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The Effects Of Social Security On Private Savings: A Reappraisal Of The Time Series Evidence

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Executive Summary

Section I reviews some of the important contributions using time series evidence to estimate Social Security's impact on private savings. Section II updates this Social Security Wealth series using both an approximation of Martin Feldstein's original algorithm and two additional methods suggested by Dean Leimer and Selig Lesnoy (1982). Section III provides details on the regression specifications and data to be used. Section IV follows with the empirical results of these regression specifications and the point estimates of Social Security's effect on personal savings. Finally, in Section V provides an analysis of the effectiveness of these estimation techniques.

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