Social Security and Aggregate Capital Accumulation Revisited
AbstractThis paper reexamines Feldstein's (1974) results of the effect of social security on private capital accumulation in the context of a simultaneous-equation model. The model incorporates dynamic feedback effects and is estimated by FIML to incorporate theoretical restrictions that are tested against the data. It is simulated as a full dynamic model to analyze the long-run effect of SSW on private capital accumulation. The effects are in the same direction as Feldstein, but considerably weaker.
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Bibliographic InfoPaper provided by Queen's University, Department of Economics in its series Working Papers with number 478.
Date of creation: 1982
Date of revision:
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