Social Security, Uncertainty Adjustments and the Consumption Decision
AbstractThis paper analyzes the consumption decision, focusing on the degree of substitutability between fungible assets and prospective wealth and on the different risk adjustments associated with different types of prospective wealth. The results reveal substantial differences among these risk adjustments and imply that a dollar of social security wealth substitutes for about three-fifths of a dollar of fungible assets. Although implying that social security wealth reductions would have a positive and sizeable effect on private saving, the results also suggest that such reductions could entail a substantial loss in consumer welfare. Copyright 1992 by The London School of Economics and Political Science.
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Bibliographic InfoArticle provided by London School of Economics and Political Science in its journal Economica.
Volume (Year): 59 (1992)
Issue (Month): 235 (August)
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- Bayoumi, Tamim & Sgherri, Silvia, 2006.
"Mr Ricardo's Great Adventure: Estimating Fiscal Multipliers in a Truly Intertemporal Model,"
CEPR Discussion Papers
5839, C.E.P.R. Discussion Papers.
- Silvia Sgherri & Tamim Bayoumi, 2006. "Mr. Ricardo's Great Adventure: Estimating Fiscal Multipliers in a Truly Intertemporal Model," IMF Working Papers 06/168, International Monetary Fund.
- Silvia Sgherri & Tamim Bayoumi, 2009. "On Impatience and Policy Effectiveness," IMF Working Papers 09/18, International Monetary Fund.
- Tamim Bayoumi & Silvia Sgherri, 2007. "On the Impact of Income and Policy Shocks on Consumption," DNB Working Papers 152, Netherlands Central Bank, Research Department.
- Julia Lynn Coronado, 1998. "The effects of social security privatization on household saving: evidence from the Chilean experience," Finance and Economics Discussion Series 1998-12, Board of Governors of the Federal Reserve System (U.S.).
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