@techreport{NBERw4118,
 title = "The Carnegie Conjecture:  Some Empirical Evidence",
 author = "Douglas Holtz-Eakin and David Joulfaian and Harvey S. Rosen",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "4118",
 year = "1993",
 month = "June",
 URL = "http://www.nber.org/papers/w4118",
 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 Carnegie's century-old assertion that large inheritances decrease a person's labor force participation. For example, a single person who receives an inheritance of over $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.},
}