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Social Security and Household Wealth Accumulation: New Microeconomic Evidence

  • Martin Feldstein
  • Anthony J. Pellechio

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.

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File URL: http://www.nber.org/papers/w0206.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 0206.

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Date of creation: May 1980
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Publication status: published as Feldstein, Martin S. and Pellechio, Anthony. "Social Security and Household Wealth Accumulation: New Microeconomic Evidence." The Review of Economics and Statistics, Vol. LXI, No. 3, (August 1979), pp. 361-368.
Handle: RePEc:nbr:nberwo:0206
Note: PE
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  1. Munnell, Alicia H, 1976. "Private Pensions and Saving: New Evidence," Journal of Political Economy, University of Chicago Press, vol. 84(5), pages 1013-32, October.
  2. Diamond, P. A., 1977. "A framework for social security analysis," Journal of Public Economics, Elsevier, vol. 8(3), pages 275-298, December.
  3. Barro, Robert J., 1974. "Are Government Bonds Net Wealth?," Scholarly Articles 3451399, Harvard University Department of Economics.
  4. 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.
  5. 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.
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