NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Social Security and Household Portfolio Allocation

R. Glenn Hubbard

NBER Working Paper No. 1361 (Also Reprint No. r0942)
Issued in December 1987
NBER Program(s):   ME

The entitlement to social security retirement benefits is a major component of aggregate household wealth. This paper focuses on the impact of social security annuities on household portfolio allocation, extending existing optimizing models of portfolio allocation to explicitly consider the role of social security. The model is implemented using cross-section data. The partial equilibrium impacts of changes in social security benefits on portfolio choice and composition are small but precisely measured. The general equilibrium impacts on asset markets of a social security policy change (focusing onlinks between social security and dynamic wealth accumulation and between social security benefits and private pension benefits) are generally much larger.

download in pdf format
   (299 K)

email paper

This paper is available as PDF (299 K) or via email.

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w1361

Published: Hubbard, R. Glenn. "Personal Taxation, Pension Wealth, and Portfolio Composition," Review of Economics and Statistics, vol. 67, No. 1, (Feb. 1985), pp . 53-60.

Users who downloaded this paper also downloaded these:
Poterba and Samwick w6185 Household Portfolio Allocation Over the Life Cycle
 
Publications
Activities
Meetings
NBER Videos
Data
People
About

Support
National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us