The Effect of Individual Retirement Accounts on Household Consumption and National Saving
研究个人退休账户（IRA）扩张是否增加国民储蓄，发现IRA资金主要来自已有储蓄而非减少消费，最多仅9%的IRA贡献是国民储蓄的净增加。
A major debate exists on whether expanding tax‐favoured savings accounts such as Individual Retirement Accounts (IRAs) will increase national savings. Much of the empirical debate has centred on whether IRA contributions before the Tax Reform Act of 1986 represented new savings or merely reshuffled assets. We find no evidence that households financed their IRA contributions from reductions in consumption, at least initially. We find evidence that households financed their IRA contributions from existing savings or from saving that would have been done anyway. Our results indicate that, at most, 9% of IRA contributions represented net additions to national saving.