Journal article
Pensions and Household Wealth Accumulation
The Journal of human resources, Vol.46(1), pp.203-236
01/2011
DOI: 10.3368/jhr.46.1.203
Abstract
Economists have long suggested that higher private pension benefits “crowd out” other sources of household wealth accumulation. We exploit detailed information on pensions and lifetime earnings for older workers in the 1992 wave of the Health and Retirement Study and employ an instrumental-variable (IV) identification strategy to estimate crowd-out. The IV estimates suggest statistically significant crowd-out: each dollar of pension wealth is associated with a 53–67 cent decline in nonpension wealth. With less precision, we use an instrumental-variable quantile regression estimator and find that most of the effect is concentrated in the upper quantiles of the wealth distribution.
Details
- Title: Subtitle
- Pensions and Household Wealth Accumulation
- Creators
- Gary V. EngelhardtAnil Kumar
- Resource Type
- Journal article
- Publication Details
- The Journal of human resources, Vol.46(1), pp.203-236
- DOI
- 10.3368/jhr.46.1.203
- ISSN
- 0022-166X
- eISSN
- 1548-8004
- Language
- English
- Date published
- 01/2011
- Academic Unit
- Economics
- Record Identifier
- 9984618636202771
Metrics
1 Record Views