Word: aarons
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Dates: during 1980-1989
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Feldstein's paper prompted studies by several economists. While some of this work supported his conclusions, some did not, and none found as large an effect on private saving as Feldstein did, according to economist Henry J. Aaron of the Brookings Institute, a liberal Washington-based think-tank...
...says Brookings economist Aaron, "The jury is definitely out on how social security effects saving...
...model assumes that individuals make a financial plan for their whole lives based on their estimated present and future wealth and that they save according to this plan and consume all their savings during their lifetimes. Studies by several economists have generated erratic results using the model. According to Aaron, these studies "indicate that the life-cycle model does not correctly describe the behavior of many or most savers...
...book, Economic Effects of Social Security, Aaron called the results of the controversy surrounding Feldstein's work a "statistical cacophony." Refering to work by several economists in addition to Lesnoy and Leimer, Aaron wrote that, "almost all participants have concluded that essentially nothing can be learned about the effects of social security on saving from time series analysis...
...Aaron concludes, "It is clear that Feldstein's theoretical analysis has been vigorously challenged by scholars engaged in research on social security, and his empirical findings have been discredited...