This paper develops a unique cohort data set to study the decline in U.S. saving. It focuses on four periods for which Consumer Expenditure Surveys (CEX) are available: 1960-61, 1972-73, 1984-86, and 1987-90. These and a host of other microeconomic surveys are combined with National Income and Product Account (NIPA) data and other aggregates to form measures of cohort-specific consumption and resources. The benchmarking of our cohort data set to NIPA aggregates ensures that our findings relate directly to the decline in net national saving measured by these aggregates.
Understanding The Post-War Decline in U.S. Saving: A Cohort AnalysisJagadeesh Gokhale, Laurence J. Kotlikoff, John Sabelhaus ,
Brookings Papers on Economic Activity