This paper considers the use of an inheritance tax and payout restrictions to fund guarantees on a multi-pillar pension plan. A simulation model for a guaranteed multi-pillar benefit based on a pension plan similar to the old Chilean pension system reveals that the delivery of an economically...

This paper uses the prisoner's dilemma game to explain why the financial services industry refuses to provide financial relief to homeowners even though the failure to provide meaningful relief has exacerbated the decline in home prices and has led to more foreclosures and losses for the industry

This paper utilizes data from the Panel Study of Income Dynamics (PSID) to assess changes in housing equity and mortgage affordability across age groups between 1985 and 2005. The tabulations presented here indicate the share of the population with negative equity and the share of the population...

This paper contains nine different essays on Social Security reform and multi-pillar pension plans. The nine topics are: 1. Transition costs2. Progressive indexation3. Government guarantees on private accounts4. Life cycle investing5. Impact of add-on accounts on Social Security solvency6....

Four factors suggest that population aging will have a larger fiscal impact in states with a high reliance on income taxes than in states with a high reliance on other taxes. First, as postulated by life-cycle consumption models, retirement has a larger impact on income than consumption. This...

This paper considers the impact of population aging on tax competition among states. The analysis presented here suggests that fiscal impacts associated with tax competition will be substantially larger once the baby boom generation retires

State exchange health insurance markets created by the Affordable Care Act (ACA) in the United States allow people with pre-existing conditions access to health insurance. However, tax and insurance rules favoring employer-based insurance over state exchange insurance create incentives leading...

The goals of this paper are to discuss issues pertaining to the valuation of portfolios, mutual funds, and exchange traded funds (ETFs). The analysis presented here indicates that many commonly reported ETF and mutual fund PE ratios used by investment companies are highly misleading. The paper...