The Effects of Taxation on Capital Accumulation (National by Martin S. Feldstein

By Martin S. Feldstein

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Venti and David A. 65 + 1138 + 1091 LlS z -94 -210 These values suggest that only 10-20% of the IRA increase is offset by a reduction in other financial assets. Thus, at least in the short run, tax-deferred IRA accounts have by these estimates led to a relatively large increase in total individual saving (as defined in this paper). Possibly the best indicator of saving is change in consumption. 15 together with changes in Sz and S2 St (Change) S2 Mod. Treas. 7 Parameter Estimates, b l and b 2 Parameterized, and k = 0 All families Ave.

In A. ), Essays in the theory and measurement of consumer behavior. Cambridge: Cambridge University Press. Deaton, Angus, and John Muellbauer. 1981. Functional forms for labor supply and commodity demands with and without quantity constraints. Econometrica 49, no. 6 (November): 1521-32. Diamond, Peter, and Jerry Hausman. 1984. Individual retirement and savings behavior. Journal of Public Economics 23 (June): 81-114. Fischer, Stanley. 1979. Capital accumulation on the transition path in a monetary optimizing economy.

Y-T, in thousands of dollars. Predicted 8 > 0, given predicted SI = L. Observed in the sample. Predicted 8 > 0, given predicted 8 1 < o. in mind that S2 saving undoubtedly excludes changes in nonliquid wealth such as housing. The possible substitution betwen IRAs and housing wealth in the long run, for example, would not be reflected in these estimates. They are intended, however, to indicate the extent to which IRA contributions in 1982 were simply a substitute for other forms of saving, other than nonliquid assets.

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