American Economic Review · 2025 · [{"name": "Taha Choukhmane", "affiliation": []}]
中文摘要
利用来自100多个美国退休计划的数据和一个具有代表性的英国面板数据，我记录了自动加入（AE）在不同期限对退休储蓄的影响。我复现了AE在短期（12个月时）对参与率和缴费的影响，但表明这些收益在中期（36个月时）有所减弱。在这一较长期限下，平均储蓄增加是适度的，尽管AE显著降低了储蓄的不平等程度。为评估AE的终身影响，我估计了一个生命周期消费-储蓄模型，该模型能够拟合观测到的模式，其转换成本约为250美元，低于以往的估计。（JEL D15, G51, J26, J32）
Abstract
Using data from over 100 US retirement plans and a representative UK panel, I document the impact of auto-enrollment (AE) on retirement savings at different horizons. I replicate the impact of AE on participation and contributions in the short run (at 12 months), but I show that these gains are attenuated over the medium run (at 36 months). At this longer horizon, the average savings increases are modest, though AE significantly lowers inequality in savings. To assess AE’s lifetime impact, I estimate a life cycle consumption-savings model that can fit the observed patterns with a switching cost of approximately $250, smaller than previous estimates. (JEL D15, G51, J26, J32)