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Public Policy and Saving in the United States and Canada

Author

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  • John Sabelhaus

Abstract

Canadians have largely unrestricted access to tax-preferred saving through the Registered Retirement Saving Plan (RRSP) programs. No comparable program exists in the United States. Previous research has noted that household saving in Canada grew relative to saving in the United States after the RRSP program was initiated, suggesting that a program like the RRSP can increase saving. This paper shows that the difference in household saving in the United States and in Canada is more plausibly characterized as a simple life-cycle response to differences in the overall intertemporal income reallocation built into tax and public pension systems, rather than as a response to RRSP availability.

Suggested Citation

  • John Sabelhaus, 1997. "Public Policy and Saving in the United States and Canada," Canadian Journal of Economics, Canadian Economics Association, vol. 30(2), pages 253-275, May.
  • Handle: RePEc:cje:issued:v:30:y:1997:i:2:p:253-75
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    Citations

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    Cited by:

    1. David I. Laibson & Andrea Repetto & Jeremy Tobacman, 1998. "Self-Control and Saving for Retirement," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(1), pages 91-196.
    2. Bernheim, B. Douglas, 2002. "Taxation and saving," Handbook of Public Economics,in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 3, chapter 18, pages 1173-1249 Elsevier.
    3. Erik Hurst & Ming Ching Luoh & Frank P. Stafford, 1998. "The Wealth Dynamics of American Families, 1984-94," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(1), pages 267-338.
    4. Benczúr, Péter, 2007. "Az adókulcsok hatása a különböző gazdasági szereplők viselkedésére - irodalmi összefoglaló
      [The effect of tax rates on the behaviour of various economic actors. A review of the literature]
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 125-141.
    5. Engen, Eric & Gale, William & Uccello, Cori, 1999. "The Adequacy of Household Saving," MPRA Paper 56442, University Library of Munich, Germany.
    6. Bérubé, Gilles & Côté, Denise, 2000. "Long-Term Determinants of the Personal Savings Rate: Literature Review and Some Empirical Results for Canada," Staff Working Papers 00-3, Bank of Canada.
    7. Samwick, Andrew A., 1998. "Tax Reform and Target Saving," National Tax Journal, National Tax Association, vol. 51(3), pages 621-635, September.
    8. Doh-Khul Kim & Hyungsoo Kim, 2006. "Aging and Savings in Korea: A Time-Series Approach," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 12(3), pages 374-381, August.
    9. repec:kap:iaecre:v:12:y:2006:i:3:p:374-381 is not listed on IDEAS

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