Research
BPEA | 1996 No. 1Understanding the Postwar Decline in U.S. Saving: A Cohort Analysis
Jagadeesh Gokhale,
Jagadeesh Gokhale
Federal Reserve Bank of Cleveland
John Sabelhaus, and
Laurence J. Kotlikoff
Laurence J. Kotlikoff
Boston University
Jagadeesh Gokhale
Federal Reserve Bank of Cleveland
Laurence J. Kotlikoff
Boston University
1996, No. 1
This paper develops a unique cohort data set to study the decline in
U.S. saving. It focuses on four periods for which Consumer Expenditure
Surveys (CEX) are available: 1960-61, 1972-73, 1984-86, and
1987-90. These and a host of other microeconomic surveys are combined
with National Income and Product Account (NIPA) data and other
aggregates to form measures of cohort-specific consumption and resources.
The benchmarking of our cohort data set to NIPA aggregates
ensures that our findings relate directly to the decline in net national
saving measured by these aggregates.