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dc.contributor.authorLe Blanc, Juliaen
dc.contributor.authorScholl, Almuthen
dc.date.accessioned2012-01-27-
dc.date.accessioned2012-02-03T10:30:27Z-
dc.date.available2012-02-03T10:30:27Z-
dc.date.issued2011-
dc.identifier.isbn978-3-86558-775-6en
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
dc.language.isoengen
dc.publisher|aDeutsche Bundesbank |cFrankfurt a. M.en
dc.relation.ispartofseries|aDiscussion Paper Series 1 |x2011,33en
dc.subject.jelE21en
dc.subject.jelH55en
dc.subject.jelG11en
dc.subject.ddc330en
dc.subject.keywordindividual retirement accountsen
dc.subject.keywordhousehold portfolio choiceen
dc.subject.keywordconsumption and saving over the life-cycleen
dc.subject.stwAlterssicherungen
dc.subject.stwSparenen
dc.subject.stwLebenszyklusen
dc.subject.stwSteuerbegünstigungen
dc.subject.stwAnlageverhaltenen
dc.subject.stwPortfolio-Managementen
dc.subject.stwTheorieen
dc.titleOptimal savings for retirement: The role of individual accounts and disaster expectations-
dc.typeWorking Paperen
dc.identifier.ppn684345315en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:bubdp1:201133en

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