The effects of investing social security funds in the stock market when fixed costs prevent some households from holding stocks

American Economic Review

Volumn 91, Issue 1, 2001, Pages 128-148

  Abel, Andrew B ^a  

^a UNIVERSITY OF PENNSYLVANIA   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0039782101     PISSN: 00028282     EISSN: None     Source Type: Journal    
DOI: 10.1257/aer.91.1.128     Document Type: Article

References (8)

1. Abel, Andrew B. "The Social Security Trust Fund, the Riskless Interest Rate, and Capital Accumulation." National Bureau of Economic Research (Cambridge, MA) Working Paper No. 6991, March 1999; in John Campbell and Martin Feldstein, eds., Risk aspects of investment-based social security reform, 2001 (forthcoming).
2. Ameriks, John and Zeldes, Stephen P. "How Do Household Portfolio Shares Vary with Age?" Unpublished manuscript, Columbia University, January 2000.
3. Barro, Robert J. and Sala-i-Martin, Xavier. Economic growth. New York: McGraw-Hill, 1995.
4. Ceechetti, Stephen G.; Lam, Pok-sang and Mark, Nelson C. "The Equity Premium and the Risk-Free Rate: Matching the Moments." Journal of Monetary Economics, February 1993, 31(1), pp. 21-45.
5. Diamond, Peter and Geanakoplos, John. "Social Security Investment in Equities I: Linear Case." National Bureau of Economic Research (Cambridge, MA) Working Paper No. 7103, April 1999.
6. Mankiw, N. Gregory and Zeldes, Stephen P. "The Consumption of Stockholders and Nonstockholders." Journal of Financial Economics, March 1991, 29(1), pp. 97-112.
7. Mehra, Rajnish and Prescott, Edward C. "The Equity Premium: A Puzzle." Journal of Financial Economics, March 1985, 15(2), pp. 145-61.
8. 1999 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds. Washington, DC: Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds, 1999.