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IRAs and household saving

Author

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  • Gale, W.G.

    (Tilburg University, Center For Economic Research)

  • Scholtz, J.K.

    (Tilburg University, Center For Economic Research)

Abstract

This paper examines the effects of Individual Retirement Accounts (IRAs) on private and national saving. The authors construct a formal model of dynamic utility maximization that generates closed-form equations for IRA and other saving. Their empirical estimates indicate that raising the annual IRA contribution limit between 1983 and 1986 would have resulted in little, if any, increase in national saving. Results from sensitivity analysis imply substantially smaller effects on national saving than most previous researchers have estimated. The authors' results are consistent with new evidence they present indicating considerable potential among IRA holders to shift taxable forms of saving into IRAs. Copyright 1994 by American Economic Association.
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Suggested Citation

  • Gale, W.G. & Scholtz, J.K., 1992. "IRAs and household saving," Discussion Paper 1992-44, Tilburg University, Center for Economic Research.
  • Handle: RePEc:tiu:tiucen:f06f2f0d-ac9d-4528-84a3-f4494e5f441b
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    References listed on IDEAS

    as
    1. Bernheim, B Douglas, 1991. "How Strong Are Bequest Motives? Evidence Based on Estimates of the Demand for Life Insurance and Annuities," Journal of Political Economy, University of Chicago Press, vol. 99(5), pages 899-927, October.
    2. Stapleton, David C & Young, Douglas J, 1984. "Censored Normal Regression with Measurement Error on the Dependent Variable," Econometrica, Econometric Society, vol. 52(3), pages 737-760, May.
    3. Christian, Charles W. & Frischmann, Peter J., 1989. "Attrition in the Statistics of Income Panel of Individual Returns," National Tax Journal, National Tax Association, vol. 42(4), pages 495-501, December.
    4. Avery, Robert B & Elliehausen, Gregory E & Kennickell, Arthur B, 1988. "Measuring Wealth with Survey Data: An Evaluation of the 1983 Survey of Consumer Finances," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 34(4), pages 339-369, December.
    5. Steven F. Venti & David A. Wise, 1986. "Tax-Deferred Accounts, Constrained Choice and Estimation of Individual Saving," Review of Economic Studies, Oxford University Press, vol. 53(4), pages 579-601.
    6. Robert B. Avery & Gregory E. Elliehausen & Glenn B. Canner & Thomas A. Gustafson, 1984. "Survey of consumer finances, 1983: a second report," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Dec, pages 857-868.
    7. Christian, Charles W. & Frischmann, Peter J., 1989. "Attrition in the Statistics of Income Panel of Individual Returns," National Tax Journal, National Tax Association;National Tax Journal, vol. 42(4), pages 495-501, December.
    8. Jane G. Gravelle, 1991. "Do Individual Retirement Accounts Increase Savings?," Journal of Economic Perspectives, American Economic Association, vol. 5(2), pages 133-148, Spring.
    9. Robert B. Avery & Gregory E. Elliehausen & Glenn B. Canner & Thomas A. Gustafson, 1984. "Survey of consumer finances, 1983," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Sep, pages 679-692.
    10. Kotlikoff, Laurence J., 1990. "The Crisis in U.S. Saving and Proposals to Address the Crisis," National Tax Journal, National Tax Association, vol. 43(3), pages 233-46, September.
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    Keywords

    Social Security; National Savings;

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