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Precautionary Saving and Old-Age Pensions

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    A precautionary saving model is extended to include old-age pensions and provides the framework for an empirical analysis of the relation between old-age pensions and private consumption. Norwegian macro-data for socioeconomic groups of households are used to estimate consumption functions for workers and pensioners. We find no effects from various approximations of expected pension-income to consumption for workers, but results indicate some influence from labour-income uncertainty. Income elasticities are found to differ considerably between the two groups of households. Implications for effects on aggregate saving from pension policies and of ageing populations are discussed.

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    File URL: http://www.ssb.no/a/publikasjoner/pdf/DP/dp_108.pdf
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    Paper provided by Research Department of Statistics Norway in its series Discussion Papers with number 108.

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    Date of creation: Feb 1994
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    Handle: RePEc:ssb:dispap:108
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