Empirical Investigation of Saving
{'Code': '04050100', 'Directorate': {'Abbreviation': 'SBE', 'LongName': 'Direct For Social, Behav & Economic Scie'}, 'Division': {'Abbreviation': 'SES', 'LongName': 'Divn Of Social and Economic Sciences'}}
{'SignBlockName': 'Daniel H. Newlon', 'PO_EMAI': None, 'PO_PHON': None}
The proposed research is an extensive empirical study of family                 savings behavior using various large micro data sets,  with                     special emphasis on tests of the dynasty model.  Theories of                    saving can be usefully grouped into two strands:  the life-cycle                hypothesis of Franco Modigliani and the dynastic view of saving                 due to Robert Barro and Gary Becker.  The former posits no                      altruism toward children or parents,  while in the dynastic view                generations are interdependent through altruism.The study first                 examines whether the retired decumulate bequeathable wealth,  and               if they do,  whether decumulation is brought about by negative                  saving,  or by the act of giving "inter vivos" gifts.  The                      aggregate flow of intergenerational transfers for the U.S.,                     Japan,  and Canada also is calculated using cross-section data on               wealth and flow of saving.  A significant flow of transfers is                  inconsistent with the view that gifts and bequests are exchange-                based rather than altruistically motivated.                                                                                                                     Next,  the research turns to tests of the dynasty model using                   micro data.  The bench mark model is the "happy family" model of                Barro and Becker,  where the family (dynasty) members share the                 same objective.  The tests should suggest whether the truth is                  closer to the dynasty model or to the life-cycle hypothesis. A                  sample of parent households matched with their adult offspring                  available from the Panel Study of Income Dynamics (PSID) permits                a test of the dynasty model's main proposition that each family                 member's consumption is not affected by the distribution of                     resources within the family.  This is accomplished by examining                 the correlation between consumption and income across family                    members.  Also,  using a sample of Japanese extended families, a                test is made of a corollary of the same proposition that the                    structure of demand for various commodities by the extended                     family  should not be affected by the distribution of resources                 within the extended family.                                                                                                                                     The proposed Japan-U.S. comparisons should allow the investigator               to a get a better handle on the dynastic versus life-cycle issue                by confronting these theories of saving with more varied facts.                 They should also contribute to our understanding of differences                 in the savings behavior between the two countries,  which are                   thought to underlie their differing macroeconomic performances.
{'FirstName': 'Fumio', 'LastName': 'Hayashi', 'PI_MID_INIT': None, 'PI_SUFX_NAME': None, 'PI_FULL_NAME': 'Fumio Hayashi', 'EmailAddress': None, 'NSF_ID': '000106239', 'StartDate': '04/01/1989', 'EndDate': None, 'RoleCode': 'Principal Investigator'}
{'Name': 'National Bureau of Economic Research Inc', 'CityName': 'CAMBRIDGE', 'ZipCode': '021385359', 'PhoneNumber': '6178683900', 'StreetAddress': '1050 MASSACHUSETTS AVE', 'StreetAddress2': None, 'CountryName': 'United States', 'StateName': 'Massachusetts', 'StateCode': 'MA', 'CONGRESSDISTRICT': '05', 'CONGRESS_DISTRICT_ORG': 'MA05', 'ORG_UEI_NUM': 'GT28BRBA2Q49', 'ORG_LGL_BUS_NAME': 'NATIONAL BUREAU OF ECONOMIC RESEARCH INC', 'ORG_PRNT_UEI_NUM': None}
{'Name': None, 'CityName': None, 'StateCode': None, 'ZipCode': None, 'StreetAddress': None, 'CountryCode': None, 'CountryName': None, 'StateName': None, 'CountryFlag': None, 'CONGRESSDISTRICT': None, 'CONGRESS_DISTRICT_PERF': '""'}
{'Code': '1320', 'Text': 'Economics'}
{'url': 'https://www.nsf.gov/awardsearch/download?DownloadFileName=1988&All=true', 'xml': '8821696.xml'}