The Effect of Tax-Favored Retirement Accounts on Capital Accumulation

American Economic Review

Volumn 88, Issue 4, 1998, Pages 749-768

  Imrohoroǧlu, Ayşe ^a,b   Imrohoroǧlu, Selahattin ^a,b   Joines, Douglas H ^a  

^a UNIVERSITY OF SOUTHERN CALIFORNIA   (United States)

^b KOÇ UNIVERSITY   (Turkey)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0009282446     PISSN: 00028282     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article

References (43)

1. Attanasio, Orazio P. and DeLeire, Thomas C. "IRA's and Household Saving Revisited: Some New Evidence." Working paper, Stanford University, 1994.
2. Auerbach, Alan J. and Kotlikoff, Laurence J. Dynamic fiscal policy. New York: Cambridge University Press, 1987.
3. Benninga, Simon and Protopapadakis, Aris. "Leverage, Time Preference, and the Equity Premium Puzzle." Journal of Monetary Economics, January 1990, 25(1), pp. 49-58.
4. Bernheim, B. Douglas and Scholz, John Karl. "Private Saving and Public Policy." National Bureau of Economic Research (Cambridge, MA) Working Paper No. 4215, November 1992.
5. Cooley, Thomas F. and Prescott, Edward C. "Economic Growth and Business Cycles," in Thomas F. Cooley, ed., Frontiers of business cycle research. Princeton, NJ: Princeton University Press, 1995, pp. 1-38.
6. Davies, James B. "Uncertain Lifetime, Consumption and Dissaving in Retirement." Journal of Political Economy, June 1981, 86(3), pp. 561-77.
7. Deaton, Angus. "Saving and Liquidity Constraints." Econometrica, September 1991, 59(5), pp. 1221-48.
8. Diaz-Gimenez, Javier and Prescott, Edward C. "Liquidity Constraints in Economies with Aggregate Fluctuations: A Quantitative Exploration." Research Department Staff Report No. 149, Federal Reserve Bank of Minneapolis, 1992.
9. Engen, Eric M. and Gale, William G. "IRAs and Saving in a Stochastic Life-Cycle Model." Unpublished manuscript, University of California, Los Angeles, 1993.
10. Engen, Eric M.; Gale, William G. and Scholz, John Karl. "Do Saving Incentives Work?" Brookings Papers on Economic Activity, 1994, (1), pp. 85-151.
11. Faber, Joseph F. "Life Tables for the United States: 1900-2050." Actuarial Study No. 87, U.S. Department of Health and Human Services, Social Security Administration, Washington, DC, 1982.
12. Feldstein, Martin. "Incidence of a Capital Income Tax in a Growing Economy with Variable Savings Rates." Review of Economic Studies, October 1974a, 41(4), pp. 505-23.
13. _. "Tax Incidence in a Growing Economy with Variable Factor Supply." Quarterly Journal of Economics, November 1974b, 88(4), pp. 551-73.
14. Feldstein, Martin and Horioka, Charles. "Domestic Saving and International Capital Flows." Economic Journal, June 1980, 90(358), pp. 314-29.
15. Gale, William G. and Scholz, John Karl. "IRAs and Household Saving." American Economic Review, December 1994, 84(5), pp. 1233-60.
16. Gravelle, Jane G. "Do Individual Retirement Accounts Increase Savings?" Journal of Economic Perspectives, April 1991, 5(2), pp. 133-48.
17. Hall, Robert E. "Intertemporal Substitution in Consumption." Journal of Political Economy, April 1988, 96(2), pp. 339-57.
18. Hansen, Gary D. and İmrohoroglu, Ayse. "The Role of Unemployment Insurance in an Economy with Liquidity Constraints and Moral Hazard." Journal of Political Economy, January 1992, 100(1), pp. 118-42.
19. Hansen, Lars P. and Singleton, Kenneth J. "Stochastic Consumption, Risk Aversion, and the Temporal Behavior of Asset Returns." Journal of Political Economy, April 1983, 91(2), pp. 249-65.
20. Hotz, Joseph V.; Kydland, Finn E. and Sedlacek, Guilherme L. "Intertemporal Preferences and Labor Supply." Econometrica, March 1988, 56(2), pp. 335-60.
