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Title: The Carnegie Conjecture: Some Empirical Evidence
Authors: Holtz-Eakin, Douglas
Joulfaian, David
Rosen, Harvey
Keywords: inheritance
labor supply
Issue Date: 1-Mar-1992
Citation: The Quarterly Journal of Economics, May 1993
Series/Report no.: Working Papers (Princeton University. Industrial Relations Section) ; 302
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.
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Appears in Collections:IRS Working Papers

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