The effects of investing social security funds in the stock market when fixed costs prevent some households from holding stocks
With fixed costs of participating in the stock market, consumers with high income will participate in the stock market, but consumers with lower income will not participate. If a fully-funded defined-contribution social security system tries to exploit the equity premium by selling a dollar of bonds...
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| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2000
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| Schriftenreihe: | NBER working paper series
7739 |
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MARC
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| 520 | |a With fixed costs of participating in the stock market, consumers with high income will participate in the stock market, but consumers with lower income will not participate. If a fully-funded defined-contribution social security system tries to exploit the equity premium by selling a dollar of bonds per capita and buying a dollar of equity per capita, consumers who save but do not participate in the stock market will increase their consumption, thereby reducing saving and capital accumulation. Calibration of a general equilibrium model indicates that this policy could reduce the aggregate capital stock substantially, by about 50 cents per capita. | ||
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| geographic | USA |
| geographic_facet | USA |
| id | DE-604.BV035027552 |
| illustrated | Illustrated |
| indexdate | 2025-02-03T17:14:18Z |
| institution | BVB |
| language | English |
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| physical | 44 S. graph. Darst. |
| publishDate | 2000 |
| publishDateSearch | 2000 |
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| publisher | National Bureau of Economic Research |
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| series | NBER working paper series |
| series2 | NBER working paper series |
| spellingShingle | Abel, Andrew B. 1952- The effects of investing social security funds in the stock market when fixed costs prevent some households from holding stocks NBER working paper series Soziale Sicherheit Ökonometrisches Modell Pension trusts United States Investments Econometric models Saving and investment United States Econometric models Social security United States Finance Econometric models |
| title | The effects of investing social security funds in the stock market when fixed costs prevent some households from holding stocks |
| title_auth | The effects of investing social security funds in the stock market when fixed costs prevent some households from holding stocks |
| title_exact_search | The effects of investing social security funds in the stock market when fixed costs prevent some households from holding stocks |
| title_full | The effects of investing social security funds in the stock market when fixed costs prevent some households from holding stocks Andrew B. Abel |
| title_fullStr | The effects of investing social security funds in the stock market when fixed costs prevent some households from holding stocks Andrew B. Abel |
| title_full_unstemmed | The effects of investing social security funds in the stock market when fixed costs prevent some households from holding stocks Andrew B. Abel |
| title_short | The effects of investing social security funds in the stock market when fixed costs prevent some households from holding stocks |
| title_sort | the effects of investing social security funds in the stock market when fixed costs prevent some households from holding stocks |
| topic | Soziale Sicherheit Ökonometrisches Modell Pension trusts United States Investments Econometric models Saving and investment United States Econometric models Social security United States Finance Econometric models |
| topic_facet | Soziale Sicherheit Ökonometrisches Modell Pension trusts United States Investments Econometric models Saving and investment United States Econometric models Social security United States Finance Econometric models USA |
| url | http://papers.nber.org/papers/w7739.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT abelandrewb theeffectsofinvestingsocialsecurityfundsinthestockmarketwhenfixedcostspreventsomehouseholdsfromholdingstocks |