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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 … is less than the benchmark. In 95 percent of the potential investment experience the annuity exceeds 61 percent of the …
Persistent link: https://www.econbiz.de/10012471973
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Fertility and Social Security
Boldrin, Michele - 2005
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/10012467539
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Intergenerational Risk Sharing
Gordon, Roger H. - 1985
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/10012477349
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Portfolio Allocation for Public Pension Funds
Pennacchi, George - 2010
This paper presents a dynamic model of a public pension fund's choice of portfolio risk. Optimal portfolio allocations … public pension fund management, we find evidence that funds chose greater overall asset - liability portfolio risk following … periods of relatively poor investment performance. In addition, pension plans that select a relatively high rate with which to …
Persistent link: https://www.econbiz.de/10012462201
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Explaining Pension Dynamics
Luzadis, Rebecca A. - 1989
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/10012475962
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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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Simulating the Privatization of Social Security in General Equilibrium
Kotlikoff, Laurence J. - 1996
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/10012473058
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Bequests and Social Security With Uncertain Lifetimes
Abel, Andrew B. - 1984
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/10012477718
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Imperfect Annuity Markets, Unintended Bequests, and the Optimal Age Structure of Social Security Benefits
Feldstein, Martin - 1989
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/10012476237
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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