The Carnegie Conjecture: Some Empirical Evidence

Douglas Holtz-Eakin, David Joulfaian () and Harvey Rosen
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Douglas Holtz-Eakin: Syracuse University
Harvey Rosen: Princeton University

No 682, Working Papers from Princeton University, Department of Economics, Industrial Relations Section.

Abstract: This paper examines tax return-generated data on the labor force behavior of people before and after they receive inheritances. The results are consistent with Andrew Camegie's century-old assertion that large inheritances decrease a person's labor force participation. For example, a single person who receives an inheritance of about $150,000 is roughly four times more likely to leave the labor force than a person with an inheritance below $25,000. Additional, albeit weaker, evidence suggests that large inheritances depress labor supply, even when participation is unaltered.

Keywords: inheritance; estate; labor supply (search for similar items in EconPapers)
JEL-codes: C45 (search for similar items in EconPapers)
Date: 1992-03
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Citations: View citations in EconPapers (2)

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Related works:
Journal Article: The Carnegie Conjecture: Some Empirical Evidence (1993)
Working Paper: The Carnegie Conjecture: Some Empirical Evidence (1992)
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Persistent link: https://EconPapers.repec.org/RePEc:pri:indrel:302

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