Intergenerational Financial Transfers

描述（由申请人提供）：生前的财务转移和遗赠每年总计数千亿美元，但我们对其规模和决定因素的理解有限。这项拟议研究的主要目标是估计年度和终生的在世间财务转移流量，找到其决定因素，并将其与遗产估计相结合。这些结果将呈现老年人口代际财政转移的完整图景。该研究将开发、分析和估计一个正式的经济模型，该模型将在世之间的金融转移和遗赠结合在一个统一的框架中。根据这些估计，我们将计算出生前财务转移和遗赠之间的替代程度。基于这一模型，模拟将显示金融转移和遗赠如何对环境变化和政策变化作出反应。例如，它将显示，由于社会保障福利的变化，老年人向子女的生前转移和遗赠将如何发生变化。这项研究将基于健康与退休研究的八波数据。

DESCRIPTION (provided by applicant): Inter-vivos financial transfers and bequests total hundreds of billions of dollars each year, yet our understanding of their magnitudes and determinants is limited. The main goals of this proposed research are to estimate annual and lifetime flows of inter-vivos financial transfers, to find their determinants and to integrate them with estimates of bequest. These results will present a complete picture of intergenerational financial transfers in the older population. The research will develop, analyze, and estimate a formal economic model that combines inter-vivos financial transfers and bequests in a single unified framework. From these estimates we will calculate the degree of substitution between inter-vivos financial transfers and bequests. Based on this model, simulations will show how financial transfers and bequests respond to changes in the environment and to policy changes. For example, it will show how inter-vivos transfers and bequests from the elderly to their children would change as the result of a change in Social Security benefits. The research will be based on data from eight waves of the Health and Retirement Study.