The Effects of Investing Social Security Funds in the Stock Market When Fixed Costs Prevent Some Households from Holding Stocks *
The Effects of Investing Social Security Funds in the Stock Market When Fixed Costs Prevent Some Households from Holding Stocks *
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当固定成本阻碍一些家庭持有股票时，社保基金投资股票市场的影响 *
DOI：
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发表时间：
1998
期刊：
影响因子：
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通讯作者：
Andrew B. Abel
中科院分区：
文献类型：
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作者：
Andrew B. Abel
在参与股市的成本固定的情况下，高收入的消费者会参与股市，而低收入的消费者不会参与股市。如果一个资金充足的固定缴款社会保障体系试图通过人均出售一美元债券并购买一美元股票来利用股票溢价，那么储蓄但不参与股票市场的消费者将增加消费，从而减少储蓄和资本积累。一般均衡模型的校准表明，这一政策可能会大幅减少总资本存量，人均减少约50美分。* 这篇论文以前曾以“将股票纳入社会保障信托基金的总体影响”为题分发。我感谢比尔·杜波尔、贾尼斯·埃伯利、道格·埃尔门多夫、马丁·费尔德斯坦、罗伯特·霍尔、阿德里亚诺·兰皮尼、马修·夏皮罗、尼克·苏莱莱斯、斯蒂芬·泽尔德斯，一位匿名的裁判，以及1998年国家经济研究局关于社会保障改革中的风险和分配问题的夏季研究所会议、国家经济研究局的EFG项目会议、改革社会保障国际研讨会和芝加哥大学研讨会的与会者，西北大学、普林斯顿大学和弗吉尼亚大学提供有用的意见。
With fixed costs of participating in the stock market, consumers with high income will participate in the stock market, but consumers with lower income will not participate. If a fully-funded defined-contribution social security system tries to exploit the equity premium by selling a dollar of bonds per capita and buying a dollar of equity per capita, consumers who save but do not participate in the stock market will increase their consumption, thereby reducing saving and capital accumulation. Calibration of a general equilibrium model indicates that this policy could reduce the aggregate capital stock substantially, by about 50 cents per capita. * This paper previously circulated under the title “The Aggregate Effects of Including Equities in the Social Security Trust Fund.” I thank Bill Dupor, Janice Eberly, Doug Elmendorf, Martin Feldstein, Robert Hall, Adriano Rampini, Matthew Shapiro, Nick Souleles, Stephen Zeldes, an anonymous referee and the participants in the 1998 NBER Summer Institute Conference on Risk and Distribution Issues in Social Security Reform, the EFG Program Meeting of the NBER, the International Workshop on Reforming Social Security, and seminars at the University of Chicago, Northwestern University, Princeton University, and the University of Virginia for helpful comments.