Similar Search Results

Imperfect Annuity Markets, Unintended Bequests, and the Optimal Age Structure of Social Security Benefits

Feldstein, Martin S. - 2010

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/10012762759

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

Bequests and Social Security with Uncertain Lifetimes

Abel, Andrew B. - 2021

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/10013235635

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. 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/10013213068

Simulating the Privatization of Social Security in General Equilibrium

Kotlikoff, Laurence J. - 2022

alternative privatization schemes using the Auerbach-Kotlikoff Dynamic Life-Cycle Model. The simulations indicate three things … long-run gains from privatization are larger if privatization redistributes resources from initial to future generations …, the pure efficiency gains from privatization are also substantial. Efficiency gains refers to the welfare improvement …

Persistent link: https://www.econbiz.de/10013324137

Explaining Pension Dynamics

Luzadis, Rebecca A. - 2007

Some contend the US labor market will fail to adapt smoothly to an aging workforce, whereas others argue that employee pensions can and will play an important role in helping companies induce desired turnover patterns. This paper undertakes a longitudinal examination of pension retirement...

Persistent link: https://www.econbiz.de/10012777143

The Economics of Prefunding Social Security and Medicare Benefits

Feldstein, Martin S.; Samwick, Andrew A. - 2021

This paper presents a detailed analysis of the economics of prefunding benefits for the aged, focusing on Social Security but indicating some of the analogous magnitudes for prefunding Medicare Benefits. We use detailed Census and Social Security information to model the transition to a fully...

Persistent link: https://www.econbiz.de/10013219183

The Intergenerational Transfer of Public Pension Promises

Novy-Marx, Robert - 2010

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/10012758358

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...

Persistent link: https://www.econbiz.de/10013248396

Unskilled Migration : A Burden or a Boon for the Welfare State

Razin, Assaf; Sadka, Efraim - 2021

In a static setup, migration of unskilled labor may be resisted by the entire native-born population because, being relatively low earners, migrants are net beneficiaries of the fiscal system. However, the paper shows that with a pay-as-you-go pension, an important pillar of the welfare state,...

Persistent link: https://www.econbiz.de/10013244737

1
2
3
4
5
6
7
8
9
10
Next
Last