Changes in social security laws and regulations which took place in the late sixties and early seventies apparently weakened the link between contributions and benefits permitting a time path of aggregate consumption in excess of what would have occured in the absence of such changes. In this paper, these results are revised and extended and, if anything, strengthened: slightly less than half the reduction in the private "equilibrium" saving rate observed over the last thirty years appears to be due to the increase of social security wealth.
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Paper provided by Banca Italia - Servizio di Studi in its series Papers with number
262.
Find related papers by JEL classification: E20 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data) E21 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth H50 - Public Economics - - National Government Expenditures and Related Policies - - - General H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions