This paper shows that previous analyses of IRA-type plans have miscalculated their effect on tax revenue and therefore on national saving by ignoring their impact on corporate tax payments. Recognizing the important effect of IRA plans on corporate tax revenue changes previous conclusions about...

This paper examines empirically the effect of unfunded pension obligations on corporate share prices and discusses the implications of these estimates for national saving, the decline of the stock market in recent years, and the rationality of corporate financial behavior. The analysis uses the...

This paper discusses how private pension programs differ from public social security in their likely impact on aggregate saving. Although private pensions are likely to reduce direct saving by employees, this should be offset by the combination of companies' partial funding and the shareholders...