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dc.contributor.authorLe Blanc, Juliaen_US
dc.contributor.authorScholl, Almuthen_US
dc.date.accessioned2012-01-27en_US
dc.date.accessioned2012-02-03T10:30:27Z-
dc.date.available2012-02-03T10:30:27Z-
dc.date.issued2011en_US
dc.identifier.isbn978-3-86558-775-6en_US
dc.identifier.urihttp://hdl.handle.net/10419/54985-
dc.description.abstractWe employ a life-cycle model with income risk to analyze how tax-deferred individual accounts affect households' savings for retirement. We consider voluntary accounts as opposed to mandatory accounts with minimum contribution rates. We contrast add-on accounts with carve-out accounts that partly replace social security contributions. Quantitative results suggest that making add-on accounts mandatory has adverse welfare effects across income groups. Carve-out accounts generate welfare gains for high and middle income earners but welfare losses for low income earners. In the presence of rare stock market disasters, individual accounts with default portfolio allocation crowd out direct stockholding and substantially reduce welfare.en_US
dc.language.isoengen_US
dc.publisherDt. Bundesbank Frankfurt, M.en_US
dc.relation.ispartofseriesDiscussion Paper Series 1: Economic Studies 2011,33en_US
dc.subject.jelE21en_US
dc.subject.jelH55en_US
dc.subject.jelG11en_US
dc.subject.ddc330en_US
dc.subject.keywordindividual retirement accountsen_US
dc.subject.keywordhousehold portfolio choiceen_US
dc.subject.keywordconsumption and saving over the life-cycleen_US
dc.subject.stwAlterssicherungen_US
dc.subject.stwSparenen_US
dc.subject.stwLebenszyklusen_US
dc.subject.stwSteuerbeg├╝nstigungen_US
dc.subject.stwAnlageverhaltenen_US
dc.subject.stwPortfolio-Managementen_US
dc.subject.stwTheorieen_US
dc.titleOptimal savings for retirement: The role of individual accounts and disaster expectationsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn684345315en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:bubdp1:201133-
Appears in Collections:Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank

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