Campbell, J.Y.; Cocco, J.F.; Gomes, F.J.; Maenhout, P.J. - Harvard Institute of Economic Research (HIER), … - 2000
If household portfolios are constrained by borrowing and short-sales restrictions, or by fixed costs of participating in risky asset markets, then alternative retirement savings systems may affect household welfare by relaxing these constraints. This paper uses a calibrated partial-equilibrium...
