Intergenerational Financial Transfers

描述(申请人提供)：生者之间的资金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了解有限。这项拟议研究的主要目标是估计活体间资金转移的年度和终生流动，找到其决定因素，并将其与遗产估计相结合。这些结果将全面反映老年人口的代际资金转移情况。这项研究将开发、分析和评估一个正式的经济模型，该模型将活体之间的资金转移和遗赠结合在一个单一的统一框架中。根据这些估计，我们将计算生者之间的资金转移和遗赠之间的替代程度。基于这一模型，模拟将显示财政转移和遗赠如何应对环境变化和政策变化。例如，它将显示由于社会保障福利的变化，活人之间的转移和老年人对子女的遗赠将如何变化。这项研究将基于健康和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.