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The Effects of Investing Social Security Funds in the Stock Market When Fixed Costs Prevent Some Households from Holding Stocks
Abel, Andrew B. - 2000
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/10012471011
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Aggregate Savings in the Presence of Private and Social Insurance
Abel, Andrew B. - 1986
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/10012477203
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Social Security, Bequests, and the Life Cycle Theory of Saving : Cross-Sectional Tests
Blinder, Alan S. - 1981
tendency to decline with age, in apparent contradiction of the life-cycle theory of saving. However, a broadened concept of …") does decline more or less as predicted by the theory. No matter how they are defined, assets are a decreasing function of … issues econometrically, an equation for assets is developed from the strict life-cycle theory. The specification is …
Persistent link: https://www.econbiz.de/10012478504
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Intergenerational Risksharing and Equilibrium Asset Prices
Campbell, John Y. - 2006
In the presence of overlapping generations, markets are incomplete because it is impossible to engage in risksharing trades with the unborn. In such an environment the government can use a social security system, with contingent taxes and benefits, to improve risksharing across generations. An...
Persistent link: https://www.econbiz.de/10012466465
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The Effects of a Baby Boom on Stock Prices and Capital Accumulation in the Presence of Social Security
Abel, Andrew B. - 2002
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/10012469499
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Social Security Expectations and Retirement Savings Decisions
Dominitz, Jeff - 2002
Retirement savings decisions should depend on expectations of Social Security retirement income. Persons may be … savings …
Persistent link: https://www.econbiz.de/10012469997
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Retirement and Wealth
Gustman, Alan L. - 2001
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/10012470495
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Fiscal Policies, Capital Formation, and Capitalism
Feldstein, Martin - 1994
This lecture examines the effects of tax policy and social security retirement benefits on capital accumulation and economic welfare. The paper begins by examining how capital income taxes reduce the real return to savers and then discusses the welfare loss of capital income taxation relative to...
Persistent link: https://www.econbiz.de/10012474022
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Imperfect Annuity Markets, Unintended Bequests, and the Optimal Age Structure of Social Security Benefits
Feldstein, Martin - 1989
optimal savings and therefore the level of unintended bequests. While those bequests may have no value to the retirees, they …
Persistent link: https://www.econbiz.de/10012476237
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Would Privatizing Social Security Raise Economic Welfare?
Feldstein, Martin - 1995
A funded social security retirement program would imply a larger capital stock and a higher level of real income than an unfunded program that provides the same level of benefits. The transition from an unfunded program to a funded program that does not reduce the benefits of existing retirees...
Persistent link: https://www.econbiz.de/10012473594