TY  - JOUR
AU  - Feldstein,Martin
TI  - Do Private Pensions Increase National Saving?
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 186
PY  - 1980
Y2  - 1980
UR  - http://www.nber.org/papers/w0186
L1  - http://www.nber.org/papers/w0186.pdf
N1  - Author contact info:
Martin S. Feldstein
President Emeritus
NBER
1050 Massachusetts Avenue
Cambridge, MA  02138-5398
Tel: 617/868-3905
Fax: 617/868-7194
E-Mail: msfeldst@nber.org
AB  - 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.
ER  -