21. Hubbard, Glenn R. and Judd, Kenneth L. "Social Security and Individual Welfare: Precautionary Saving, Liquidity Constraints, and the Payroll Tax." American Economic Review, September 1987, 77(4), pp. 660-46.
22. Hubbard, R. Glenn and Skinner, Jonathan S. "Assessing the Effectiveness of Saving Incentives." Journal of Economic Perspectives, Fall 1996, 10(4), pp. 73-90.
23. Huggett, Mark. "The Risk-Free Rate in Heterogenous-Agent Incomplete-Insurance Economies." Journal of Economic Dynamics and Control, September-November 1993, 17(5-6), pp. 953-69.
24. Hurd, Michael D. "Mortality Risk and Bequests." Econometrica, July 1989, 57(4), pp. 779-813.
25. İmrohoroǧlu, Ayşe. "Cost of Business Cycles with Indivisibilities and Liquidity Constraints." Journal of Political Economy, December 1989, 97(6), pp. 1364-83.
26. İmrohoroǧlu, Ayşe; İmrohoroǧlu Selahattin and Joines, Douglas H. "A Numerical Algorithm for Solving Models with Incomplete Markets." International Journal of Supercomputer Applications, Fall 1993, 7(3), pp. 212-30.
27. _. "A Life Cycle Analysis of Social Security." Economic Theory, June 1995, 6(1), pp. 83-114.
28. İmrohoroǧlu, Selahattin. "A Quantitative Analysis of Capital Income Taxation." International Economic Review, May 1998, 39(2), pp. 307-28.
29. Joines, Douglas H. and Manegold, James G. "IRAs and Saving: Evidence from a Panel of Taxpayers." Unpublished manuscript, University of Southern California, Los Angeles, 1995.
30. Kocherlakota, Narayana. "On the Discount Factor in Growth Economies." Journal of Monetary Economics, January 1990, 25(1), pp. 43-47.
31. Kotlikoff, Laurence J. "The Crisis in U.S. Saving and Proposals to Address the Crisis." National Tax Journal, September 1990, 43(3), pp. 233-46.
32. McCallum, Bennett T. "Are Bond-Financed Deficits Inflationary? A Ricardian Analysis." Journal of Political Economy, February 1984, 92(1), pp. 123-35.
33. Mehra, Rajnish and Prescott, Edward C. "The Equity Premium." Journal of Monetary Economics, March 1985, 15(2), pp. 145-61.
34. Poterba, James M.; Venti, Steven F. and Wise, David A. "Do 401 (k) Contributions Crowd Out Other Personal Saving?" Journal of Public Economics, September 1995, 58(1), pp. 1-32.
35. Prescott, Edward C. "Theory Ahead of Business Cycle Measurement." Federal Reserve Bank of Minneapolis Quarterly Review, Fall 1986, 10(3), pp. 9-22.
36. Ríos-Rull, José-Victor. "Models with Heterogeneous Agents," in Thomas F. Cooley, ed., Frontiers of business cycle research. Princeton, NJ: Princeton University Press, 1995, pp. 98-125.
37. _. "Life Cycle Economies and Aggregate Fluctuations." Review of Economic Studies, July 1996, 63(3), pp. 465-89.
38. Sargent, Thomas J. Dynamic macroeconomic theory. Cambridge, MA: Harvard University Press, 1987.
39. U.S. Bureau of the Census, Department of Commerce. "Money Income of Households, Families, and Persons in the United States, 1990." Current Population Reports, August 1991, Series P-60 (174), Table 30.
40. Venti, Steven F. and Wise, David A. "Tax-Deferred Accounts, Constrained Choice and Estimation of Individual Saving." Review of Economic Studies, August 1986, 53 (175), pp. 579-601.
41. _. "IRAs and Saving," in Martin Feldstein, ed., The effects of taxes on capital accumulation. Chicago: University of Chicago Press, 1987, pp. 7-48.
42. _. "Have IRAs Increased U.S. Saving? Evidence from Consumer Expenditure Surveys." Quarterly Journal of Economics August 1990, 105(3), pp. 661-98.
43. _. "The Saving Effect of Tax-Deferred Retirement Accounts: Evidence from SIPP," in B. Douglas Bernheim and John B. Shoven, eds., National saving and economic performance. Chicago: University of Chicago Press, 1991, pp. 103-28.