Inheritance and Labor Supply

David Joulfaian · Mark Ottoni–Wilhelm

172 citations0/0 files storedThe Journal of Human Resources

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Gender, Labor, and Family Dynamics Income, Poverty, and Inequality Financial Literacy, Pension, Retirement Analysis

Abstract

Using data from the Michigan Panel Study of Income Dynamics and from Federal Estate Tax returns, this paper investigates the labor disincentive caused by inheritance. The results are of interest for several reasons. Whether or not inheritances are a strong labor disincentive figures prominently in the controversy surrounding the relative importance of inheritances and life-cycle savings as sources of U.S. wealth. Also, the size of the disincentive is important in determining the relationship between inheritance and inequality. Our results indicate that inheritances do not lead to large reductions in the labor supply of men and married women. Family consumption increases after an inheritance, but again the effect is small.

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References

1986The Strategic Bequest Motive 1987The Sensitivity of an Empirical Model of Married Women's Hours of Work to Economic and Statistical Assumptions 1980An Empirical Model of Labor Supply in a Life Cycle Setting 1980A Life Cycle Model of Female Labour Supply 1985A Profitable Approach to Labor Supply and Commodity Demands over the Life-Cycle 1989Mortality Risk and Bequests 1986Intertemporal Substitution in Labor Supply: Evidence from Micro Data 1993The Carnegie Conjecture: Some Empirical Evidence

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1998Motives for private transfers over the life cycle: An analytical framework and evidence for Peru 2011The Theory of Taxation and Public Economics 2018Inheritance and wealth inequality: Evidence from population registers 2003Wealth Effects and the Consumption of Leisure: Retirement Decisions During the Stock Market Boom of the 1990s 2001Rethinking the Estate and Gift Tax: Overview 2013Taxation of Intergenerational Transfers and Wealth

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