Twisha Asher

Job Market Paper

The Effects of Gifts and Inheritances on Consumption, Homeownership, and Wealth

Scheduled for presentation at the Population Association of America’s 2026 Annual Meeting

Abstract: Americans aged 70 and over own about a third of U.S. wealth, much of which will transfer to younger households over the next decade. However, comprehensive causal evidence explaining how households allocate gifts and inheritances remains absent. In this study, I use longitudinal data from the Panel Study of Income Dynamics (1997–2023) and a modern Difference-in-Differences estimator to assess the effects of such transfers on household finances. I find that households most commonly spend transfers on durable goods expenditures (such as home repairs), which increase by up to $8,200 in the year of receipt across the income and wealth distributions. Back-of-the-envelope calculations suggest that $10.6 billion is spent on durable goods annually due to inheritances alone.

Publications

Nursing Facilities, Food Manufacturing Plants and COVID-19 Cases and Deaths
Economics Letters, 2021
with Partha Deb and Anjelica Gangaram

Working Papers

Post-Pandemic Changes in Household Food Expenditure: Heterogeneity by Income
Under Review at the Economics Bulletin (Invited to Resubmit)
Accepted for Poster Session at PAA 2026

Wealth Composition, Distribution, and Transmission: The GC Wealth Project
Under Review at Scientific Data (Invited to Resubmit)

The GC Wealth Project Data Warehouse v.1.2 – Documentation
Stone Center Working Paper Series no. 99, 2024
with Maximilian Longmuir, Franziska Disslbacher, Frincasco Di Biase, Giacomo Rella, Francesca Subioli, Adam Rego Johnson, Severin Rapp, Matteo Targa, Salvatore Morelli, Manuel Schechtl, Luca Giangregorio, Ignacio Flores

The GC Wealth Project Data Warehouse v.1 - Documentation
Stone Center Working Paper Series no. 75, 2023
with Salvatore Morelli, Frincasco Di Biase, Franziska Disslbacher, Ignacio Flores, Adam Rego Johnson, Giacomo Rella, Manuel Schechtl, Francesca Subioli, Matteo Targa

Work in Progress

Inheritance Tax Around the Globe Over Two Centuries: Revenue and Distributional Implications
Preparing for submission to the American Economic Journal: Economic Policy
with Salvatore Morelli, Luca Giangregorio, Manuel Schechtl, Francesca Subioli

Overview of Major Estate Tax Revenue Estimation Models
Preparing for submission to the International Journal of Microsimulation

Inheritance and Labor Supply: A Replication and Two Extensions
Preparing for submission to the Journal of Comments and Replications in Economics

The Evolution of Federal and State-Level Wealth Transfer Tax Policies in the U.S.
Preparing for submission to the Economic History Review