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Ageing and saving

  • Richard Disney

    ()

    (Institute for Fiscal Studies and University of Nottingham)

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    The issue of ageing and saving has two distinct facets. On the one hand, there is the individual issue. Each of us is getting older and wants to make sure that our savings plans are appropriate. I term this the ‘microeconomic’ aspect of saving and ageing. At the same time, OECD economies are themselves ageing: people are living longer, the baby-boom generation, born after 1945, is passing through to middle age and, in some countries, fertility rates are below replacement levels. I term this the ‘macroeconomic’ aspect of ageing, and it will affect these economies in almost all dimensions: in savings and investment rates, in the growth rates of productivity, output and public spending, in wage structure, educational attainment and labour supply (Disney, 1996). And, of course, there are links between the microeconomic and macroeconomic facets of ageing: for example, as a country ages, with more elderly dependants relative to workers, it becomes harder to sustain the social security pension without higher taxes. In turn, a prospective decline in the social security pension may cause people to revise their individual or household saving and retirement strategies.

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    Article provided by Institute for Fiscal Studies in its journal Fiscal Studies.

    Volume (Year): 17 (1996)
    Issue (Month): 2 (May)
    Pages: 83-101

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    Handle: RePEc:ifs:fistud:v:17:y:1996:i:2:p:83-101
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    1. Tullio Jappelli & Marco Pagano, 1994. "Government Incentives and Household Saving in Italy," NBER Chapters, in: Public Policies and Household Savings, pages 105-132 National Bureau of Economic Research, Inc.
    2. Feldstein, Martin S, 1974. "Social Security, Induced Retirement, and Aggregate Capital Accumulation," Journal of Political Economy, University of Chicago Press, vol. 82(5), pages 905-26, Sept./Oct.
    3. Jonathan S. Skinner, 1994. "Housing and Saving in the United States," NBER Chapters, in: Housing Markets in the United States and Japan, pages 191-214 National Bureau of Economic Research, Inc.
    4. Christopher D. Carroll & Andrew A. Samwick, 1993. "How important is precautionary saving?," Working Paper Series / Economic Activity Section 145, Board of Governors of the Federal Reserve System (U.S.).
    5. Weil, David N, 1994. "The Saving of the Elderly in Micro and Macro Data," The Quarterly Journal of Economics, MIT Press, vol. 109(1), pages 55-81, February.
    6. Costas Meghir & Edward Whitehouse, 1993. "Labour market transitions and retirement of men in the UK," IFS Working Papers W93/12, Institute for Fiscal Studies.
    7. Banks, James & Blundell, Richard & Tanner, Sarah, 1998. "Is There a Retirement-Savings Puzzle?," American Economic Review, American Economic Association, vol. 88(4), pages 769-88, September.
    8. Disney, Richard & Whitehouse, Edward, 1996. "What Are Occupational Pension Plan Entitlements Worth in Britain?," Economica, London School of Economics and Political Science, vol. 63(250), pages 213-38, May.
    9. Modigliani, Franco, 1986. "Life Cycle, Individual Thrift, and the Wealth of Nations," American Economic Review, American Economic Association, vol. 76(3), pages 297-313, June.
    10. Davies, James B, 1981. "Uncertain Lifetime, Consumption, and Dissaving in Retirement," Journal of Political Economy, University of Chicago Press, vol. 89(3), pages 561-77, June.
    11. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
    12. Zvi Bodie & Alan J. Marcus & Robert C. Merton, 1988. "Defined Benefit versus Defined Contribution Pension Plans: What are the Real Trade-offs?," NBER Chapters, in: Pensions in the U.S. Economy, pages 139-162 National Bureau of Economic Research, Inc.
    13. Ippolito, Richard A, 1985. "The Labor Contract and True Economic Pension Liabilities," American Economic Review, American Economic Association, vol. 75(5), pages 1031-43, December.
    14. Dilnot, Andrew & Disney, Richard & Johnson, Paul & Whitehouse, Edward, 1994. "Pensions policy in the UK: An economic analysis," MPRA Paper 10478, University Library of Munich, Germany.
    15. B. Douglas Bernheim, 1989. "The Timing of Retirement: A Comparison of Expectations and Realizations," NBER Chapters, in: The Economics of Aging, pages 335-358 National Bureau of Economic Research, Inc.
    16. Zvi Bodie & John B. Shoven & David A. Wise, 1988. "Pensions in the U.S. Economy," NBER Books, National Bureau of Economic Research, Inc, number bodi88-1, December.
    17. Juhn, Chinhui, 1992. "Decline of Male Labor Market Participation: The Role of Declining Market Opportunities," The Quarterly Journal of Economics, MIT Press, vol. 107(1), pages 79-121, February.
    18. Hurd, Michael D, 1990. "Research on the Elderly: Economic Status, Retirement, and Consumption and Saving," Journal of Economic Literature, American Economic Association, vol. 28(2), pages 565-637, June.
    19. Richard Disney, 1996. "Can We Afford to Grow Older?," MIT Press Books, The MIT Press, edition 1, volume 1, number 026204157x, June.
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