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Author: McGarry, Kathleen

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1.	Light, Audrey L. McGarry, Kathleen
1.	Determinants of Household Wealth at Age 50: Evidence from the NLSY79 Presented: Miami FL, Association for Public Policy Analysis and Management (APPAM) Annual Fall Research Conference, November 12-14, 2015 Cohort(s): NLSY79 Publisher: Association for Public Policy Analysis and Management (APPAM) Keyword(s): Net Worth; Retirement/Retirement Planning; Wealth Permission to reprint the abstract has not been received from the publisher. n this paper, we focus on the question of how baby boomers accumulate resources for retirement. Using data from the 1979 National Longitudinal Survey of Youth, we are able to follow a sample of several thousand baby boomers born in 1958-64 from age 20 to 50. We model each sample member's household net worth at age 50 as a function of detailed arrays of variables measuring educational investments, health, employment, family formation, household composition, and environmental factors over the preceding 30 years. This strategy allows us to identify factors ranging from divorce to job loss to "boomerang" children that affect resource availability as baby boomers approach retirement age.
	Bibliography Citation Light, Audrey L. and Kathleen McGarry. "Determinants of Household Wealth at Age 50: Evidence from the NLSY79." Presented: Miami FL, Association for Public Policy Analysis and Management (APPAM) Annual Fall Research Conference, November 12-14, 2015.

2.	Light, Audrey L. McGarry, Kathleen
2.	Job Change Patterns and the Wages of Young Men The Review of Economics and Statistics 80,2 (May 1998): 276-286. Also: http://www.jstor.org/stable/2646638 Cohort(s): NLSY79 Publisher: Harvard University Press Keyword(s): Job Tenure; Job Turnover; Mobility; Modeling; Wage Models Permission to reprint the abstract has not been received from the publisher. This study uses data from the National Longitudinal Survey of Youth to distinguish empirically between mover-stayer, "search good," and "experience good" models of job mobility. We estimate wage models in which the pattern of overall job mobility affects both the level and tenure slope of the log-wage path. After controlling for the correlation between mobility patterns and time-constant person- and job-specific unobservables, we find that workers who undergo persistent mobility have lower log-wage paths than less mobile workers. This finding is consistent with models in which job mobility is driven by time-varying unobservables, such as "experience good" models, where changes in perceived match quality cause turnover. Copyright 1998, President and Fellows of Harvard College and the MIT.
	Bibliography Citation Light, Audrey L. and Kathleen McGarry. "Job Change Patterns and the Wages of Young Men." The Review of Economics and Statistics 80,2 (May 1998): 276-286.

3.	Light, Audrey L. McGarry, Kathleen
3.	Why Parents Play Favorites: Explanations for Unequal Bequests CCPR-020-03, On-line Working Paper Series, California Center for Population Research, February 2003. Also: http://www.ccpr.ucla.edu/ccprwpseries/ccpr_020_03.pdf Cohort(s): Mature Women, Young Women Publisher: California Center for Population Research (CCPR) Keyword(s): Assets; Family Studies; Genetics; Intergenerational Patterns/Transmission; Modeling; Transfers, Family Permission to reprint the abstract has not been received from the publisher. Economists have invested a great deal of effort in trying to understand the motivation for family transfers, yet recent empirical work testing the seemingly appealing models of altruism and exchange has led to decidedly mixed results. A major stumbling block has been the lack of adequate data. We take a fresh look at the issue using responses to an innovative survey question that directly asks mothers about the planned division of their estates. We find that both altruism and exchange are frequently offered as explanations of behavior and are of nearly equal importance. Furthermore, the explanations are consistent with observable characteristics of the mother, lending support to the validity of the question. We also find that among step or adopted families, genetic ties play an important role. Because motivating factors appear to differ across families the lack of a consensus among previous researchers about motives ought not to be surprising. A copy of this paper is also available at http://papers.nber.org/papers/W9745.
	Bibliography Citation Light, Audrey L. and Kathleen McGarry. "Why Parents Play Favorites: Explanations for Unequal Bequests." CCPR-020-03, On-line Working Paper Series, California Center for Population Research, February 2003.

4.	Light, Audrey L. McGarry, Kathleen
4.	Why Parents Play Favorites: Explanations for Unequal Bequests American Economic Review 94,5 (December 2004): 1669-1682. Also: http://www.aeaweb.org/articles.php?doi=10.1257/0002828043052321 Cohort(s): Mature Women, Young Women Publisher: American Economic Association Keyword(s): Inheritance; Mothers; Mothers, Health; Transfers, Parental Permission to reprint the abstract has not been received from the publisher. The article explores the explanations given by mothers in the U.S. who participated in the 1999 National Longitudinal Surveys of Young Women and Mature Women, on why they intend to divide their estates unequally among their children. The data for a sample of 45- to 80-year-old mothers include a feature not available in other surveys which assessed the relative importance of alternative motives for parental transfers: verbatim explanations of why mothers intend to divide their estates unequally among their children. The analysis indicates that a variety of motives come into play when mothers determine the allocation of their estates. Relatively few mothers intend to differentiate among their children in making bequests, but those who do are equally likely to provide explanations that are consistent with altruism and explanations that suggest exchange. Among mothers with adopted children or stepchildren, a surprisingly large number refer to their children's biological status in their response. Factors such as poor maternal health, the presence of non-biological children and increased within-family variation in children's predicted income are associated with a higher probability of unequal bequests.
	Bibliography Citation Light, Audrey L. and Kathleen McGarry. "Why Parents Play Favorites: Explanations for Unequal Bequests." American Economic Review 94,5 (December 2004): 1669-1682.

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