TY  - JOUR
AU  - Holtz-Eakin,Douglas
AU  - Joulfaian,David
AU  - Rosen,Harvey S.
TI  - The Carnegie Conjecture:  Some Empirical Evidence
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 4118
PY  - 1993
Y2  - June 1993
UR  - http://www.nber.org/papers/w4118
L1  - http://www.nber.org/papers/w4118.pdf
N1  - Author contact info:
Douglas Holtz-Eakin
American Action Forum
1401 New York Ave, NW
Suite 1200
Washington, DC 20005
E-Mail: dholtzeakin@americanactionforum.org

David Joulfaian
Department of the Treasury
1500 Pennsylvania Avenue, NW
Washington, DC  20220
Tel: 202-622-0234
Fax: 202-622-2265
E-Mail: david.joulfaian@treasury.gov

Harvey S. Rosen
Department of Economics
Fisher Hall
Princeton University
Princeton, NJ 08544-1021
Tel: 609/258-4022
Fax: 609/258-6419
E-Mail: HSR@princeton.edu
AB  - 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.
ER  -