savings age profiles in the uknew

《savings age profiles in the uknew》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。

1、SavingsAgeProfilesintheUKDavidDemeryNigelW.Duck1May2001DepartmentofEconomicsUniversityofBristol8WoodlandRoadBristolBS81TNUKDiscussionPaperNo.01/518CorrespondingAuthor:DavidDemeryE-mail:David.Demery@bristol.ac.ukTelephone:+44(0)1179288437Fax:+44(0)1179288577AbstractInthispaperweexaminetherelatio

2、nshipbetweenageandsavingsintheUKusingdatafromtheFamilyExpenditureSurveyovertheperiod1969-1998.Wead-dresstwounresolvedproblemswithcohortmethodsofestimatingage-savingprofiles:thepotentialsampleselectionproblemencounteredwhenanalysinghousehold-levelsavings;andthemismeasurementofpensionincome.Thefirs

3、tisresolvedbyderivingandanalysingindividualsavingsrates;thesecondisresolvedbycalculatingthe‘in-terestcomponent’ofpensionincome.Wederiveasavings-ageprofilewhichismuchmoreconsistentwiththelife-cyclemodel:inparticular,thesavingraterisestoapeakinmiddleageandisgenerallynegativeinretirement.Classificat

4、ionCode:E21KeyWords:Individualandhouseholdincome,consumptionandsaving,Life-cyclesavings,FamilyExpenditureSurvey1Theresearchreportedinthispaperispartoftheproject,TheMacroeconomyandDemographicChangeundertakenaspartoftheESRCprogrammeUnderstandingtheEvolvingMacroeconomy.FinancialsupportfromtheESRCi

5、sgratefullyacknowledged.MaterialfromtheFamilyExpenditureSurveysusedinthispaperisCrownCopyright;ithasbeenmadeavailablebytheOfficeforNationalStatisticsthroughTheDataArchive;andhasbeenusedbypermission.NeithertheONSnorTheDataAchivebearanyresponsibilityfortheanalysisorinterpretationofthedatareportedhe

6、re.TheauthorsaregratefulforhelpfulcommentsfromCliffAttfield,DavidWinter,EdmundCannon,OlwenRenowden,ElisabethDedman,IanTonksandCarolineJoll.Weacceptfullresponsibilityforallremainingerrors.SavingsAgeProfilesintheUK11IntroductionInthispaperweexaminetherelationshipbetweenageandsavingsusingdatafromthe

7、UKFamilyExpenditureSurvey(FES)overtheperiod1969-1998.Blundelletal.(1994)andAttanasioandWeber(1993)haveshownthat,aftercontrollingfordemographicsinpreferencesandnonseparabilitieswithlaboursupply,itispossibletoexplainobservedconsumpt