Long-Run Saving Dynamics: Evidence from Unexpected Inheritances
利用意外遗产事件，结合行政财富数据，发现遗产带来的财富增量在九年后仅剩三分之一，表明储蓄行为会回归原有路径，这对理解长期储蓄行为有参考价值。
Abstract We exploit inheritance episodes to provide novel causal evidence on the long-run effects of a large financial windfall on saving behavior. For identification, we combine a longitudinal panel of administrative wealth reports with variation in the timing of sudden, unexpected parental deaths. We show that after inheritance, net worth converges toward the path established before parental death, with only one-third of the initial windfall remaining after nine years. We interpret these findings through the lens of a generalized consumption-saving framework. To quantitatively replicate this behavior, life-cycle consumption models require impatient consumers and strong precautionary saving motives.