Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/192092 
Year of Publication: 
1994
Series/Report no.: 
Discussion Papers No. 108
Publisher: 
Statistics Norway, Research Department, Oslo
Abstract: 
A precautionary saving model is extended to include old-age pensions and provides the framework for an empirical analysis of the relation between old-age pensions and private consumption. Norwegian macro-data for socioeconomic groups of households are used to estimate consumption functions for workers and pensioners. We find no effects from various approximations of expected pension-income to consumption for workers, but results indicate some influence from labour-income uncertainty. Income elasticities are found to differ considerably between the two groups of households. Implications for effects on aggregate saving from pension policies and of ageing populations are discussed.
JEL: 
D91
E21
H55
Document Type: 
Working Paper
Document Version: 
Digitized Version

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