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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. Individuals save a fraction of wages in a Personal Retirement Account (PRA) invested in a 60:40 equity-debt mix and receive a similarly invested variable annuity from age 67. The...
Persistent link: https://www.econbiz.de/10012471973
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Fertility and Social Security
Boldrin, Michele - 2005
fertility. What type of model is consistent with this finding? We explore this question using two models of fertility, the one … them with old age transfers. The effect of increases in government provided pensions on fertility in the Barro and Becker … model is very small, and inconsistent with the empirical findings. The effect on fertility in the Boldrin and Jones model is …
Persistent link: https://www.econbiz.de/10012467539
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Welfare and Generational Equity in Sustainable Unfunded Pension Systems
Auerbach, Alan J. - 2009
We evaluate several actual and hypothetical sustainable PAYGO pension structures, including: (1) versions of the US Social Security system with annual adjustments of taxes or benefits to maintain fiscal balance; (2) Sweden's Notional Defined Contribution system and several variants developed to...
Persistent link: https://www.econbiz.de/10012463965
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Intergenerational Risk Sharing
Gordon, Roger H. - 1985
In this paper, we argue that in designing government debt and tax-transfer policies, it is important to consider their implications for the allocation of risk between generations. There is no reason to presume that the market or the family can allocate risk efficiently to future generations,...
Persistent link: https://www.econbiz.de/10012477349
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Simulating the Privatization of Social Security in General Equilibrium
Kotlikoff, Laurence J. - 1996
This paper studies the macroeconomic and efficiency effects of privatizing social security. It does so by simulating alternative privatization schemes using the Auerbach-Kotlikoff Dynamic Life-Cycle Model. The simulations indicate three things. First, privatizing social security can generate...
Persistent link: https://www.econbiz.de/10012473058
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The Intergenerational Transfer of Public Pension Promises
Novy-Marx, Robert - 2008
The value of pension promises already made by US state governments will grow to approximately $7.9 trillion in 15 years. We study investment strategies of state pension plans and estimate the distribution of future funding outcomes. We conservatively predict a 50% chance of aggregate...
Persistent link: https://www.econbiz.de/10012464304
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Bequests and Social Security With Uncertain Lifetimes
Abel, Andrew B. - 1984
The fact that consumers do not know in advance the dates at which they will die effects their individual consumption and portfolio decisions. In general, some consumers will end up leaving bequests at death, even if they have no bequest motive, simply because they happen to die at a time when...
Persistent link: https://www.econbiz.de/10012477718
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Imperfect Annuity Markets, Unintended Bequests, and the Optimal Age Structure of Social Security Benefits
Feldstein, Martin - 1989
The social security program now provides a constant real benefit throughout each retirees lifetime. This paper examines whether total welfare would rise if benefits were lower in early retirement years (when most individuals have some saving with which to finance consumption) and higher in later...
Persistent link: https://www.econbiz.de/10012476237
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The Political-Economy Positive Role of the Social Security System in Sustaining Immigration (But Not Vice Versa)
Sand, Edith - 2007
-game perfect Markov , depends on the different patterns of fertility rates among native born and migrants. Our analysis …
Persistent link: https://www.econbiz.de/10012465048
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Who Owns Children and Does it Matter?
Schoonbroodt, Alice - 2010
failure that may lead to inefficiently low equilibrium fertility and therefore to a need for government intervention. The …) model with fertility choice and altruism, and model ownership by introducing a minimum constraint on transfers from parents … transfer floor is binding, fertility choices are inefficient. We show how this inefficiency relates to dynamic inefficiency in …
Persistent link: https://www.econbiz.de/10012462988