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Essays on Saving, Bequests, Altruism, and Life-Cycle Planning

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Essays on Saving, Bequests, Altruism, and Life-Cycle Planning Cover

 

Synopses & Reviews

Publisher Comments:

andlt;Pandgt;This collection of essays, coauthored with other distinguished economists, offers new perspectives on saving, intergenerational economic ties, retirement planning, and the distribution of wealth. The book links life-cycle microeconomic behavior to important macroeconomic outcomes, including the roughly 50 percent postwar decline in America's rate of saving and its increasing wealth inequality. The book traces these outcomes to the government's five-decade-long policy of transferring, in the form of annuities, ever larger sums from young savers to old spenders. The book presents new theoretical and empirical analyses of altruism that rule out the possibility that private intergenerational transfers have offset those by the government.While rational life-cycle behavior can explain broad economic outcomes, the book also shows that a significant minority of households fail to make coherent life-cycle saving and insurance decisions. These mistakes are compounded by reliance on conventional financial planning tools, which the book compares with Economic Security Planner (ESPlanner), a new life-cycle financial planning software program. The application of ESPlanner to U.S. data indicates that most Americans approaching retirement age are saving at much lower rates than they should be, given potential major cuts in Social Security benefits.andlt;/Pandgt;

Synopsis:

This collection of essays, coauthored with other distinguished economists, offers new perspectives on saving, intergenerational economic ties, retirement planning, and the distribution of wealth. The book links life-cycle microeconomic behavior to important macroeconomic outcomes, including the roughly 50 percent postwar decline in America's rate of saving and its increasing wealth inequality. The book traces these outcomes to the government's five-decade-long policy of transferring, in the form of annuities, ever larger sums from young savers to old spenders. The book presents new theoretical and empirical analyses of altruism that rule out the possibility that private intergenerational transfers have offset those by the government.While rational life-cycle behavior can explain broad economic outcomes, the book also shows that a significant minority of households fail to make coherent life-cycle saving and insurance decisions. These mistakes are compounded by reliance on conventional financial planning tools, which the book compares with Economic Security Planner (ESPlanner), a new life-cycle financial planning software program. The application of ESPlanner to U.S. data indicates that most Americans approaching retirement age are saving at much lower rates than they should be, given potential major cuts in Social Security benefits.

About the Author

Laurence J. Kotlikoff is Professor of Economics at Boston University. One of the nation's leading experts on fiscal policy, national saving, and personal finance, Kotlikoff is the author of Essays on Savings, Bequests, Altruism, and Life-Cycle Planning (2001), Generational Policy (2003), The Coming Generational Storm (2004), all published by The MIT Press, and other books.

Product Details

ISBN:
9780262112628
Author:
Kotlikoff, Laurence J.
Publisher:
Mit Press
Editor:
Kotlikoff, Laurence J.
Author:
Kotlikoff, Laurence J.
Location:
Cambridge, Mass.
Subject:
Macroeconomics
Subject:
Retirement
Subject:
Income distribution
Subject:
Altruism
Subject:
Saving and investment
Subject:
Economics - Macroeconomics
Subject:
Economics - General
Subject:
Income distribution -- United States.
Subject:
Saving and investment -- United States.
Copyright:
Edition Description:
Includes bibliographical references and index.
Series:
Essays on Saving, Bequests, Altruism, and Life-cycle Planning
Series Volume:
no. 135
Publication Date:
20010631
Binding:
HARDCOVER
Grade Level:
from 17
Language:
English
Illustrations:
20 illus.
Pages:
256
Dimensions:
9 x 6 in

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Business » Accounting and Finance
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Essays on Saving, Bequests, Altruism, and Life-Cycle Planning Used Hardcover
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Product details 256 pages MIT Press - English 9780262112628 Reviews:
"Synopsis" by , This collection of essays, coauthored with other distinguished economists, offers new perspectives on saving, intergenerational economic ties, retirement planning, and the distribution of wealth. The book links life-cycle microeconomic behavior to important macroeconomic outcomes, including the roughly 50 percent postwar decline in America's rate of saving and its increasing wealth inequality. The book traces these outcomes to the government's five-decade-long policy of transferring, in the form of annuities, ever larger sums from young savers to old spenders. The book presents new theoretical and empirical analyses of altruism that rule out the possibility that private intergenerational transfers have offset those by the government.While rational life-cycle behavior can explain broad economic outcomes, the book also shows that a significant minority of households fail to make coherent life-cycle saving and insurance decisions. These mistakes are compounded by reliance on conventional financial planning tools, which the book compares with Economic Security Planner (ESPlanner), a new life-cycle financial planning software program. The application of ESPlanner to U.S. data indicates that most Americans approaching retirement age are saving at much lower rates than they should be, given potential major cuts in Social Security benefits.
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