Wealth is an important source of financial well-being and investment is an important vehicle to accumulate wealth. A large body of literature has focused on analyzing the systematic differences in wealth and investment behavior across gender and marital states. This paper provides a broad...

This paper examines the extent of redistribution that would occur under various annuity and bequest options as part of an individual accounts retirement program. I first estimate mortality differentials by gender, race, ethnicity and level of education using the National Longitudinal Mortality...

Opportunities for external validation of behavioral models in the social sciences that are based on randomized social experiments or on large regime shifts, that can be treated as experiments for the purpose of model validation, are extremely rare. In this paper, we consider an alternative...

Migrants being relatively low earners are net beneficiaries of the welfare state. However this paper uses a dynamic model to show that because of migrants` positive influence on the pension system which is an important pillar of any welfare state migration could be beneficial to all income (high...

We analyze the 1986 and 1987 Panels of the Survey of Income and Program Participation (SIPP) to examine the extent and magnitude of employment instability among black, Hispanic and white men and women to address two questions about the character and correlates of labor force instability. First,...

Owing to the weakness of asset prices since the bursting of Japan's economic bubble, there has been little interest in the intergenerational transfer of household assets over the past few years. I expect such transfers and bequests to become increasingly important, however, given that (1) more...

This paper provides a quantitative evaluation of the intracohort redistributive elements of the U.S. social security system in the context of a computable general equilibrium model. It determines how the well-being of individuals that differ by gender, race, and education is affected by the...

The implication of increasing dependency ratios for pay-as-you-go, defined-benefit pension programs are examined. Modifications aimed at smoothing contributions while maintaining benefits intact are analyzed for both open and closed economies

This paper examines the impact of social security on welfare. The provision of social security reduces precautionary savings and encourages early retirement. Consequently, it lowers aggregate capital, employment, output, and consumption. On the other hand, it also provides old age insurance....

Austria faces significant population aging. This will increase public spending on pensions, health care, and long-term care, while tax and social security revenues will fall. This paper analyzes the fiscal burden facing Austria due to aging and the policy steps necessary to address it. The paper...