Pensions and Household Wealth Accumulation

被引：11

作者：

Engelhardt, Gary V. ^{[1
,2
]}

Kumar, Anil ^{[3
]}

机构：

[1] Syracuse Univ, Maxwell Sch Citizenship & Publ Affairs, Dept Econ, Syracuse, NY 13244 USA

[2] Syracuse Univ, Maxwell Sch Citizenship & Publ Affairs, Ctr Policy Res, Syracuse, NY 13244 USA

[3] Fed Reserve Bank Dallas, Dallas, TX USA

来源：

JOURNAL OF HUMAN RESOURCES | 2011年 / 46卷 / 01期

关键词：

TIME-SERIES EVIDENCE; SOCIAL-SECURITY; 401(K) PARTICIPATION; SAVING INCENTIVES; RETIREMENT; HEALTH; FAMILIES; BEHAVIOR;

D O I：

暂无

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Economists have long suggested that higher private pension benefits "crowd out" other sources of household wealth accumulation. We exploit detailed information on pensions and lifetime earnings for older workers in the 1992 wave of the Health and Retirement Study and employ an instrumental-variable (IV) identification strategy to estimate crowd-out. The IV estimates suggest statistically significant crowd-out: each dollar of pension wealth is associated with a 53-67 cent decline in nonpension wealth. With less precision, we use an instrumental-variable quantile regression estimator and find that most of the effect is concentrated in the upper quantiles of the wealth distribution.

引用

页码：203 / 236

页数：34