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Issues in the Measurement and Determinants of Business Saving

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  • Alan J. Auerbach

Abstract

This paper begins with a discussion of the measurement of business saving,with the conclusion that even "corrected" measures of business saving are quite inaccurate in the presence of inflation, leading to an overstatement of the recent decline in business saving. The remainder of the paper focuses on the more fundamental issue of why it should matter who saves. Beginning from their relevance proposition associated with the Modigliani-Miller theorem, we consider the channels through which taxation causes the identity of the saver to have real effects. Finally, we consider the relative efficiency of business versus personal savings incentives, in light of our results.

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File URL: http://www.nber.org/papers/w1024.pdf
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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 1024.

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Date of creation: Nov 1982
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Publication status: published as Auerbach, Alan J. "Issues in the Measurement and Encouragement of Business Saving." Savings and Government Policy, Conference Series No. 25, pp. 79-10 0. Boston: Federal Reserve Bank of Boston, 1982.
Handle: RePEc:nbr:nberwo:1024

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Cited by:
  1. Tetsuji Yamada & Tadashi Yamada, 1988. "The Effects of Japanese Social Security Retirement Benefits on Personal Savings and Elderly Labor Force Behavior," NBER Working Papers 2661, National Bureau of Economic Research, Inc.

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