Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
Cointegration techniques are applied to time series data on the personal savings rate and the age structure of the population in the United States over the period 1956‐1995. The personal savings rate is cointegrated with the ratios of minors and of retired persons to the working‐age population and both of these ratios had a negative and significant impact on the personal savings rate. The results support the life‐cycle hypothesis of savings.