Social Security and Household Portfolio Allocation / R. Glenn Hubbard.

Format:

Book

Author/Creator:

Hubbard, R. Glenn.

Contributor:

National Bureau of Economic Research.

Series:

Working Paper Series (National Bureau of Economic Research) no. w1361.

NBER working paper series no. w1361

Language:

English

Subjects (All):

Portfolio management--Mathematical models.

Portfolio management.

Physical Description:

1 online resource: illustrations (black and white);

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 1984.

Cambridge : National Bureau of Economic Research, 1984.

Summary:

The entitlement to social security retirement benefits is a major component of aggregate household wealth. This paper focuses on the impact of social security annuities on household portfolio allocation, extending existing optimizing models of portfolio allocation to explicitly consider the role of social security. The model is implemented using cross-section data. The partial equilibrium impacts of changes in social security benefits on portfolio choice and composition are small but precisely measured. The general equilibrium impacts on asset markets of a social security policy change (focusing onlinks between social security and dynamic wealth accumulation and between social security benefits and private pension benefits) are generally much larger.

Notes:

Print version record

June 1984.