Showing 1 - 10 of 134
benefit pensions, life insurance, annuities, welfare payments, and future labor earnings. Abstracting from the uncertainty …
Persistent link: https://www.econbiz.de/10005721144
Although households have invested billions in 401(k) accounts, these balances may not be new saving if workers invest money that they would have saved in the program's absence. In this paper, I assess the effect of the 401(k) program on saving by comparing changes in the wealth of 401(k)...
Persistent link: https://www.econbiz.de/10005721128
Some retirement plans allow the participant to choose how funds are invested. Having to direct investments may provide the participant with financial education. This paper finds that households covered by pension plans in which the employee chooses investments are significantly more apt to hold...
Persistent link: https://www.econbiz.de/10005513080
Because employer-provided pensions represent an important source of income during retirement, accurate information on …
Persistent link: https://www.econbiz.de/10005514168
In conventional models of the open economy, the impact on the trade balance of a change in the terms of trade depends upon whether the Marshall-Lerner condition on demand elasticities is satisfied. This paper shows that, in a model which incorporates rational savings behavior, the link between...
Persistent link: https://www.econbiz.de/10005368384
As the baby boomers begin to retire, a great deal remains unknown about the evolution of wealth toward the end of life. In this paper, we develop a new measure of household resources that converts total financial, nonfinancial, and annuitized assets into an expected annual amount of wealth per...
Persistent link: https://www.econbiz.de/10005720990
We construct two measures of the current wealth adequacy of older U.S. households using the 1998--2006 waves of the Health and Retirement Study (HRS). The first is the ratio of "comprehensive wealth"--defined as net worth plus the expected value of future income streams--to the wealth that would...
Persistent link: https://www.econbiz.de/10005721233
The empirical evidence on stock market participation and portfolio choice defies the predictions of standard life-cycle theory. In this paper we develop and estimate a model of portfolio choice that can account for the limited stock market participation and substantial portfolio diversification...
Persistent link: https://www.econbiz.de/10005513029
One of the most striking changes in the composition of household retirement savings over the past 20 years has been the shift from defined benefit to defined contribution pension plans. Understanding the factors underlying this shift is important for determining its impact on retirement saving...
Persistent link: https://www.econbiz.de/10005513076
Psychological evidence indicates that a person's well-being depends not only on his current consumption of goods, but on a reference level determined by his past consumption. According to Kahneman and Tversky's (1979) prospect theory, people care much more about losses relative to their...
Persistent link: https://www.econbiz.de/10005368158