Does 401(k) eligibility increase saving? Evidence from propensity score subclassification

• 成果类型: Article
• 署名作者: Benjamin, DJ
• 署名单位: Harvard University
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/S0047-2727(01)00167-0
• 发表日期: 2003
• 页码: 1259-1290
• 关键词: saving; retirement; propensity score

摘要

By comparing 401(k) eligible and ineligible households' wealth, this paper estimates that, on average, about one half of 401(k) balances represent new private savings, and about one quarter of 401(k) balances represent new national savings. Responses to eligibility vary considerably, however, with households who normally save the most largely contributing funds they would have saved anyway. This paper improves on previous research by: (1) employing propensity score subclassification to control more completely for observed household characteristics, (2) controlling for more household characteristics, including several correlated with unobserved savings preferences, and (3) adjusting the observed measure of households' wealth to reduce measurement error. (C) 2001 Elsevier Science B.V. All rights reserved.