Piotr Żoch presented "The 401(k) program and its impact on household financial investment and knowledge" at the 8th Workshop on Macroeconomic Research in Kraków.

In this project, we use a rich life-cycle model calibrated to match U.S. data to study the effect of tax-favored illiquid retirement accounts on wealth and knowledge accumulation. We show that these programs do not necessarily boost savings in the economy by reducing incentives to invest in financial knowledge. 

We thank participants for all their insightful questions, thoughtful feedback, and inspiring comments. In particular, we are grateful to our discussant, Jan Acedański.