Private Wealth Over the Life Cycle: A Meeting Between Microsimulation and Structural Approaches

被引:0
作者
Galiana, Lino [1 ]
Wilner, Lionel [2 ]
机构
[1] Insee, Paris, France
[2] Crest, 5 Ave Henry Chatelier, F-91120 Palaiseau, France
关键词
inequality; intertemporal consumer choice; life cycle; microsimulation; SOCIAL-SECURITY; MORTALITY RISK; CONSUMPTION; MODEL; OPTIMIZATION; RETIREMENT; SIMULATION; INSURANCE; MOMENTS; REFORMS;
D O I
10.1111/roiw.12697
中图分类号
F [经济];
学科分类号
02 ;
摘要
This paper embeds a structural model of private wealth accumulation over the life cycle within a dynamic microsimulation model designed for long-run projections of pensions. In such an environment, the optimal savings path results from consumption smoothing and bequests motives, on top of the mortality risk. Preferences are estimated based on a longitudinal wealth survey through a method of simulated moments. Simulations issued from these estimations replicate quite well a private wealth that is more concentrated than labor income. They enable us to compute "augmented" standards of living including capital income, hence to quantify both the countervailing role played by private wealth to earnings dropout after retirement and the impact of the mortality risk in this regard.
引用
收藏
页数:34
相关论文
共 60 条
[1]  
Arrondel L., 2008, CONOMIE STATISTIQUE, V417, P27
[2]  
Arrondel L., 2006, HDB EC GIVING ALTRUI, V2, P971, DOI [10.1016/S1574-0714(06)02014-8, DOI 10.1016/S1574-0714(06)02014-8]
[3]   Pension wealth and household saving: Evidence from pension reforms in the United Kingdom [J].
Attanasio, OP ;
Rohwedder, S .
AMERICAN ECONOMIC REVIEW, 2003, 93 (05) :1499-1521
[4]   Social security and households' saving [J].
Attanasio, OP ;
Brugiavini, A .
QUARTERLY JOURNAL OF ECONOMICS, 2003, 118 (03) :1075-1119
[5]   IS CONSUMPTION GROWTH CONSISTENT WITH INTERTEMPORAL OPTIMIZATION - EVIDENCE FROM THE CONSUMER EXPENDITURE SURVEY [J].
ATTANASIO, OP ;
WEBER, G .
JOURNAL OF POLITICAL ECONOMY, 1995, 103 (06) :1121-1157
[6]   Rich Pickings? Risk, Return, and Skill in Household Wealth [J].
Bach, Laurent ;
Calvet, Laurent E. ;
Sodini, Paolo .
AMERICAN ECONOMIC REVIEW, 2020, 110 (09) :2703-2747
[7]   SOCIAL-SECURITY AND CONSUMER SPENDING IN AN INTERNATIONAL CROSS-SECTION [J].
BARRO, RJ ;
MACDONALD, GM .
JOURNAL OF PUBLIC ECONOMICS, 1979, 11 (03) :275-289
[8]   Building and Interpreting Macro/Micro Estimates of Accrued-to-Date Pension Liabilities: French Reforms as a Case Study [J].
Blanchet, Didier ;
Le Minez, Sylvie ;
Marino, Anthony .
REVIEW OF INCOME AND WEALTH, 2017, 63 (01) :70-94
[9]  
Blanchet T., 2016, G201610 INS
[10]   Generalized Pareto Curves: Theory and Applications [J].
Blanchet, Thomas ;
Fournier, Juliette ;
Piketty, Thomas .
REVIEW OF INCOME AND WEALTH, 2022, 68 (01) :263-288