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Social Security and Saving: A Comment

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  • Coates, Dennis
  • Humphreys, Brad R.

Abstract

We check the robustness of Feldstein’s finding that Social Security reduces private saving to two specifications not considered before in the literature: (1) constraining the coefficients on Social Security and household net worth to be equal; and (2) allowing the effect of wealth on consumption to be nonlinear or a function of the age distribution of the population. We reject Feldstein’s implicit assumption of linear but unequal effects of wealth on consumption, finding instead that the effects of both forms of wealth on consumption have risen over the postwar era. Only in recent years has the estimated effect of Social Security wealth on consumption for some of these specifications been close to Feldstein’s estimate of 2.9 cents per dollar of wealth.

Suggested Citation

  • Coates, Dennis & Humphreys, Brad R., 1999. "Social Security and Saving: A Comment," National Tax Journal, National Tax Association;National Tax Journal, vol. 52(2), pages 261-268, June.
    • Handle: RePEc:ntj:journl:v:52:y:1999:i:2:p:261-68
    DOI: 10.1086/NTJ41789393
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    Cited by:

    1. H. Yigit Aydede, 2007. "Saving and Social Security Wealth: A Case of Turkey," NFI Working Papers 2007-WP-03, Indiana State University, Scott College of Business, Networks Financial Institute.

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