This paper studies the savings and employment effects of the asset means‐test in US income support programs using a structural life‐cycle model with productivity, disability, and unemployment risk. An asset means‐test incentivizes low‐income households to hold few financial assets making them vulnerable to predictable and unpredictable income changes. Moreover, it incentivizes relatively productive households that happen to have few financial assets to leave the labor force. However, it allows for relative generous transfers to households in most need. Moreover, it counteracts relatively productive households leaving the labor force after the age of 50. In terms of the welfare of an unborn household, the asset means‐test that optimally trades off these effects is $150,000, and abolishing it is close to optimal.

中文翻译：

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资产均值检验收入支持的福利效应

本文使用具有生产率，残疾和失业风险的结构性生命周期模型，研究了美国收入支持计划中资产均值检验的储蓄和就业效应。资产经济状况调查激励低收入家庭持有很少的金融资产，从而使他们容易受到可预测和不可预测的收入变化的影响。此外，它激励了那些生产能力差的家庭，这些家庭恰好没有金融资产要离开劳动力大军。但是，它允许相对慷慨地转移给最需要的家庭。此外，它抵消了生产力相对较高的家庭在50岁之后离开劳动力的影响。就未出生家庭的福利而言，最佳地权衡这些影响的资产均值检验为15万美元，而废除该资产则接近最优。