Abstract
This paper re‐examines Feldstein's(1974, 1982)results of the effect of social security on private capital accumulation in the context of a simultaneous‐equation model of capital accumulation. The model incorporates dynamic feedback effects in capital accumulation and is estimated by FIML to incorporate theoretical restrictions that are tested against the data. It is then simulated as a full dynamic model to analyze the long‐run effect of SSW on private capital accumulation. The simulated effects are in the same direction as found by Feldstein, but are considerably weaker.
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