Social Security and Aggregate Capital Accumulation Revisited
This paper reexamines Feldstein's (1974) results of the effect of social security on private capital accumulation in the context of a simultaneous-equation model. The model incorporates dynamic feedback effects and is estimated by FIML to incorporate theoretical restrictions that are tested against the data. It is simulated as a full dynamic model to analyze the long-run effect of SSW on private capital accumulation. The effects are in the same direction as Feldstein, but considerably weaker.
Year of publication: |
1982
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Authors: | Beach, Charles M. ; Boadway, Robin ; Gibbons, Jack O. |
Institutions: | Economics Department, Queen's University |
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