Longevity and Life‐cycle Savings*
将健康和长寿引入标准生命周期储蓄模型，发现寿命延长会提高各年龄段储蓄率，且跨国面板数据支持这一效应。
Abstract We add health and longevity to a standard model of life‐cycle saving and show that, under plausible assumptions, increases in life expectancy lead to higher savings rates at every age, even when retirement is endogenous. In a stationary population these higher savings rates are offset by increased old age dependency, but during the disequilibrium phase, when longevity is rising, the effect on aggregate savings rates can be substantial. We find empirical support for this effect using a cross‐country panel of national savings rates.