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Pré-publication, Document de travail Année : 2024

The Wealth of Generations

Luis Bauluz
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  • PersonId : 1343587
Timothy Meyer
  • Fonction : Auteur
  • PersonId : 1343588

Résumé

This paper uses historical survey microdata to study the life-cycle wealth accumulation across U.S. birth cohorts over the last six decades. We uncover two key new trends: a marked steepening of the life-cycle wealth profile and increased dissaving among older adults. Using a theoretical model and wealth accumulation decompositions, we argue that these new trends were driven by the boom in asset prices since the 1980s: valuation gains led to higher life-cycle wealth and allowed households to increase consumption in retirement. Looking at aggregates, we find that shifts in the life-cycle wealth profile explain a large share of the increase in the aggregate wealth-income ratio. At the same time, the higher consumption by older adults is the most important force behind the decline in the aggregate saving rate since the mid-1980s.
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Dates et versions

halshs-04424104, version 1 (29-01-2024)

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  • HAL Id : halshs-04424104 , version 1

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Luis Bauluz, Timothy Meyer. The Wealth of Generations. 2024. ⟨halshs-04424104⟩

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Dernière date de mise à jour le 20/04/2024
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