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Monetary Policy in an Uncertain Environment

Feldstein, Martin - 2003

This paper discusses the nature of the uncertainty faced by central banks and considers three approaches to dealing with uncertainty(1) formal optimization models and robust rules based on such models; (2) informal rules like the Taylor rule and inflation targeting; and (3) a case by case...

Persistent link: https://www.econbiz.de/10012468728

Personal Taxation, Portfolio Choice and The Effect of the Corporation Income Tax

Feldstein, Martin - 1980

Extending the traditional treatment of the corporate tax to an economy with a progressive personal tax fundamentally changes the analysis. While the corporate tax system (CTS) does increase the total tax rate on corporate source income for some investors, the exclusion of retained earnings...

Persistent link: https://www.econbiz.de/10012478555

Inflation, Portfolio Choice, and the Price of Land and Corporate Stock

Feldstein, Martin - 1980

This paper presents an explicit model of portfolio demand and uses it to show how the rate of inflation and its variances affect the real prices of land and of common stock. The analysis is thus an extension of two of the author's earlier papers which studied how the interaction of inflation and...

Persistent link: https://www.econbiz.de/10012478609

The Transition to Investment-Based Social Security when Portfolio Returns and Capital Profitability are Uncertain

Feldstein, Martin - 1999

Ranguelova that examined the implication of portfolio risk after the transition to an investment-based system has been completed … system that is completely investment-based. We model intergenerational guarantees and assess the risk of such guarantees to … combinations of taxes and saving deposits in the later years. The extra risk to retirees and/or taxpayers is relatively small …

Persistent link: https://www.econbiz.de/10012471784

Individual Risk in an Investment-Based Social Security System

Feldstein, Martin - 2001

This paper examines the risk aspects of an investment-based defined contribution Social Security plan. We focus on the … risk after the plan is fully phased in. Individuals deposit a fraction of wages to a Personal Retirement Account (PRA … cushion' that protects the individual from the risk of an unacceptably low level of benefits. For example, PRA deposits of 6 …

Persistent link: https://www.econbiz.de/10012470655

Individual Risk and Intergenerational Risk Sharing in an Investment-Based Social Security Program

Feldstein, Martin - 1998

This paper examines the risk aspects of a fully phased-in investment-based defined contribution Social Security plan … system. A higher saving rate provides a cushion' that reduces the risk of unacceptably low benefits. For example, saving 6 … annuity exceeds 92 percent of the benchmark benefit. We also study a modified plan in which retirees face no risk of …

Persistent link: https://www.econbiz.de/10012471973

Reducing the Risk of Investment-Based Social Security Reform

Feldstein, Martin - 2005

specified in current law. Calculations of expected utility show that these risk reduction techniques can raise expected utility … relative to the plans with no guarantees. The ability to do so depends on the individual's risk aversion level. This underlines … the idea that different individuals would rationally prefer different investment strategies and risk reduction options …

Persistent link: https://www.econbiz.de/10012467601

Reducing the Risk of Economic Crisis

Feldstein, Martin - 1991

This paper examines the four most important potential economic crises that the United Stares fared in the 1980s in order to see what lessons can be drawn, individually and collectively, from these experiences: (1) the-developing country debt crisis; (2) the 1907 stork marker crash; (3) failures...

Persistent link: https://www.econbiz.de/10012475395

The Distributional Effects of an Investment-Based Social Security System

Feldstein, Martin - 2000

In this paper we study the distributional impact of a change from the existing pay-as-you-go Social Security system to one that combines both pay-as-you-go and investment-based elements. Critics of investment-based plans have been concerned that such plans might reduce the retirement income of...

Persistent link: https://www.econbiz.de/10012471284

International Debt Service and Economic Growth : Some Simple Analytics

Feldstein, Martin - 1986

Any arrangement that is to serve as a long-term framework for international debt management must permit a politically acceptable rate of economic growth in the debtor countries while gradually improving the financial positions of the creditor banks. In addition, a realistic debt management...

Persistent link: https://www.econbiz.de/10012476994