Assessing the Effectiveness of Saving Incentives
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NBER Working Paper No. 5686 (Also Reprint No. r2105)
Issued in February 1997
NBER Program(s): PE
In this paper, we argue that there is more to be learned from recent research on the effectiveness of targeted saving incentives than is suggested by the wide variation in empirical estimates. First, we conclude that characterizations of saving appear to stimulate moderate amounts of new saving. Second, we suggest a cost-benefit approach to ask: What is the incremental gain in capital accumulation per dollar of foregone revenue? We find that for quite conservative measures of the saving impacts of IRAs or 401(k)s, the incremental gains in capital accumulation per dollar of lost revenue are large
Published: Journal of Economic Perspectives, vol. 10, no. 4, pp. 73-90, Fall 1996.
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