Journal Article
Asset rundown after retirement: the importance of rate of return shocks
French, Eric; Baker, Olesya; Doctor, Phil (2007-04)
The authors provide evidence that households run down their assets after retirement by tracking a group of elderly households over the 1996?2004 period. They find that assets decline for these households approaching the end of the life cycle. Had there not been a run-up in asset prices due in large part to a historically remarkable rise in housing prices, assets would have declined even faster.
Economic Perspectives , Volume 31 , Issue Q II

Journal Article
Right before the end: asset decumulation at the end of life
De Nardi, Mariacristina; Jones, John Bailey; Baker, Olesya; French, Eric; Doctor, Phil (2006-07)
Using data from the Asset and Health Dynamics of the Oldest Old survey, the authors find that the assets of people who die decline much faster than the assets of people who survive, even after controlling for age, sex, and initial asset levels. Out-of-pocket medical expenses right before death can deplete the assets of many elderly households and constitute an important reason to keep assets in old age.
Economic Perspectives , Volume 30 , Issue Q III , Pages 2-13

Journal Article
Evidence on entrepreneurs in the United States: data from the 1989–2004 survey of consumer finances
De Nardi, Mariacristina; Krane, Spencer D.; Doctor, Phil (2007-10)
Using data from the Federal Reserve Board?s Survey of Consumer Finances, the authors examine characteristics of entrepreneurs and the businesses they run. Their analysis confirms that business owners are important sources of saving and wealth creation in the U.S. and that they are less risk averse than other wealthy households. This discounts the notion that the wealth of entrepreneurs disproportionately reflects a buildup of precautionary balances to guard against financial risk.
Economic Perspectives , Volume 31 , Issue Q IV , Pages 18-36