2004, English, Article, Working paper edition: Social security and unsecured debt [electronic resource] / Erik Hurst, Paul Willen. Hurst, Erik.

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Bookmark: https://trove.nla.gov.au/version/10743102
Published
  • Cambridge, MA : National Bureau of Economic Research, c2004.
Language
  • English

Edition details

Title
  • Social security and unsecured debt /​ Erik Hurst, Paul Willen.
Author
  • Hurst, Erik.
Other Authors
  • Willen, Paul.
  • National Bureau of Economic Research
Published
  • Cambridge, MA : National Bureau of Economic Research, c2004.
Medium
  • [electronic resource]
Series
Subjects
Summary
  • "Most young households simultaneously hold both unsecured debt on which they pay an average of 10 percent interest and social security wealth on which they earn less than 2 percent. We document this fact using data from the Panel Study of Income Dynamics. We then consider a life-cycle model with optimizing and rule-of-thumb' households and explore ways to reduce this inefficiency. We show that both allowing households to use social security wealth to pay off debt and exempting young households from social security contributions (but in both cases requiring higher contributions later later in life) leads to increases in welfare for both types of households and significant increases in consumption and saving, and reductions in debt, for optimizing households"--National Bureau of Economic Research web site.
Notes
  • Title from PDF file as viewed on 1/​25/​2005.
  • Includes bibliographical references.
  • Also available in print.
Technical Details
  • System requirements: Adobe Acrobat Reader.
  • Mode of access: World Wide Web.
Language
  • English
Libraries Australia ID
Contributed by
Libraries Australia

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