This book features a consistent framework among chapters. It reaches a harmony between measurement and analysis to compare accurately the resulting data and statistics.
Author: Axel Borsch-Supan
Category: Business & Economics
Life-Cycle Savings and Public Policy examines data on many households from a number of different countries. The hope is that through these observations we can learn about the ways policies affect savings, and that other differences among savers can be controlled for, instead of being blamed on cultural differences. This book features a consistent framework among chapters. It reaches a harmony between measurement and analysis to compare accurately the resulting data and statistics. It provides econometric methodology to reveal the way policies affect savings. The book features data on household savings in Germany, Italy, Japan, the Netherlands, the U.K., and the U.S. This book is recommended reading for anyone interested in saving, social insurance policy, or capital formation. Features a consistent framework among chapters Reaches a harmony between measurement and analysis to compare accurately the resulting data and statistics Provides econometric methodology to reveal the way policies affect savings
Three of the papers in part VI focus on particular aspects of capital formation .
Lewis Johnson introduces life - cycle saving into the neoclassical growth model
in order to examine the effects of the social security system on saving in general ...
Public Policies and Household Saving . ... ( 2003 ) , Life - Cycle Savings and Public Policy , New York : Academic Press . BÖRSCH - SUPAN , A. and A.
BRUGIAVINI , ( 2001 ) , “ Savings : The Policy Debate in Europe " , Oxford
Review of ...
Author: Mr.Michael T. HadjimichaelPublish On: 1995-02
References Ando , Albert , and Franco Modigliani ( 1963 ) , " The ' Life Cycle '
Hypothesis of Saving : Aggregate Implications and Tests , " American Economic
Review , Vol . 53 , pp . 55 - 84 . Aghevli , Bijan , James Boughton , Peter Montiel ...
Author: Mr.Michael T. Hadjimichael
Publisher: International Monetary Fund
Category: Business & Economics
This paper assesses empirically the role of public policies in stimulating private savings and investment in sub-Saharan African countries, based on data for the period 1986-92. The main findings of the analysis are as follows: (i) policies effective in stimulating private savings and investment include those that keep the rate of inflation low, reduce macroeconomic uncertainty, promote financial deepening, and lower the external debt burden; (ii) measures that promote structural reforms and reduce the budget deficit (without lowering government investment) help to raise private investment; and (iii) declines in government savings are only partially offset by increases in private savings.
Savings in Germany—part II: Behavior. In International comparisons of
household saving, ed. J. M. Poterba, 207–36. Chicago: University of Chicago
Press. Börsch-Supan, A., ed. 2003. Life-cycle savings and public policy. New
York: Academic ...
Author: David A. Wise
Publisher: University of Chicago Press
Category: Business & Economics
Analyses in the Economics of Aging summarizes a massive amount of new research on several popular and less-examined topics pertaining to the relationship between economics and aging. Among the many themes explored in this volume, considerable attention is given to new research on retirement savings, the cost and efficiency of medical resources, and the predictors of health events. The volume begins with a discussion of the risks and merits of 401(k) plans. Subsequent chapters present recent analysis of the growth of Medicare costs; the different aspects of disability; and the evolution of health, wealth, and living arrangements over the life course. Keeping with the global tradition of previous volumes, Analyses in the Economics of Aging also includes comparative studies on savings behavior in Italy, the Netherlands, and the United States; an examination of household savings among different age groups in Germany; and a chapter devoted to population aging and the plight of widows in India. Carefully compiled and containing some of the most cutting-edge research and analysis available, this volume should be of interest to any specialist or policymaker concerned with ongoing changes in savings and retirement behaviors.
1996 : Curing the Dutch Disease , An International Perspective on Disability
Policy Reform . Aldershot : Avebury . Börsch - Supan , A . ( ed . ) , 2003 : Life - Cycle Savings and Public Policy . Academic Press . European Commission ,
2000 : The ...
This paper addresses three questions related to limits on DC contributions. The first is whether statutory limits on tax-deductible contributions to defined contribution (DC) plans are likely to be binding, focusing on households in various economic situations. The second is how large is the tax benefit from participating in defined contribution plans. The third is how does the defined contribution tax benefit depend on the level of lifetime income. We find that the statutory limits bind those older middle-income households who started their pension savings programs late in life, those who plan to retire early, single-earner households, those who are not borrowing constrained, and those with rapid rates of real wage growth. Most households with high levels of earnings, regardless of age or situation, are also constrained by the contribution limits. Lower or middle-income two-eamer households that can look forward to modest real earnings growth are likely to be borrowing constrained for most of their pre-retirement years because of the costs of paying a mortgage and sending children to college. These households are not in a position to save the 25 percent of earnings allowed as a contribution to DC plans. Some of these middle-income households, however, are constrained by the $10,500 limit on elective employee contributions to 401(k) plans if the households have access to only these plans and their employers make no pension contributions for them. The borrowing constraints faced by many lower- and middle-income Americans means that contributions to DC plans must come at the price of lower consumption when young and the benefit of higher consumption when old. Indeed, for a stylized household earning $50,000, consistently contributing 10 percent of salary to a DC plans that earns a 4 percent real return means consuming almost two times more when old than when young. Measured as a share of lifetime consumption, the tax benefit from participating in a DC plan can be significant. Assuming annual contribution rates at the average of the maximum levels allowed by employers in 401 (k) plans and assuming a 4 percent real return on DC and non-DC assets, the benefit is 2 percent for two-earner households earning $25,000 per year, 3.4 percent for those earning $100,000 per year, and 9.8 percent for those earning $300,000 per year...
