| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w7029 |
| 来源ID | Working Paper 7029 |
| Investing Retirement Wealth: A Life-Cycle Model | |
| John Y. Campbell; Joao F. Cocco; Francisco J. Gomes; Pascal J. Maenhout | |
| 发表日期 | 1999-03-01 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | If household portfolios are constrained by borrowing and short-sales restrictions asset markets, then alternative retirement savings systems may affect household welfare by relaxing these constraints. This paper uses a calibrated partial-equilibrium model of optimal life-cycle portfolio choice to explore the empirical relevance of these issues. In a benchmark case, we find ex-ante welfare gains equivalent to a 3.7% increase in consumption from the investment of half of retirement wealth in the equity market. The main channel through which these gains are realized is that the higher average return on equities permits a lower Social Security tax rate on younger households, which helps households smooth their consumption over the life cycle. There is a smaller welfare gain of 0.5% of consumption when Social Security tax rates are held constant. We also find that realistic heterogeneity of risk aversion and labor income risk can strongly affect optimal portfolio choice over the life cycle, which provides one argument for a privatized Social Security system with an element of personal portfolio choice. |
| URL | https://www.nber.org/papers/w7029 |
| 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/564551 |
| 推荐引用方式 GB/T 7714 | John Y. Campbell,Joao F. Cocco,Francisco J. Gomes,et al. Investing Retirement Wealth: A Life-Cycle Model. 1999. |
| 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 | ||
| w7029.pdf（434KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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