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Pensions, Savings and Housing: A Life-cycle Framework with Policy Simulations

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dc.contributor.author Creedy, John
dc.contributor.author Gemmell, Norman
dc.contributor.author Scobie, Grant
dc.date.accessioned 2015-01-21T20:36:32Z
dc.date.accessioned 2022-07-06T22:26:27Z
dc.date.available 2015-01-21T20:36:32Z
dc.date.available 2022-07-06T22:26:27Z
dc.date.copyright 2015
dc.date.issued 2015
dc.identifier.uri https://ir.wgtn.ac.nz/handle/123456789/18868
dc.description.abstract The objective of the paper is to explore the saving and consumption responses of a representative household to a range of policy interventions such as changes in taxes and pension settings. To achieve this, it develops a two-period life-cycle model. The representative household maximises lifetime utility through its choice of optimal levels of consumption, housing and saving. A key feature of the approach is modelling the consumption of housing services as a separate good in retirement along with the implications for saving. Importantly, the model incorporates a government budget constraint involving a pay-as-you-go universal pension. In addition, the model allows for a compulsory private retirement savings scheme. Particular attention in the simulations is given to the potential impact on household saving rates of a range of policy changes. Typically the effect on saving rates is modest. In most instances, it would take very substantial changes in existing policy settings to induce significant increases in household saving rates. en_NZ
dc.format pdf en_NZ
dc.language.iso en_NZ
dc.publisher Te Herenga Waka—Victoria University of Wellington en_NZ
dc.relation.ispartofseries Working Papers in Public Finance ; 01/2015 en_NZ
dc.subject Savings en_NZ
dc.subject Housing en_NZ
dc.subject Retirement en_NZ
dc.subject Intertemporal elasticity of substitution en_NZ
dc.subject Rate of interest en_NZ
dc.subject Taxation en_NZ
dc.title Pensions, Savings and Housing: A Life-cycle Framework with Policy Simulations en_NZ
dc.type Text en_NZ
vuwschema.contributor.unit School of Accounting and Commercial Law en_NZ
vuwschema.subject.anzsrcfor 140219 Welfare Economics en_NZ
vuwschema.type.vuw Working or Occasional Paper en_NZ
vuwschema.subject.anzsrcforV2 380119 Welfare economics en_NZ
dc.rights.rightsholder www.victoria.ac.nz/sacl/about/cpf en_NZ

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