We attempt to draw inferences about the potential behavioral responses to means testing Social Security by examining the effects of the Supplementary Security Income (SSI) program for the aged on wealth accumulation and employment. Part of the SSI program provides payments to the poor elderly,...

We present a simple model of systemic risk and show how each financial institution’s contribution to systemic risk can be measured and priced. An institution’s contribution, denoted systemic expected shortfall (SES), is its propensity to be undercapitalized when the system as a whole is...