The paper estimates a life-cycle model of consumption, saving, and wealth accumulation from disaggregated time series data containing an explicit age dimension. Highly significant age effects indicate the importance of age disaggregated analysis. Interest elasticities of saving are considerably...

This paper reexamines Feldstein's (1974) results of the effect of social security on private capital accumulation in the context of a simultaneous-equation model. The model incorporates dynamic feedback effects and is estimated by FIML to incorporate theoretical restrictions that are tested...