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Research ArticleArticles

Pensions and Household Wealth Accumulation

Gary V. Engelhardt and Anil Kumar
Journal of Human Resources, January 2011, 46 (1) 203-236; DOI: https://doi.org/10.3368/jhr.46.1.203
Gary V. Engelhardt
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Anil Kumar
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Abstract

Economists have long suggested that higher private pension benefits “crowd out” other sources of household wealth accumulation. We exploit detailed information on pensions and lifetime earnings for older workers in the 1992 wave of the Health and Retirement Study and employ an instrumental-variable (IV) identification strategy to estimate crowd-out. The IV estimates suggest statistically significant crowd-out: each dollar of pension wealth is associated with a 53–67 cent decline in nonpension wealth. With less precision, we use an instrumental-variable quantile regression estimator and find that most of the effect is concentrated in the upper quantiles of the wealth distribution.

  • Received April 2009.
  • Accepted December 2009.
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Journal of Human Resources
Vol. 46, Issue 1
1 Jan 2011
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Pensions and Household Wealth Accumulation
Gary V. Engelhardt, Anil Kumar
Journal of Human Resources Jan 2011, 46 (1) 203-236; DOI: 10.3368/jhr.46.1.203

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Pensions and Household Wealth Accumulation
Gary V. Engelhardt, Anil Kumar
Journal of Human Resources Jan 2011, 46 (1) 203-236; DOI: 10.3368/jhr.46.1.203
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  • Article
    • Abstract
    • I. Introduction
    • II. Data Description
    • III. Regression Specification, Identification, and Estimation Results
    • IV. Extensions and Robustness Checks
    • V. Additional Robustness Checks for Sorting
    • VI. Impact Across the Wealth Distribution
    • VII. Conclusion
    • Appendix 1
    • Footnotes
    • References
  • Figures & Data
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  • References
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