This paper provides a new examination of the adequacy of households? saving for retirement. We develop a stochastic, life-cycle simulation model in which people save both for retirement and as a precaution against uncertain future earnings and uncertain lifespan. The model shows that, even among...

This paper provides a new examination of the adequacy of households' saving for retirement. We develop a stochastic, life-cycle simulation model in which people save both for retirement and as a precaution against uncertain future earnings and uncertain lifespan. The model shows that, even among...

This paper provides a new econometric specification and new evidence on the impact of 401(k) plans on household wealth. We allow the impact of 401(k)s to vary over both time and earnings groups. Our specification - motivated by a variety of theoretical considerations and data patterns -...

This paper provides a new examination of the adequacy of households? saving for retirement. We develop a stochastic, life-cycle simulation model in which people save both for retirement and as a precaution against uncertain future earnings and uncertain lifespan. The model shows that, even among...

This paper examines interactions between tax-preferred assets and tax-preferred debt, each of which has grown dramatically since 1980. For all households and for homeowners, we find that to the extent that eligibility for 401(k) plans raises households' financial assets, the increase is...

This paper addresses the question of whether a government entity can invest money on behalf of employees or constituents in a manner comparable to the private sector. We focus on the experience of pension funds operated by state and local governments on behalf of their employees. Using data from...

Reviews Distributional Analysis of Tax Policy.

Examines a broad range of reduced-form and intertemporal models in which each model is calibrated to generate the same initial economy, which allows the authors to focus on model features without concern that initial differences in calibration are determined.

This working paper reconsiders and adds to empirical evidence on the effect of federal government debt and interest rates.

After reaching the effective lower bound for the federal funds rate in late 2008, the Federal Reserve turned to two unconventional policy tools--quantitative easing and increasingly explicit and forward-leaning guidance for the future path of the federal funds rate--in order to provide...