What can the life-cycle model tell us about 401(k) contributions and participation?
What can the life-cycle model tell us about 401(k) contributions and participation?
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关于 401(k) 贡献和参与，生命周期模型可以告诉我们什么？
DOI：
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发表时间：
2007
影响因子：
1.2
通讯作者：
David A. Love
中科院分区：
文献类型：
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作者：
David A. Love
本文求解并模拟了具有 401(k) 计划的经济体的随机生命周期模型。我们使用该模型为缴款和参与模式建立基准，并展示这些模式如何依赖于雇主匹配、归属政策和提前取款能力等特征。与实证研究一致，该模型预测年轻工人的参与率相对较低，并表明，随着更慷慨的匹配、较短的归属期和流动性的改善，这些比率往往会上升。
This paper solves and simulates a stochastic life-cycle model of an economy with 401(k) plans. We use the model to establish a benchmark for patterns of contributions and participation and show how these patterns depend on such features as employer matching, vesting policies, and the ability to make early withdrawals. Consistent with empirical studies, the model predicts relatively low participation rates among younger workers and shows that these rates tend to rise with more generous matching, lower vesting periods, and improved liquidity.