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IRAS and Household Saving

Author

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  • Gale, W.G.
  • scholz, J.K.
Abstract
This paper examines the effects of Individual Retirement Accounts (IRAs) on private and national saving. The authors construct a formal model of dynamic utility maximization that generates closed-form equations for IRA and other saving. Their empirical estimates indicate that raising the annual IRA contribution limit between 1983 and 1986 would have resulted in little, if any, increase in national saving. Results from sensitivity analysis imply substantially smaller effects on national saving than most previous researchers have estimated. The authors' results are consistent with new evidence they present indicating considerable potential among IRA holders to shift taxable forms of saving into IRAs. Copyright 1994 by American Economic Association.
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Suggested Citation

  • Gale, W.G. & scholz, J.K., 1992. "IRAS and Household Saving," Papers 9244, Tilburg - Center for Economic Research.
    • Handle: RePEc:fth:tilbur:9244
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    References listed on IDEAS

    as
    1. Daniel Feenberg & Jonathan Skinner, 1989. "Sources of IRA Saving," NBER Chapters, in: Tax Policy and the Economy, Volume 3, pages 25-46, National Bureau of Economic Research, Inc.
    2. Thaler, Richard H, 1990. "Saving, Fungibility, and Mental Accounts," Journal of Economic Perspectives, American Economic Association, vol. 4(1), pages 193-205, Winter.
    3. Bernheim, B Douglas, 1991. "How Strong Are Bequest Motives? Evidence Based on Estimates of the Demand for Life Insurance and Annuities," Journal of Political Economy, University of Chicago Press, vol. 99(5), pages 899-927, October.
    4. Stapleton, David C & Young, Douglas J, 1984. "Censored Normal Regression with Measurement Error on the Dependent Variable," Econometrica, Econometric Society, vol. 52(3), pages 737-760, May.
    5. Martin S. Feldstein & Daniel R. Feenberg, 1983. "Alternative Tax Rules and Personal Saving Incentives: Microeconomic Data and Behavioral Simulations," NBER Chapters, in: Behavioral Simulation Methods in Tax Policy Analysis, pages 173-210, National Bureau of Economic Research, Inc.
    6. Kotlikoff, Laurence J., 1990. "The Crisis in U.S. Saving and Proposals to Address the Crisis," National Tax Journal, National Tax Association;National Tax Journal, vol. 43(3), pages 233-246, September.
    7. Christian, Charles W. & Frischmann, Peter J., 1989. "Attrition in the Statistics of Income Panel of Individual Returns," National Tax Journal, National Tax Association, vol. 42(4), pages 495-501, December.
    8. Jonathan Skinner & Daniel Feenberg, 1990. "The Impact of the 1986 Tax Reform Act on Personal Saving," NBER Working Papers 3257, National Bureau of Economic Research, Inc.
    9. repec:bla:revinw:v:34:y:1988:i:4:p:339-69 is not listed on IDEAS
    10. Menchik, Paul L & David, Martin, 1983. "Income Distribution, Lifetime Savings, and Bequests," American Economic Review, American Economic Association, vol. 73(4), pages 672-690, September.
    11. Martin Feldstein, 1995. "The Effects of Tax-Based Saving Incentives on Government Revenue and National Saving," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 110(2), pages 475-494.
    12. Steven F. Venti & David A. Wise, 1986. "Tax-Deferred Accounts, Constrained Choice and Estimation of Individual Saving," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 53(4), pages 579-601.
    13. Robert B. Avery & Glenn B. Canner & Gregory E. Elliehausen & Thomas A. Gustafson, 1984. "Survey of consumer finances, 1983: a second report," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Dec, pages 857-868.
    14. Hurd, Michael D, 1989. "Mortality Risk and Bequests," Econometrica, Econometric Society, vol. 57(4), pages 779-813, July.
    15. Martin Feldstein, 1983. "Behavioral Simulation Methods in Tax Policy Analysis," NBER Books, National Bureau of Economic Research, Inc, number feld83-2.
    16. Robert B. Avery & Gregory E. Elliehausen & Arthur B. Kennickell, 1988. "Measuring Wealth With Survey Data: An Evaluation Of The 1983 Survey Of Consumer Finances," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 34(4), pages 339-369, December.
    17. Christian, Charles W. & Frischmann, Peter J., 1989. "Attrition in the Statistics of Income Panel of Individual Returns," National Tax Journal, National Tax Association;National Tax Journal, vol. 42(4), pages 495-501, December.
    18. Jane G. Gravelle, 1991. "Do Individual Retirement Accounts Increase Savings?," Journal of Economic Perspectives, American Economic Association, vol. 5(2), pages 133-148, Spring.
    19. Burman, Leonard E. & Cordes, Joseph J. & Ozanne, Larry, 1990. "IRAs and National Savings," National Tax Journal, National Tax Association;National Tax Journal, vol. 43(3), pages 259-283, September.
    20. Robert B. Avery & Glenn B. Canner & Gregory E. Elliehausen & Thomas A. Gustafson, 1984. "Survey of consumer finances, 1983," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Sep, pages 679-692.
    21. Menchik, Paul L. & Weisbrod, Burton A., 1987. "Volunteer labor supply," Journal of Public Economics, Elsevier, vol. 32(2), pages 159-183, March.
    22. Kotlikoff, Laurence J., 1990. "The Crisis in U.S. Saving and Proposals to Address the Crisis," National Tax Journal, National Tax Association, vol. 43(3), pages 233-46, September.
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    Keywords

    savings ; economic models;

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