| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w4884 |
| 来源ID | Working Paper 4884 |
| Precautionary Saving and Social Insurance | |
| R. Glenn Hubbard; Jonathan Skinner; Stephen P. Zeldes | |
| 发表日期 | 1994-10-01 |
| 出版年 | 1994 |
| 语种 | 英语 |
| 摘要 | Microdata studies of household saving often find a significant group in the population with virtually no wealth, raising concerns about heterogeneity in motives for saving. In particular, this heterogeneity has been interpreted as evidence against the life-cycle model of saving. This paper argues that a life-cycle model can replicate observed patterns in household wealth accumulation after accounting explicitly for precautionary saving and asset-based means- tested social insurance. We demonstrate theoretically that social insurance programs with means tests based on assets discourage saving by households with low expected lifetime income. In addition, we evaluate the model using a dynamic programming model with four state variables. Assuming common preference parameters across lifetime- income groups, we are able to replicate the empirical pattern that low-income households are more likely than high-income households to hold virtually no wealth. Low wealth accumulation can be explained as a utility-maximizing response to asset-based means-tested welfare programs. |
| 主题 | Public Economics ; Taxation ; Health, Education, and Welfare ; Poverty and Wellbeing |
| URL | https://www.nber.org/papers/w4884 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/562299 |
| 推荐引用方式 GB/T 7714 | R. Glenn Hubbard,Jonathan Skinner,Stephen P. Zeldes. Precautionary Saving and Social Insurance. 1994. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w4884.pdf（686KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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