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Social Security and Household Wealth Accumulation: New Microeconomic Evidence

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  • Martin Feldstein
  • Anthony J. Pellechio

Abstract

The social security program will pay benefits of more than $100 billion in 1978. Public transfers on this scale are large enough to have profound effects on the behavior of the U.S. economy. The most important effect, although not the only one, is likely to be the impact of social security on private saving and aggregate capital accumulation. The present paper contributes to the analysis of this issue by providing new evidence on the extent to which the accumulation of wealth by individual households responds to differences in social security benefits.

Suggested Citation

  • Martin Feldstein & Anthony J. Pellechio, 1980. "Social Security and Household Wealth Accumulation: New Microeconomic Evidence," NBER Working Papers 0206, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:0206 Note: PE
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    References listed on IDEAS

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    1. 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..
    2. Feldstein, Martin S, 1976. "Social Security and Saving: The Extended Life Cycle Theory," American Economic Review, American Economic Association, vol. 66(2), pages 77-86, May.
    3. Feldstein, Martin S, 1974. "Social Security, Induced Retirement, and Aggregate Capital Accumulation," Journal of Political Economy, University of Chicago Press, vol. 82(5), pages 905-926, Sept./Oct.
    4. Diamond, P. A., 1977. "A framework for social security analysis," Journal of Public Economics, Elsevier, vol. 8(3), pages 275-298, December.
    5. Munnell, Alicia H, 1976. "Private Pensions and Saving: New Evidence," Journal of Political Economy, University of Chicago Press, vol. 84(5), pages 1013-1032, October.
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    Cited by:

    1. Feldstein, Martin, 1978. "Do private pensions increase national savings?," Journal of Public Economics, Elsevier, vol. 10(3), pages 277-293, December.
    2. Louis Dicks-Mireaux & Mervyn A. King, 1982. "Pension Wealth and Household Savings: Tests of Robustness," NBER Working Papers 0962, National Bureau of Economic Research, Inc.
    3. Michael J. Boskin, 1987. "Concepts and Measures of Federal Deficits and Debt and Their Impact on Economic Activity," NBER Working Papers 2332, National Bureau of Economic Research, Inc.
    4. B. Douglas Bernheim, 1984. "Life Cycle Annuity Valuation," NBER Working Papers 1511, National Bureau of Economic Research, Inc.
    5. Marc Robinson, 1983. "Social Security and Physical Capital: An Interpretation of the Evidence, Lessons and Outlook," UCLA Economics Working Papers 307, UCLA Department of Economics.
    6. R. Glenn Hubbard, 1984. "'Precautionary' Saving Revisited: Social Security, Individual Welfare, and the Capital Stock," NBER Working Papers 1430, National Bureau of Economic Research, Inc.
    7. Martin Feldstein, 1982. "The Welfare Cost of Social Security's Impact on Private Saving," NBER Working Papers 0969, National Bureau of Economic Research, Inc.
    8. Anthony J. Pellechio, 1978. "The Effect of Social Security on Retirement," NBER Working Papers 0260, National Bureau of Economic Research, Inc.

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