Pensions and Household Wealth Accumulation
利用1992年健康与退休研究数据，通过工具变量法估计养老金财富对非养老金财富的挤出效应，发现每1美元养老金财富导致非养老金财富减少53-67美分，且效应集中在财富分布的上分位数。
Abstract Economists have long suggested that higher private pension benefits “crowd out” other sources of household wealth accumulation. We exploit detailed information on pensions and lifetime earnings for older workers in the 1992 wave of the Health and Retirement Study and employ an instrumental-variable (IV) identification strategy to estimate crowd-out. The IV estimates suggest statistically significant crowd-out: each dollar of pension wealth is associated with a 53–67 cent decline in nonpension wealth. With less precision, we use an instrumental-variable quantile regression estimator and find that most of the effect is concentrated in the upper quantiles of the wealth distribution.