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1 [i] (1978)

handle is hein.amenin/aeiacnv0001 and id is 1 raw text is: The Impact of Social Security on Private Saving: Evidence from the U.S. Time Series, by Robert J. Barro, with a reply by Martin Feld- stein, is the first of a series of studies of the effect of social security on saving and capital formation. It sheds more light on the dispute begun in 1974 when Martin Feldstein's startling research showed that social security had significantly depressed private saving. This finding challenged prevailing opinion and led to controversy and further research on the issue. Barro examines the same data as did Feldstein, but his results do not support Feldstein's hypothesis. Barro contends that social security does not depress private saving but that changes in social security benefits and taxes may affect the bequests and other transfers (such as educational financing) that parents make to their children and the assistance aged parents receive from their children. In his reply Feldstein presents new estimates of the effect of social security on saving based on a longer sample period than in his original study and on national income statistics recently revised by the Department of Commerce. Confirming his earlier conclusion, he estimates that in 1978 social security will reduce personal saving by roughly $82 billion-about 90 percent of current personal saving. Robert J. Barro is professor of economics at the University of Rochester. Martin Feldstein is professor of economics at Harvard University and president of the National Bureau of Economic Research. American Enterprise Institute for Public Policy Research 1150 Seventeenth Street, N.W., Washington, D.C. 20036 ISBN 978-0-8447-3301-2 ||I | III 90000 9 780844 733012

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