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Essays in Economics of Aging

出版	Ohio State University, 2011
URL	http://books.google.com.hk/books?id=J_RFAQAACAAJ&hl=&source=gbs_api

註釋Abstract: This dissertation has two chapters. In the first chapter, I exploit the 1983 Social Security (SS) reform in the United States, which increased the eligibility age for full SS benefits from 65 to 66, to provide new evidence on the crowd-out effects of public pensions on household savings. I use a difference-in-difference approach and an instrumental variable estimator to exploit the exogenous differences in SS wealth across different year-of-birth cohorts caused by the SS reform along with variation in lifetime earnings. I use SS earnings records and employer provided pension data to construct accurate measures of SS and private pension wealth. The estimates indicate that households accumulate 20-27 cents less in net worth per dollar increase in SS wealth. The results imply that a one year increase in the eligibility age for claiming full SS benefits, equivalent to a 6.67 percent cut in SS wealth, caused household savings to increase by 1.5 percent. I also use the quantile instrumental variable estimator to estimate the crowd-out effects of SS at different points of the wealth distribution. The results suggest zero crowd-out at or below the median, 16 to 43 percent crowd-out between the 70th and 90th percentiles, and dollar-for-dollar crowd-out at the top end of the wealth distribution.