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Uncertain Lifetimes, Pensions, and Individual Saving

Hubbard, R. Glenn - 2021

Attempts to measure the impacts of pensions on household saving have occupied much of the literature in empirical public finance over the past decade. The emphasis here is on the annuity insurance aspects of social security and pensions. A simple life-cycle model is put forth to show that even...

Persistent link: https://www.econbiz.de/10013237595

Aggregate Savings in the Presence of Private and Social Insurance

Abel, Andrew B. - 2021

In the presence of uncertain lifetimes, social security has the characteristics of an annuity: a consumer pays a tax when young in exchange for receiving a social security benefit if he survives to be old. If consumers have identical ex ante mortality probabilities, then a fully funded social...

Persistent link: https://www.econbiz.de/10013247217

Allocating Payroll Tax Revenue to Personal Retirement Accounts to Maintain Social Security Benefits and the Payroll Tax Rate

Feldstein, Martin S.; Samwick, Andrew - 2021

In an earlier paper we analyzed a method of combining traditional tax financed pay-as-you-go Social Security benefits with annuities financed by Personal Retirement Accounts. We showed that such a combination could maintain the level of retirement income projected in current Social Security law...

Persistent link: https://www.econbiz.de/10013237928

The Effects of Investing Social Security Funds in the Stock Market When Fixed Costs Prevent Some Households from Holding Stocks

Abel, Andrew B. - 2021

With fixed costs of participating in the stock market, consumers with high income will participate in the stock market, but consumers with lower income will not participate. If a fully-funded defined-contribution social security system tries to exploit the equity premium by selling a dollar of...

Persistent link: https://www.econbiz.de/10013245704

The Effects of a Baby Boom on Stock Prices and Capital Accumulation in the Presence of Social Security

Abel, Andrew B. - 2010

Is the stock market boom a result of the baby boom? This paper develops an overlapping generations model in which a baby boom is modeled as a high realization of a random birth rate, and the price of capital is determined endogenously by a convex cost of adjustment. A baby boom increases...

Persistent link: https://www.econbiz.de/10012762982

Retirement and Wealth

Gustman, Alan L.; Steinmeier, Thomas L. - 2022

This paper estimates reduced form retirement and wealth equations, and analyzes the relationship between them. Data are from the first four waves of the longitudinal Health and Retirement Study, individuals born from 1931 to 1941. Single equation retirement models relate the probability of...

Persistent link: https://www.econbiz.de/10013310126

Social Security and Saving : An Update

Slavov, Sita N. - 2017

Typical neoclassical life-cycle models predict that Social Security has a large and negative effect on private savings … private savings and find little to support the strong predictions from the theoretical model. We explore possible reasons for …

Persistent link: https://www.econbiz.de/10012954453

An Examination of Empirical Tests of Social Security and Savings

Auerbach, Alan J.; Kotlikoff, Laurence J. - 2021

The effect of social security and other forms of government debt on national savings is one of the most widely debated … policy questions in economics today. Some estimates suggest that social security has reduced U.S. savings by almost forty … percent. This paper examines recent cross-section and time series empirical tests of the social security-savings question and …

Persistent link: https://www.econbiz.de/10013221107

The Effect of Social Security on Saving

Feldstein, Martin S. - 2021

studies. Although the traditional life cycle theory of saving clearly implies that the anticipation of social security …

Persistent link: https://www.econbiz.de/10013225599

The Effect of Social Security on Private Savings : The Time Series Evidence

Feldstein, Martin S. - 2021

This paper reviews the studies by Robert Barro, Michael Darby, and Alicia Munnell, as well as my own earlier time-series study and presents new estimates using the revised national income-account data. The basic estimates of each of the four studies point to an economically substantial effect...

Persistent link: https://www.econbiz.de/10013228642