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The effect of pension wealth on private savings. Results from an extended life cycle model

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Abstract

An extended life cycle model is used to investigate how variation in the level of expected pensions influences non-pension wealth accumulation. We try to explain why the offset effects between pension wealth and private savings are not one to one by accounting for different risks and market imperfections, which includes uninsured risk on earnings, mortality risk, borrowing constraints and bequest motive. The model is calibrated on Norwegian household data from 1992 to 2005. Based on the calibrated model, simulations are performed to explore consequences of introducing these factors. The result shows that by simply accounting these risks and constraints, we can explain most of the departure between empirical findings and theoretical prediction.

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Bibliographic Info

Paper provided by Research Department of Statistics Norway in its series Discussion Papers with number 697.

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Date of creation: Jul 2012
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Handle: RePEc:ssb:dispap:697

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Keywords: Life cycle model; Offset effect; pension wealth; private savings;

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  1. Olivier Jean Blanchard & Stanley Fischer, 1989. "Lectures on Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262022834.
  2. Love, David, 2006. "Buffer stock saving in retirement accounts," Journal of Monetary Economics, Elsevier, vol. 53(7), pages 1473-1492, October.
  3. Rodepeter, Ralf & Winter, Joachim, 1998. "Savings decisions under life-time and earnings uncertainty:," Sonderforschungsbereich 504 Publications 98-58, Sonderforschungsbereich 504, Universit├Ąt Mannheim & Sonderforschungsbereich 504, University of Mannheim.
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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Imperfect substitution between pension wealth and savings
    by Economic Logician in Economic Logic on 2012-07-26 15:09:00
  2. [??]??????????????????
    by himaginary in himaginaryの日記 on 2012-07-30 07:00:00

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