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The Impact of Public Pension Deficits on Households' Investment and Economic Activity
Jinyuan Zhang, via SSRNLink to more items from this source
Sept. 13, 2021

"Comparing households residing on opposing sides of states' borders ... households hold 0.70 dollars more in deposits and 0.35 dollars less in stocks for each additional dollar of pension deficit.... [H]ouseholds respond consistently when states reduce pension deficits; they shift savings from deposits to stocks."

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