Examines a broad range of reduced-form and intertemporal models in which each model is calibrated to generate the same initial economy, which allows the authors to focus on model features without concern that initial differences in calibration are determined.

This paper provides a unified conceptual framework for understanding the previous literature analyzing the proposal to invest the Social Security Trust Fund in equities. The impact of investing the Social Security Trust Fund in equities on the resources of current and future generations, as well...