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Erscheinungsjahr: 
2024
Schriftenreihe/Nr.: 
Bank of Canada Staff Working Paper No. 2024-21
Verlag: 
Bank of Canada, Ottawa
Zusammenfassung: 
We use administrative data for Norway to estimate an incomplete-market life cycle model of retired singles and couples with a bequest motive, health-dependent utility, and uncertain longevity and health. We allow the parameters of the bequest utility to differ between households with and without offspring. Our estimates imply a very strong utility of residual wealth (bequest motive), in line with the estimates by Lockwood (2018). The bequest motive accounts for approximately three-quarters of aggregate wealth at age 85. More surprisingly, we estimate similar utility of residual wealth for households with and without offspring. We interpret this as suggestive evidence that the utility of residual wealth represents forces beyond an altruistic bequest motive.
Schlagwörter: 
Economic models
Fiscal policy
Housing
Labour markets
JEL: 
D11
D12
D14
E21
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