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Saving Behavior Across the Wealth Distribution: The Importance of Capital Gains

Andreas Fagereng, Martin Blomhoff Holm, Benjamin Moll, Gisle Natvik

NBER Working Paper No. 26588
Issued in December 2019

---- Acknowledgments ----

We thank Adrien Auclert, John Campbell, Karen Dynan, Giulio Fella, Matthieu Gomez, Adam Guren, Henrik Kleven, Claus Thustrup Kreiner, Camille Landais, Soren Leth-Petersen, Stefan Nagel, Monika Piazzesi, Luigi Pistaferri, Martin Schneider, Antoinette Schoar, Kjetil Storesletten, Ludwig Straub, Amir Sufi, Olav Syrstad, Martin Weale and seminar participants at various institutions for useful comments. This paper is part of a research project at Statistics Norway generously funded by the Norwegian Research Council (#287720). The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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