Efficient Consolidation of Incentives for Education and Retirement Savings

IF 6.3 1区经济学 Q1 ECONOMICS

American Economic Journal-Macroeconomics Pub Date : 2023-07-01 DOI:10.1257/mac.20200181

Radoslaw Paluszynski, Pei Cheng Yu

引用次数: 0

Abstract

We study optimal tax policies with human capital investment and retirement savings for present-biased agents. Agents are heterogeneous in their innate ability and make risky education investments, which determines their labor productivity. We demonstrate that the optimal distortions vary with education status. In particular, the optimal policy encourages human capital investment with savings incentives. Our implementation uses income-contingent student loans and existing retirement policies, augmented by a new tax instrument that subsidizes retirement savings for college graduates. The instrument mimics the latest policy proposals by allowing employers to offer 401(k) matching contributions proportional to student loans repayment. (JEL G51, H21, H24, I26, J24, J26)

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有效整合教育和退休储蓄激励机制

本文研究了考虑人力资本投资和退休储蓄的最优税收政策。代理人的先天能力是异质的，他们进行有风险的教育投资，这决定了他们的劳动生产率。我们证明了最优扭曲随教育状况的变化而变化。特别是，最优政策以储蓄激励鼓励人力资本投资。我们的实施使用了按收入分配的学生贷款和现有的退休政策，并辅以一项新的税收工具，为大学毕业生的退休储蓄提供补贴。该工具模仿了最新的政策建议，允许雇主提供与学生贷款偿还成比例的401(k)匹配的供款。(凝胶g51, h21, h24, i26, j24, j26)

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

American Economic Journal-Macroeconomics ECONOMICS-

CiteScore

8.20

自引率

1.70%

发文量

期刊介绍： American Economic Journal: Macroeconomics focuses on studies of aggregate fluctuations and growth, and the role of policy in that context. Such studies often borrow from and interact with research in other fields, such as monetary theory, industrial organization, finance, labor economics, political economy, public finance, international economics, and development economics. To the extent that they make a contribution to macroeconomics, papers in these fields are also welcome.