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The Life-Cycle Hypothesis, Fiscal Policy, and Social Security

Tullio Jappelli ()

CSEF Working Papers from Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy

Abstract: The paper reviews some of the most important results of the Life Cycle Hypothesis for understanding individual and aggregate saving behaviour. It then turns to the implications for fiscal policy and social security, highlighting Modigliani’s seminal contributions. Over time competing theories have emerged, and some empirical findings are difficult to reconcile with LCH; chiefly aspects of inertia, myopia, and irrational behaviour documented by the recent behavioural literature. But the LCH is still the benchmark model to think about individual saving decisions, the aggregate evidence and policy issues.

Date: 2005-05-01
New Economics Papers: this item is included in nep-mac and nep-pub
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Citations: View citations in EconPapers (5)

Published in Banca Nazionale del Lavoro Quarterly Review, June-September 2005, vol. 58, issue 233-243, pages 173-86

Downloads: (external link)
http://www.csef.it/WP/wp140.pdf (application/pdf)

Related works:
Journal Article: The life-cycle hypothesis, fiscal policy and social security (2005) Downloads
Journal Article: The life-cycle hypothesis, fiscal policy and social security (2005) Downloads
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