that the effect of taxes on the overall private saving level is relatively small and uncertain and that raising public … saving is the most direct and efficient way to raise national saving. However, the tax system has a powerful impact on the …

are presented here. It is shown that the relationship between expected dependency rates and consumption growth depends on … two parameters: the demographically varying committed consumption and the intertemporal elasticity of substitution. Thus …, the expected path of demographic variables can provide information on the consumers’ willingness to smooth consumption …

not easily reversible by policy and increases in public saving may thus provide the most effective means of bolstering … national savings. Illustrative calculations based on two alternative frameworks indicate that a net national saving rate …

consumption patterns. Data for six industrialized countries are used to estimate a simple model incorporating liquidity …

taxation as tools for augmenting national saving--an issue related to Ricardian equivalence. The theoretical analysis shows … equivalent in terms of their impact on national saving …