Pension wealth and household saving: Evidence from pension reforms in the United Kingdom

• 成果类型: Article
• 署名作者: Attanasio, OP; Rohwedder, S
• 署名单位: University of London; University College London; University of London; London School Economics & Political Science; RAND Corporation; University of London; University College London
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/000282803322655419
• 发表日期: 2003
• 页码: 1499-1521
• 关键词: Retirement

摘要

Using three major U.K. pension reforms as natural experiments we investigate the relationship between pension saving and discretionary private savings. Unlike most differences-in-differences approaches which rely on average differences between control and treatment group, we use economic theory to model the response of each individual household. The empirical analysis, based on the Family Expenditure Survey, uses both time-series and cross-sectional variation to identify the behavioral response. The earnings-related tier of the pension scheme is found to have a negative impact on private savings with relatively high substitution elasticities; the impact of the flat-rate tier is not significantly different from zero.