This article examines how the availability of annuities affects savings and inequality in economies in which neither … CBS utility function indicate that perfecting annuity insurance can significantly reduce national savings. Indeed, the … savings …

to generations that follow of a lower capital stock. Across a range of parameter values, the partial equilibrium impact …

show that people who score higher on the financial literacy questions are also much more likely to plan for retirement …

optimally devote more of their savings to non-retirement accounts and less to 401(k) accounts, since the relative appeal of …This paper explores how an environment of persistent low returns influences saving, investing, and retirement behaviors … the (system-defined) Full Retirement Age of 66. In the context of a zero return environment, we show that workers will …

We develop a life-cycle model of optimal retirement and savings behavior under complete markets where retirement is … proportionately, while, contrary to conventional views, reducing savings rates. The retirement age is not simply proportional to … retirement) and higher consumption (lower savings) …

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 retiring to forward looking measures of changes in the values of social …

. We characterize a class of environments in which the tax on labor goes to zero in the long run, while the tax on capital …

of substitution between capital and labor less than one. This is inconsistent with the Uzawa Growth Theorem. We extend … Uzawa's theorem to show that the introduction of human capital accumulation in the standard way does not resolve the puzzle …. However, balanced growth is possible if schooling is endogenous and capital is more complementary with schooling than with raw …

Capital reallocation is procyclical, despite measured productive reallocative opportunities being acyclical, or even … countercyclical. This paper reviews the advances in the literature studying the causes and consequences of capital reallocation (or … lack thereof). We provide a comprehensive set of capital reallocation stylized facts for the US, and an illustrative model …