The Illusory Effects of Saving Incentives on Saving
评估了基于税收的储蓄激励（如IRA和401(k)）对储蓄的影响，指出先前研究因忽略家庭储蓄偏好差异、债务与非金融资产互动、税前与税后账户差异等因素，高估了激励效果，实际上这些激励对提高储蓄几乎没有作用。
The authors evaluate research on how tax-based saving incentives (IRAs and 401(k)s) affect saving. Previous research overstates the impact of the incentives on saving by failing to account for several issues: households with saving incentives have stronger tastes for saving than others; saving incentives have interacted with debt, nonfinancial assets, financial markets, and pensions; and saving incentives represent pretax balances, whereas taxable accounts represent posttax balances. Accounting for these issues essentially eliminates the impact of saving incentives on saving. The authors conclude that little if any of the contributions to existing saving incentives have raised saving.