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Social Security Investment in Equities I : Linear Case

Diamond, Peter A. - 2008

Social Security trust fund portfolio diversification to include some equities reduces the equity premium by raising the safe real interest rate. This requires changes in taxes. Under the hypothesis of constant marginal returns to risky investments, trust fund diversification lowers the price of...

Persistent link: https://www.econbiz.de/10012774822

Observations on the Indexation of Old Age Pensions

Summers, Lawrence H. - 2008

This paper examines some positive and normative aspects of the inflation indexation of public and private pensions. The … that voluntarily agreed on, non-indexed private pensions may well be efficient.Non-indexed pensions may result in an …,associated with changes in wealth. The use of this measure has significant implications for the indexation of pensions, and for the …

Persistent link: https://www.econbiz.de/10012774833

Insulation of Pensions from Political Risk

Diamond, Peter A. - 2006

There are many sources of political risk to public provision of pensions. This paper analyzes legislation to alter the …

Persistent link: https://www.econbiz.de/10012783964

Delays in Claiming Social Security Benefits

Coile, Courtney; Diamond, Peter A.; Gruber, Jonathan; … - 2021

This paper focuses on Social Security benefit claiming behavior, a take-up decision that has been ignored in the previous literature. Using financial calculations and simulations based on an expected utility maximization model, we show that delaying benefit claim for a period of time after...

Persistent link: https://www.econbiz.de/10013221087

Social Security and Democracy

Mulligan, Casey B.; Gil, Ricard; Sala-i-Martin, Xavier - 2021

Many political economic theories use and emphasize the process of voting in their explanation of the growth of Social Security, government spending, and other public policies. But is there an empirical connection between democracy and Social Security program size or design? Using some new...

Persistent link: https://www.econbiz.de/10013310228

Social Security, Retirement, and the Single-Mindedness of the Electorate

Mulligan, Casey B.; Sala-i-Martin, Xavier - 2021

We propose a positive theory that is consistent with two important features of social security programs around the world: (1) they redistribute income from young to old and (2) they induce retirement. We construct a voting model that includes a political campaign' or debate' prior to the...

Persistent link: https://www.econbiz.de/10013222047

Social Security and Retirement in the U.S

Diamond, Peter A.; Gruber, Jonathan - 2021

The largest entitlement program in the United States today is the Social Security program (SS). We provide an overview of the interaction between the SS system and retirement behavior. We begin by documenting historical trends in labor force participation and program receipt, and contemporaneous...

Persistent link: https://www.econbiz.de/10013214595

How Does the Market Value Unfunded Pension Liabilities?

Bulow, Jeremy - 2013

We lead off by discussing a number of theoretical reasons for expecting various relationships between a firm's unfunded pension liability and its market value. We then discuss our doubts about the methodology of earlier papers which studied the empirical relation between funding and market value...

Persistent link: https://www.econbiz.de/10012754748

Privatization of Social Security : Lessons from Chile

Diamond, Peter A. - 2021

In Chile, all covered workers must place 10% of monthly earnings in a savings account with a highly regulated … year (for 1991) which is 2.94% of average taxable earnings. This is close to 30% of the 10% mandatory savings rate. The … pensions in the U.S. However, it compares unfavorably with administrative costs in well-run unified government managed systems …

Persistent link: https://www.econbiz.de/10013230785

Social Security in Theory and Practice (I) : Facts and Political Theories

Mulligan, Casey B.; Sala-i-Martin, Xavier - 2021

savings plan …

Persistent link: https://www.econbiz.de/10013311193