NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Do Private Pensions Increase National Saving?

Martin Feldstein

NBER Working Paper No. 186 (Also Reprint No. r0029)
Issued in 1980
NBER Program(s):   PE

This paper discusses how private pension programs differ from public social security in their likely impact on aggregate saving. Although private pensions are likely to reduce direct saving by employees, this should be offset by the combination of companies' partial funding and the shareholders response to unfunded liabilities. In contrast to several earlier empirical studies that implied that social security does depress national saving, the current time series evidence suggests that the growth of private pensions has not had an adverse effect on saving and may have increased saving by a small amount.

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Published: Feldstein, Martin. "Do Private Pensions Increase National Saving?" Journal of Public Economics, Vol. 10, No. 3, (December 1978), pp. 277-293.

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