By Axel Borsch-Supan
The foremost to figuring out family saving is acquiring acceptable info. facing ameliorations among wealthy and bad families, for instance, or the previous and the younger, require commentary of a giant variety of families. the focal point of this research is to acquire facts on many families from a couple of diverse international locations and to check them in a coherent model. The wish is that via those observations we will know about the methods regulations impact mark downs and that different transformations between savers may be managed for, rather than being blamed on "cultural modifications * contains a constant framework between chapters* Reaches a concord among dimension and research to match thoroughly the ensuing information and facts* offers econometric technique to bare the best way guidelines impact discount rates
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Additional resources for Life-Cycle Savings and Public Policy: A Cross-National Study of Six Countries
In our notation, the traditional way to define saving (also known as discretionary saving) is simply the change in wealth: St ¼ Atþ1 À At ¼ yt þ rt At þ bt À t À Ct and this can be measured if data are available on wealth holdings (Atþ1 À At ) or if data are available on income (inclusive of asset income: yt þ rt At þ bt ) and consumption (Ct ). A third way to compute discretionary saving requires knowledge of net purchases of assets. This method draws on the distinction between passive and active saving: the former corresponds to changes in wealth due to unrealized capital gains and unspent dividends (¼ rt At ).
40 Chapter 2 Household Saving: Concepts and Measurement If we plot saving against age in a cross section, the resulting profile will link individuals born in different years. This may produce misleading evidence on age effects if individuals born in different years are different in their resources or preferences (Shorrocks, 1975). If we have access to several cross sections over time, we can address this issue by using cohort analysis. We define a cohort as a group of individuals born in the same calendar year.
To purge unobserved heterogeneity, however, a genuine panel of individual households is required, with sufficient length to capture individual specific effects. Without proper longitudinal data on savings and wealth, it appears impossible to establish causal linkages, and we will keep making pension, tax, and other public policy decisions without understanding the most basic behavioral effects of such policies. ACKNOWLEDGMENT The authors would like to thank Al Gustman, Stefan Hoderlein, Anette Reil-Held, Jon Skinner, Steven Venti and Joachim Winter for suggestions and comments.
Life-Cycle Savings and Public Policy: A Cross-National Study of Six Countries by Axel Borsch-Supan