We exploit inheritance episodes to provide novel causal evidence on the long-run effects of a large financial windfall on saving behavior. For identification, we combine a longitudinal panel of administrative wealth reports with variation in the timing of sudden, unexpected parental deaths. We show that after inheritance net worth converges towards the path established before parental death, with only a third of the initial windfall remaining after nine years. We interpret these findings through the lens of a generalized consumption-saving framework. To quantitatively replicate this behavior, life-cycle consumption models require impatient consumers and strong precautionary saving motives.

中文翻译：

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长期储蓄动态：来自意外继承的证据

我们利用继承事件来提供关于大笔意外财富对储蓄行为的长期影响的新因果证据。为了识别，我们将行政财富报告的纵向面板与父母突然意外死亡的时间变化相结合。我们表明，继承后的净资产趋向于父母去世前建立的路径，九年后仅剩下最初意外收获的三分之一。我们通过广义的消费节约框架来解释这些发现。为了定量地复制这种行为，生命周期消费模型需要不耐烦的消费者和强烈的预防性储蓄动机。