Social Security Wealth and Wealth Accumulation: Further Microeconomic Evidence
实证分析社会保障财富对家庭财富积累的影响，发现Feldstein和Pellechio的结论不稳健：排除农民样本后影响消失，且改用不同年份收入数据计算时结果显著变化。
This study involves an empirical analysis of the effect of social security wealth on wealth accumulation. My analysis takes as its point of departure a study by Feldstein and Pellechio on this subject. Their study used the same data source as analysed in this paper. Feldstein and Pellechio found strong support for the notion that increases in social security wealth caused families to reduce their wealth accumulation. My resuts indicate the strong conclusions reached by Feldstein and Pellechio are not robust. In particular, first, when I excluded a group, of farmers from our sample increases in social security wealth did not result in families reducing their wealth accumulation. Second, Feldstein and Pellechio calculated social security wealth using income measures from a single year. When I applied their methodlogy to income measures from a different year results were markedly affected.