Pension Wealth and Household Saving: Evidence from Pension Reforms in the United Kingdom
利用英国三次养老金改革作为自然实验，研究养老金储蓄与私人储蓄之间的关系，发现与收入挂钩的养老金部分对私人储蓄有显著的替代效应，而固定费率部分的影响不显著。
Using three major U.K. pension reforms as natural experiments we investigate the relationship between pension saving and discretionary private savings. Unlike most differences-in-differences approaches which rely on average differences between control and treatment group, we use economic theory to model the response of each individual household. The empirical analysis, based on the Family Expenditure Survey, uses both time-series and cross-sectional variation to identify the behavioral response. The earnings-related tier of the pension scheme is found to have a negative impact on private savings with relatively high substitution elasticities; the impact of the flat-rate tier is not significantly different from zero.