Household saving: micro theories and micro facts. Journal of Economic Literature
34, 1797-1855. Cagetti. M.. 2000. Wealth accumulation over the life cycle and
precautionary savings. Mimeo. University of Virginia. Campbell. J., Cochrane, J..
Author: National Academy of Social Insurance (U.S.). ConferencePublish On: 1991
Proceedings of the Second Conference of the National Academy of Social
Insurance, Washington, D.C. National Academy of Social Insurance ... The Role of Intergenerational Transfers and Life Cycle Saving in the Accumulation of
Author: National Academy of Social Insurance (U.S.). Conference
Stochastic implications of the life cyclepermanent income hypothesis : Theory
and evidence . ' Journal of ... Policy . New York : W.W. Norton & Co.
HAMERMESH , D. S. 1984. " Consumption during retirement : The missing link in
the life cycle .
Author: Charles M. Beach
Category: Capital gains tax
This paper is one of the outputs from the Council's three-year study of the taxation of capital income, of the income derived from savings and investments and how fiscal policies affect individual savings. The study begins with a review of the conventional life-cycle theory of savings behaviour and an analysis of the manner in which taxes affect the life-cycle pattern of savings and consumption. Discusses institutional aspects of taxation and savings in Canada, through surveys of the relevant provisions of the tax system as they affect capital income. Summarizes activities in aggregate savings and estimates aggregate consumption functions. The functions are then used for two types of simulation models: impact effects of interest-rate changes on consumption and savings, and the long-run effects over the remainder of the life-cycle resulting from permanent tax reforms. Discusses welfare economics and policy issues surrounding the taxation of capital income under the personal income system, outlining equity and efficiency differences between income and consumption taxation.
Attanasio , O . P . , 1998 , “ Cohort Analysis of Saving Behavior by U . S .
Households , ” Journal of Human Resources , Vol ... 1 - 14 . , and A . Lusardi ,
2002 , “ Saving : Cross - National Perspective , ” in Life - Cycle Savings and Public Policy : A ...
Savings and Capital Formation : The Policy Options . Lexington , MA : D.C .
Heath and Company , pp . 127-60 . Bernheim , B.D. 1987. " Dissaving after
Retirement : Testing the Pure Life Cycle Hypothesis . " In Issues in Pension
Attanasio , O. , P. , and G. , Weber , 1993 , “ Is consumption growth consistent with
intertemporal optimization ? Evidence from the ... 2003 , Life - Cycle Savings and Public Policy : A CrossNational Study of Six Countries . Academic Press .
We examine the effect of a change in the ratio of physical to human capital on the
growth rate of the economy . To explain savings , we rely exclusively on the pure Life - Cycle Hypothesis of saving in this chapter . A second motive , namely the ...
Congress ( committees ) . Depletion allowance . Oil Industry and Trade . Public Policy . Subgovernment theory . 1900 - 74 . ... Economic Theory . Life cycles . Savings . Social Security . 1979 . 2120 Taxation . Federal Government . Fiscal
Provides historical coverage of the United States and Canada from prehistory to the present. Includes information abstracted from over 2,000 journals published worldwide.
The Life Cycle Hypothesis of Saving : Aggregate Implications and Tests . ”
AMERICAN ECONOMIC REVIEW 53 , no . 1 : 55-84 . 1998. “ What Do the VARs
Mean ? Measuring the Output Effects of Monetary Policy . ” JOURNAL OF
Nevertheless , life - cycle casting is the rational way to assess any conservation
measure requiring an initial outlay in return for savings over time . An E & NR policy should specifically require that life cycle costing be used . The value of
such a ...
Because of this methodology problem , the resolution of this issue may be
problematic . Closely linked to the economists ' view that the public has limited its savings as a response to government action is the life cycle model of decision
This brief adopts the thesis of Frowen and Karakitsos ( 1996 ) , which states that
the personal component has a target real wealth in the long run that is consistent
with the Life Cycle Hypothesis of Savings . When asset prices rise more than ...