In the aftermath of the terrorist attacks of September 11, 2001, an important public policy question arose as to whether, and how, the federal government should intervene to provide a temporary backstop for property/casualty terrorism risk insurance. This paper examines several economic...

This paper explains four methods of "price indexing" initial Social Security retirement benefits, and discusses the effect of each method on the fiscal sustainability of Social Security, benefit levels and replacement rates, redistribution, and sensitivity of system finances to demographic and...

This paper explores the current tax treatment of non-qualified immediate annuities and distributions from tax-qualified retirement plans in the United States. First, we describe how immediate annuities held outside retirement accounts are taxed. We conclude that the current income tax treatment...