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Individual Risk and Intergenerational Risk Sharing in an Investment-Based Social Security Program
Feldstein, Martin S.; Ranguelova, Elena - 2021
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/10013213068
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Intergenerational Risk Sharing
Gordon, Roger H.; Varian, Hal R. - 2021
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, implying that stochastic government policies have the potential to create …
Persistent link: https://www.econbiz.de/10013237287
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Simulating the Privatization of Social Security in General Equilibrium
Kotlikoff, Laurence J. - 2022
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/10013324137
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Fertility and Social Security
Boldrin, Michele; De Nardi, Mariacristina; Jones, Larry - 2021
The data show that an increase in government provided old-age pensions is strongly correlated with a reduction in fertility. What type of model is consistent with this finding? We explore this question using two models of fertility, the one by Barro and Becker (1989), and the one inspired by...
Persistent link: https://www.econbiz.de/10013223341
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The Intergenerational Transfer of Public Pension Promises
Novy-Marx, Robert - 2010
(in 2005 dollars). Adjusting for risk, the true intergenerational transfer is substantially larger. Insuring both …
Persistent link: https://www.econbiz.de/10012758358
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Intergenerational Risk Sharing in the Spirit of Arrow, Debreu, and Rawls, with Applications to Social Security Design
Ball, Laurence; Mankiw, N. Gregory - 2021
This paper examines the optimal allocation of risk in an overlapping-generations economy. It compares the allocation of … risk the economy reaches naturally to the allocation that would be reached if generations behind a Rawlsian 'veil of … ignorance' could share risk with one another through complete Arrow-Debreu contingent-claims markets. The paper then examines …
Persistent link: https://www.econbiz.de/10013248396
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The Political Economy of Social Security Reform
Boskin, Michael - 2019
We identify which types of Social Security reforms are supported when people vote in their financial self-interest, under alternative economic and demographic projections and voting proclivity assumptions. While 40% of voters have negative lifetime net transfers, less than 10% have negative...
Persistent link: https://www.econbiz.de/10012867644
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Social Security and Institutions for Intergenerational, Intragenerational, and International Risk Sharing
Shiller, Robert J. - 2021
government's role in promoting risk sharing. Benefits for each retired person may be tied to that person's lifetime income …
Persistent link: https://www.econbiz.de/10013245709
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Who Owns Children and Does it Matter?
Schoonbroodt, Alice - 2010
Is there an economic rationale for pronatalist policies? In this paper we propose and analyze a particular market failure that may lead to inefficiently low equilibrium fertility and therefore to a need for government intervention. The friction we investigate is related to the ownership of...
Persistent link: https://www.econbiz.de/10013148673
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Social Security and Demographic Uncertainty : the Risk Sharing Properties of Alternative Policies
Bohn, Henning - 2021
As the U.S. population ages, the growing retiree-worker ratio increases the burden of public retirement systems. Is it efficient to maintain a defined benefit social security system? Should PAYGO benefits be reduced and private retirement savings be encouraged? The paper examines these questions...
Persistent link: https://www.econbiz.de/10013239349