| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18565 |
| 来源ID | Working Paper 18565 |
| Active vs. Passive Decisions and Crowdout in Retirement Savings Accounts: Evidence from Denmark | |
| Raj Chetty; John N. Friedman; Soren Leth-Petersen; Torben Nielsen; Tore Olsen | |
| 发表日期 | 2012-11-21 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | Using 41 million observations on savings for the population of Denmark, we show that the impacts of retirement savings policies on wealth accumulation depend on whether they change savings rates by active or passive choice. Subsidies for retirement accounts, which rely upon individuals to take an action to raise savings, primarily induce individuals to shift assets from taxable accounts to retirement accounts. We estimate that each $1 of government expenditure on subsidies increases total saving by only 1 cent. In contrast, policies that raise retirement contributions if individuals take no action - such as automatic employer contributions to retirement accounts - increase wealth accumulation substantially. We estimate that approximately 15% of individuals are "active savers" who respond to tax subsidies primarily by shifting assets across accounts. 85% of individuals are "passive savers" who are unresponsive to subsidies but are instead heavily influenced by automatic contributions made on their behalf. Active savers tend to be wealthier and more financially sophisticated. We conclude that automatic contributions are more effective at increasing savings rates than subsidies for three reasons: (1) subsidies induce relatively few individuals to respond, (2) they generate substantial crowd-out conditional on response, and (3) they do not increase the savings of passive individuals, who are least prepared for retirement. |
| 主题 | Macroeconomics ; Consumption and Investment ; Public Economics ; Taxation |
| URL | https://www.nber.org/papers/w18565 |
| 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/576240 |
| 推荐引用方式 GB/T 7714 | Raj Chetty,John N. Friedman,Soren Leth-Petersen,et al. Active vs. Passive Decisions and Crowdout in Retirement Savings Accounts: Evidence from Denmark. 2012. |
| 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 | ||
| w18565.pdf（994KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
