Have Iras Increased U. S. Saving?: Evidence From Consumer Expenditure Surveys
基于消费者支出调查数据，分析个人退休账户（IRA）缴款与其他金融资产储蓄的关系，发现IRA缴款几乎全部是新增储蓄，而非替代其他储蓄。
The vast majority of Individual Retirement Account contributions represent net new saving, based on evidence from the quarterly Consumer Expenditure Surveys (CES). The results are based on analysis of the relationship between IRA contributions and other financial asset saving. The data show almost no substitution of IRAs for other saving. Estimates are based on a flexible constrained optimization model, with the IRA limit the principal constraint. The implications of this model for saving in the absence of the IRA option match very closely the actual non-IRA financial asset saving behavior prior to 1982. IRA saving does not show up as other financial asset saving in the pre-IRA period.