Saving Puzzles and Saving Policies in the United States

3 downloads 0 Views 336KB Size Report
corporate saving because of the way pensions and capital gains taxes are ... Finally, we emphasize that the NIPA saving rate is not useful in judging whether.
$ %!%& % % 



             !"#'()* #+,,---./.",##,-'()*

 $ %  0 1%  % 234315  /"613(2)' #7

           

   !"# "  $ %! &  '   (   "  ")  *'+ ('( "(    ',  "'  -

 ,. % "" %/  0    ,.' -"  (   (/ 

+  ( *,  1% #  !&  &'2 ,

 ' ,&  (-- ""%3    -"  "  "'  (

   1   ' ,

 "887 "75   6  $ %!"#.'()* #7(332  . (6 2 $%#%

#-5-79##7 "  ## : /7"/7-8.06-#55:57 75555;  . 56-7 "-77:"##79:-::  5#755765797/":"   "#75.07796-#8 ":7?""- 7##":5"5.197 557 ":5-76#79" " 575#7"6  " 7.":##76- 6- 77-/  ##5/95/7#7 ".!>#7 #759#:#887"797- ".

 

#: 55

77"  3)*44     

  #: 55  77"  3)*44 $ %

      

 

#: 55

77"  3)*44 $ %

     

9 4

 . $   4    :      74$   2  6)>4$ "  4 &4 $)=*?  44  @) 4$  2"()4 00  4 48 $  & &     "  $ . &  4 $"  $. ""$   "

$   $4   & 42 4$ &   74   & 44    2;5 )===A5 & .$ )==A



(   

2  & $ &    )===



. =O42; "  2 4$ )==; 2"  2 4$ )==4$ 4  4 95 

8  $ "$ &     $& "  ) !  

    

&     )==>" 69

   

   &)>O)===O)==* )===8    ". " 4  $"  4  $  95  !   

&   

  &>*O")===)O")==* O")===8    " . "4  $   &"  95 89%    )==* "& ;(4$ "3 5)=** =4$  "

 B   "(K   $."     0   "   )==    ""$    4     4    3 1  "" & ;)==>> !       -&;(*@=? /D   8    '

. %& ;)===44)@> 5 & ;(  #  %& 5 ;)==*