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Pension Entitlements and Wealth Accumulation

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Author Info
Hernæs, Erik () (Ragnar Frisch Centre of Economic Research)
Zhu, Weizhen (Ragnar Frisch Centre of Economic Research)
Abstract

Variation in non-pension wealth accumulation with the level of expected pensions is investigated with a register based, linked employer-employee dataset. This includes wealth components, earnings history and demographic information, supplemented with detailed calculations of public and occupational pension entitlements, allowing construction of full life time income trajectories. Regressions are run on the half of the population with some wealth and therefore the option of consumption smoothing. The results imply substantial offsets of pension wealth against other private wealth, mostly financial. Although pension benefits are related to earnings, the regressive structure of the public pension and incomplete coverage of occupational pensions provide independent variation in pensions. Panel estimation provides support for the cross section results. Heterogeneity and selection bias are investigated with estimation on a variety of sub-samples.

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File URL: http://www.oekonomi.uio.no/memo/memopdf/memo1207.pdf
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Publisher Info
Paper provided by Oslo University, Department of Economics in its series Memorandum with number 12/2007.

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Length: 52 pages
Date of creation: 02 Feb 2009
Date of revision:
Handle: RePEc:hhs:osloec:2007_012

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Postal: Department of Economics, University of Oslo, P.O Box 1095 Blindern, N-0317 Oslo, Norway
Phone: 22 85 51 27
Fax: 22 85 50 35
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Web page: http://www.oekonomi.uio.no/indexe.html
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Related research
Keywords: Wealth accumulation; Pensions;

Find related papers by JEL classification:
D14 - Microeconomics - - Household Behavior - - - Personal Finance
D91 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Consumer Choice; Life Cycle Models and Saving

This paper has been announced in the following NEP Reports:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Gale, William G & Scholz, John Karl, 1994. "IRAs and Household Saving," American Economic Review, American Economic Association, vol. 84(5), pages 1233-60, December. [Downloadable!] (restricted)
    Other versions:
  2. Hernaes, Erik & Sollie, Marte & Strom, Steinar, 2000. " Early Retirement and Economic Incentives," Scandinavian Journal of Economics, Blackwell Publishing, vol. 102(3), pages 481-502, June. [Downloadable!] (restricted)
  3. William G. Gale, 1998. "The Effects of Pensions on Household Wealth: A Reevaluation of Theory and Evidence," Journal of Political Economy, University of Chicago Press, vol. 106(4), pages 706-723, August. [Downloadable!] (restricted)
  4. Euwals, Rob, 2000. "Do Mandatory Pensions Decrease Household Savings? Evidence for the Netherlands," IZA Discussion Papers 113, Institute for the Study of Labor (IZA). [Downloadable!]
  5. John Ameriks & Andrew Caplin & John Leahy, 2003. "Wealth Accumulation And The Propensity To Plan," The Quarterly Journal of Economics, MIT Press, vol. 118(3), pages 1007-1047, August. [Downloadable!] (restricted)
    Other versions:
  6. Green, Francis G, 1981. "The Effect of Occupational Pension Schemes on Saving in the United Kingdom: A Test of the Life Cycle Hypothesis," Economic Journal, Royal Economic Society, vol. 91(361), pages 136-44, March. [Downloadable!] (restricted)
  7. Feldstein, Martin & Pellechio, Anthony, 1979. "Social Security and Household Wealth Accumulation: New Microeconometric Evidence," The Review of Economics and Statistics, MIT Press, vol. 61(3), pages 361-68, August. [Downloadable!] (restricted)
  8. Orazio P. Attanasio & Agar Brugiavini, 2003. "Social Security And Households' Saving," The Quarterly Journal of Economics, MIT Press, vol. 118(3), pages 1075-1119, August. [Downloadable!] (restricted)
  9. Feldstein, Martin S, 1982. "Social Security and Private Saving: Reply," Journal of Political Economy, University of Chicago Press, vol. 90(3), pages 630-42, June. [Downloadable!] (restricted)
  10. Hubbard, R Glenn, 1986. "Pension Wealth and Individual Saving: Some New Evidence," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 18(2), pages 167-78, May. [Downloadable!] (restricted)
  11. Phelim Boyle & John Murray, 1979. "Social Security Wealth and Private Saving in Canada," Canadian Journal of Economics, Canadian Economics Association, vol. 12(3), pages 456-68, August. [Downloadable!] (restricted)
  12. Hernæs, Erik & Piggott, John & Zhang, Tao & Strøm, Steinar, 2006. "The Determinants of Occupational Pensions," Memorandum 01/2006, Oslo University, Department of Economics. [Downloadable!]
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