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来源类型Working Paper
规范类型报告
DOI10.3386/w5089
来源IDWorking Paper 5089
The Annuitization of Americans' Resources: A Cohort Analysis
Alan J. Auerbach; Jagadeesh Gokhale; Laurence J. Kotlikoff; John Sabelhaus; David N. Weil
发表日期1995-04-01
出版年1995
语种英语
摘要This paper constructs a unique cohort data set to study the changes since 1960 in the share of Americans' resources that are annuitized. Understanding these changes is important because the larger this share, the more cohorts are likely to consume and the less they are likely to bequeath. Hence, the degree of annuitization affects national saving as well as the transmission of inequality over time. Our findings are striking. Although the annuitized share of resources of younger Americans declined slightly between 1960 and 1990, it increased dramatically for older Americans. It doubled for older men and quadrupled for older women. Since the elderly have much higher mortality probabilities than do the young, their degree of annuitization is much more important for aggregate bequests and saving. According to our estimates, aggregate U.S. bequests would now be 66 percent larger had the post-1960 increase in annuitization not occurred. In addition, U.S. national saving would likely be substantially larger than is currently the case.
主题Macroeconomics ; Consumption and Investment
URLhttps://www.nber.org/papers/w5089
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/562524
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Alan J. Auerbach,Jagadeesh Gokhale,Laurence J. Kotlikoff,et al. The Annuitization of Americans' Resources: A Cohort Analysis. 1995.
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