Uncertain Pension Income and Household Saving
利用荷兰家庭调查数据，研究发现养老金收入的不确定性会显著增加家庭储蓄，而忽略不确定性会低估养老金对私人储蓄的替代效应。
Abstract This paper investigates the relationship between household saving and pensions, and estimates both the displacement effect of pensions on private saving and the precautionary saving effect due to uncertainty in pension income. I estimate the savings equation implied by a simple life‐cycle model featuring income uncertainty using survey data for Dutch households, with subjective expectations on pension benefits and uncertainty. Exploiting exogenous variation due to pension fund performance, I find that households save significantly more due to uncertainty in pension income. Not controlling for uncertainty biases the estimated displacement effect of pensions on private savings towards zero.