w5571.pdf（3048KB）	智库出版物		限制开放	CC BY-NC-SA	浏览