Should America Save for its Old Age? Fiscal Policy, Population Aging, and National Saving
研究了美国人口老龄化是否应增加国民储蓄，发现老龄化对最优储蓄的影响很小，甚至可能无需增加储蓄，未来世代可承担大部分老龄化负担。
We examine whether the aging of the U.S. population adds force to traditional arguments for boosting national saving and conclude--perhaps surprisingly--that it may not. Aging boosts the demands on future resources, but it also changes the rate of return the U.S. economy can expect from saving. We find that the net effect on desired saving is small: some specifications imply that present consumption should fall by a fraction of 1 percent; others imply that consumption should actually increase. Thus, it is optimal to allow future cohorts to bear much/all of the burden of population aging.