Saving, Pension Contributions, and the Real Interest Rate
A test of the hypothesis that estimates of the interest elasticity of personal and private saving may be biased downward by a failure to control for behavior related to defined benefit pension programs fails to reject existence of a positive interest elasticity of private saving. Correcting for pens...
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Veröffentlicht in: | The review of economics and statistics 1989-08, Vol.71 (3), p.401-407 |
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Hauptverfasser: | , |
Format: | Artikel |
Sprache: | eng |
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Online-Zugang: | Volltext |
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Zusammenfassung: | A test of the hypothesis that estimates of the interest elasticity of personal and private saving may be biased downward by a failure to control for behavior related to defined benefit pension programs fails to reject existence of a positive interest elasticity of private saving. Correcting for pension funding bias, the estimated interest elasticity of private saving is 0.04, well below Boskin's (1978) estimate of 0.4 obtained with a different data set and different estimation procedures. The estimated interest elastivity of personal saving is 0.28. |
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ISSN: | 0034-6535 1530-9142 |
DOI: | 10.2307/1926896 |