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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| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge, Mass.
National Bureau of Economic Research
2000
|
| Series: | NBER working paper series
7739 |
| Subjects: | |
| Online Access: | Volltext |
| Summary: | 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. |
| Physical Description: | 44 S. graph. Darst. |
Staff View
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| id | DE-604.BV035027552 |
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| index_date | 2024-07-02T21:48:34Z |
| indexdate | 2024-07-09T21:20:32Z |
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| spelling | Abel, Andrew B. 1952- Verfasser (DE-588)124189334 aut The effects of investing social security funds in the stock market when fixed costs prevent some households from holding stocks Andrew B. Abel Cambridge, Mass. National Bureau of Economic Research 2000 44 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier NBER working paper series 7739 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. 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 Erscheint auch als Online-Ausgabe NBER working paper series 7739 (DE-604)BV002801238 7739 http://papers.nber.org/papers/w7739.pdf kostenfrei Volltext |
| 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_exact_search_txtP | 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 |
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