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Welfare and Generational Equity in Sustainable Unfunded Pension Systems
Auerbach, Alan J. - 2009
benefits of risk reduction, leaving systems with more frequent adjustments that spread risks broadly among generations as those …
Persistent link: https://www.econbiz.de/10012463965
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Political Risk Versus Market Risk in Social Security
Shoven, John B. - 2006
risk. This study develops the concept of "political risk" as the possibility that some future legislature will be forced to … and macroeconomic variables that support it. Thus there is a "political risk" to participants that might be compared to … the "market risk" in a personal accounts retirement scheme. In this paper, we carry out a detailed quantitative analysis …
Persistent link: https://www.econbiz.de/10012466520
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Individual Risk and Intergenerational Risk Sharing in an Investment-Based Social Security Program
Feldstein, Martin - 1998
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/10012471973
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Political Parties Do Matter in U.S. Cities ... For Their Unfunded Pensions
Dippel, Christian - 2019
This paper studies the biggest fiscal challenge currently facing many U.S. cities, namely public-sector pension obligations. Employing a regression discontinuity design (RDD), it tests whether the mayor's party impacts a city's public-sector pensions. Pension benefits are shown to grow faster...
Persistent link: https://www.econbiz.de/10012479554
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Uncertainty, Welfare Cost, and the 'Adaptability' of U.S. Corporate Taxes
Fullerton, Don - 1983
Alternative corporate tax systems differ in their ability to adapt to changes in the rate of inflation. Absent complete indexing of depreciation allowances, a tax system may use the expected inflation rate to set accelerated depreciation allowances in a way that minimizes the welfare loss from...
Persistent link: https://www.econbiz.de/10012477858
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Why a Funded Pension System is Useful and Why It is Not Useful
Sinn, Hans-Werner - 2000
Based on explicit present value calculations, the paper criticizes the view that the PAYGO system wastes economic resources. In present value terms, there is nothing to be gained from a transition to funded system even though the latter offers a permanently higher rate of return. The sum of the...
Persistent link: https://www.econbiz.de/10012471177
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The Crisis of Germany's Pension Insurance System and How It Can Be Resolved
Sinn, Hans-Werner - 1999
The paper discusses the options for a reform of the German pension system using a model developed at CES for the German Council of economic advisors to the Federal Ministry of Economics and Research. It is argued that the German pay-as-you-go-system is efficient in a present value sense but will...
Persistent link: https://www.econbiz.de/10012471480
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Old Europe ages : Reforms and Reform Backlashes
Boersch-Supan, Axel H. - 2010
The extent of the demographic changes in Europe is dramatic and will deeply affect future labor, financial and goods markets. The expected strain on public budgets and especially social security has already received prominent attention, but aging poses many other economic challenges that...
Persistent link: https://www.econbiz.de/10012462881
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The Political-Economy Positive Role of the Social Security System in Sustaining Immigration (But Not Vice Versa)
Sand, Edith - 2007
In the political-economy debate people express the idea that immigrants are good because they can help pay for the old, thus help sustaining the social security system. In addition, the median voter whose income derives from wages will wish to keep out the immigrants who will depress his/her...
Persistent link: https://www.econbiz.de/10012465048
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Notional Defined Contribution Pension Systems in a Stochastic Context : Design and Stability
Auerbach, Alan J. - 2006
Around the world, Pay-As-You-Go (PAYGO) public pension programs face serious long-term fiscal problems due primarily to actual and projected population aging, and most appear unsustainable as currently structured. Some have proposed the replacement of such plans with systems of fully funded...
Persistent link: https://www.econbiz.de/10012465854