Discussion Papers no. 108
Precautionary saving and old-age pensions
A precautionary saving model is extended to include old-age pensions and provides the framework for an empirical analysis of the relation between old-age pensions and private consumption. Norwegian macro-data for socioeconomic groups of households are used to estimate consumption functions for workers and pensioners. We find no effects from various approximations of expected pension-income to consumption for workers, but results indicate some influence from labour-income uncertainty. Income elasticities are found to differ considerably between the two groups of households. Implications for effects on aggregate saving from pension policies and of ageing populations are discussed.
Om publikasjonen
- Tittel
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Precautionary saving and old-age pensions
- Ansvarlig
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Knut A. Magnussen
- Serie og -nummer
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Discussion Papers no. 108
- Utgiver
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Statistics Norway, Research Department
- Emne
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Discussion Papers
- Antall sider
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38
- Målform
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Engelsk
- Om Discussion Papers
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Discussion papers comprise research papers intended for international journals and books. A preprint of a Discussion Paper may be longer and more elaborate than a standard journal article as it may include intermediate calculations, background material etc.
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