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Boldrin, Michele; De Nardi, Mariacristina; Jones, Larry - 2021

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/10013223341

The Effects of a Baby Boom on Stock Prices and Capital Accumulation in the Presence of Social Security

Abel, Andrew B. - 2010

Is the stock market boom a result of the baby boom? This paper develops an overlapping generations model in which a baby boom is modeled as a high realization of a random birth rate, and the price of capital is determined endogenously by a convex cost of adjustment. A baby boom increases...

Persistent link: https://www.econbiz.de/10012762982

The Economics of State and Local Public Pensions

Brown, Jeffrey R. - 2011

This paper provides an overview of an economics-based perspective on the financial aspects of state and local public pensions in the U.S. Drawing on the research commissioned for an NBER research program on this topic, we discuss the large degree to which public pension liabilities exceed the...

Persistent link: https://www.econbiz.de/10013129214

Policy Options for State Pension Systems and Their Impact on Plan Liabilities

Rauh, Joshua D. - 2010

We calculate the present value of state pension liabilities under existing policies, and separately under policy changes that would affect pension payouts including cost of living adjustments (COLAs), retirement ages, and buyout schedules for early retirement. Liabilities if plans were frozen as...

Persistent link: https://www.econbiz.de/10013137026

Should Public Retirement Plans Be Fully Funded?

Bohn, Henning - 2010

Most state and local retirement plans strive for full funding, at least by actuarial standards. Funding measured at market values fluctuates and often falls short. A common argument for full funding is that pensions are a form of deferred compensation that does not justify a debt. The paper...

Persistent link: https://www.econbiz.de/10013137604

Portfolio Allocation for Public Pension Funds

Pennacchi, George - 2012

This paper presents a dynamic model of a public pension fund's choice of portfolio risk. Optimal portfolio allocations are derived when pension fund management maximize the utility of wealth of a representative taxpayer or when pension fund management maximize their own utility of compensation....

Persistent link: https://www.econbiz.de/10013115597

The Effect of Pension Design on Employer Costs and Employee Retirement Choices : Evidence from Oregon

Chalmers, John - 2012

Oregon's Public Employees Retirement System (PERS) is a rich setting in which to study the effect of pension design on employer costs and employee retirement-timing decisions. PERS pays retirees the maximum benefit calculated using three formulas that can be characterized as defined benefit...

Persistent link: https://www.econbiz.de/10013098146

How is Economic Hardship Avoided by Those Retiring Before the Social Security Entitlement Age?

Milligan, Kevin S. - 2012

Governments around the world are reacting to extended lifespans and troubled pension finances by increasing the age of retirement benefit entitlement. One concern that arises is how those who are not working before reaching entitlement age are able to bridge their consumption to the age of...

Persistent link: https://www.econbiz.de/10013106955

Financial Education and Choice in State Public Pension Systems

Agnew, Julie R. - 2013

As more and more public pension systems are shifting away from a defined benefit only framework, the complexity of the financial decisions facing public employees is increasing. This raises some concerns about the financial literacy of participants and their ability to make informed decisions....

Persistent link: https://www.econbiz.de/10013084736

The Social Security Windfall Elimination and Government Pension Offset Provisions for Public Employees in the Health and Retirement Study

Gustman, Alan L. - 2013

This paper uses data from the Health and Retirement Study to investigate the effects of Social Security's Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) provision on Social Security benefits received by individuals and households. WEP reduces the benefits of individuals...

Persistent link: https://www.econbiz.de/10013071796

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