Risk Aspects of Investment-Based Social Security Reform

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Publisher : University of Chicago Press
ISBN 13 : 0226092569
Total Pages : 509 pages
Book Rating : 4.2/5 (26 download)

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Book Synopsis Risk Aspects of Investment-Based Social Security Reform by : John Y. Campbell

Download or read book Risk Aspects of Investment-Based Social Security Reform written by John Y. Campbell and published by University of Chicago Press. This book was released on 2009-02-15 with total page 509 pages. Available in PDF, EPUB and Kindle. Book excerpt: Our current social security system operates on a pay-as-you-go basis; benefits are paid almost entirely out of current revenues. As the ratio of retirees to taxpayers increases, concern about the high costs of providing benefits in a pay-as-you-go system has led economists to explore other options. One involves "prefunding," in which a person's withholdings are invested in financial instruments, such as stocks and bonds, the eventual returns from which would fund his or her retirement. The risks such a system would introduce—such as the volatility in the market prices of investment assets—are the focus of this offering from the NBER. Exploring the issues involved in measuring risk and developing models to reflect the risks of various investment-based systems, economists evaluate the magnitude of the risks that both retirees and taxpayers would assume. The insights that emerge show that the risk is actually moderate relative to the improved return, as well as being balanced by the ability of an investment-based system to adapt to differences in individual preferences and conditions.

Social Security, Demographics, and Risk

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Author :
Publisher : Springer Science & Business Media
ISBN 13 : 3540266976
Total Pages : 188 pages
Book Rating : 4.5/5 (42 download)

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Book Synopsis Social Security, Demographics, and Risk by : Christoph Hendrik Borgmann

Download or read book Social Security, Demographics, and Risk written by Christoph Hendrik Borgmann and published by Springer Science & Business Media. This book was released on 2005-11-15 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume addresses the most important issues of the ongoing discussion on designing social security. It provides fundamental results for pay-as-you-go social security, covers the issues of social security during demographic transition and examines the inclusion of risk aspects into the analysis of social security. An empirical case study of Germany yields the surprising result that de facto the German public pension scheme already comprises an implicit demographic factor. This book allows a subtle understanding of how interacting risks are treated within different pension systems and thereby provides a basis for the development of innovative ways of risk sharing.

Institutional and Financial Incentives for Social Insurance

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Publisher : Springer Science & Business Media
ISBN 13 : 1461507839
Total Pages : 247 pages
Book Rating : 4.4/5 (615 download)

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Book Synopsis Institutional and Financial Incentives for Social Insurance by : Claude d'Aspremont

Download or read book Institutional and Financial Incentives for Social Insurance written by Claude d'Aspremont and published by Springer Science & Business Media. This book was released on 2011-06-28 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: Institutional and Financial Incentives for Social Insurance provides both an empirical and a theoretical account of the main difficulties presently threatening social insurance systems in most industrialized countries. It analyzes the remedies that have been discussed and sometimes introduced and addresses many questions still left largely unresolved: Are newly implemented or proposed reforms providing the correct incentives to all participants in the system? Is the quality of service improving and, if not, what can be done? How should the budgetary problems be solved considering both intra-generational and inter-generational redistributive policies? The volume describes a number of studies of social security systems in various countries and assesses the effect of various policies, including welfare or unemployment benefits, training and other active labour market policies, the provision of pension, and competition and budget devolution in health care. It applies empirical tests to individual preferences concerning unemployment compensation, and it analyzes nonfunded and funded social security systems, the transition from one system to the other, and the willingness to pay for pensions.

Working Paper Series

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Publisher :
ISBN 13 :
Total Pages : 656 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Working Paper Series by :

Download or read book Working Paper Series written by and published by . This book was released on 2002 with total page 656 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Economics and Ageing

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Author :
Publisher : Springer Nature
ISBN 13 : 3030290190
Total Pages : 599 pages
Book Rating : 4.0/5 (32 download)

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Book Synopsis Economics and Ageing by : José Luis Iparraguirre

Download or read book Economics and Ageing written by José Luis Iparraguirre and published by Springer Nature. This book was released on 2019-11-29 with total page 599 pages. Available in PDF, EPUB and Kindle. Book excerpt: This upper level textbook provides a coherent introduction to the economic implications of individual and population ageing. Placing economic considerations into a wider social sciences context, this is ideal reading not only for advanced undergraduate and masters students in health economics and economics of ageing, but policy makers, professionals and practitioners in gerontology, sociology, health-related sciences, and social care. This volume introduces topics in labour economics, including the economic implications of ageing workforces. It covers pension economics and pension systems with their macroeconomic and distributive effects, and the question of risk. Finally, it describes macroeconomic consequences of ageing populations on aggregate saving, inflation, international trade, and financial markets.

Banking on Death

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Author :
Publisher : Verso
ISBN 13 : 9781859844090
Total Pages : 562 pages
Book Rating : 4.8/5 (44 download)

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Book Synopsis Banking on Death by : Robin Blackburn

Download or read book Banking on Death written by Robin Blackburn and published by Verso. This book was released on 2003 with total page 562 pages. Available in PDF, EPUB and Kindle. Book excerpt: A panoramic view of the origins and development of the pension idea.

The Redesign of the Matching Market for American Physicians

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Publisher :
ISBN 13 :
Total Pages : 80 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis The Redesign of the Matching Market for American Physicians by : Alvin E. Roth

Download or read book The Redesign of the Matching Market for American Physicians written by Alvin E. Roth and published by . This book was released on 1999 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: We report on the design of the new clearinghouse adopted by the National Resident Matching Program, which annually fills approximately 20,000 jobs for new physicians in the United States. Because that market exhibits many complementarities between applicants and between positions, the theory of simple matching markets does not apply directly. However, computational experiments reveal that the theory provides a good approximation, and furthermore the set of stable matchings, and the opportunities for strategic manipulation, are surprisingly small. A new kind of core convergence' result is presented to explain this; the fact that each applicant can interview for only a small fraction of available positions is important. We also describe in detail engineering aspects of the design process.

Personal Retirement Accounts

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Publisher :
ISBN 13 :
Total Pages : 136 pages
Book Rating : 4.0/5 ( download)

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Book Synopsis Personal Retirement Accounts by : United States. Congress. Senate. Committee on Finance

Download or read book Personal Retirement Accounts written by United States. Congress. Senate. Committee on Finance and published by . This book was released on 2000 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:

What We Owe Each Other

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Publisher : Princeton University Press
ISBN 13 : 069120764X
Total Pages : 256 pages
Book Rating : 4.6/5 (912 download)

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Book Synopsis What We Owe Each Other by : Minouche Shafik

Download or read book What We Owe Each Other written by Minouche Shafik and published by Princeton University Press. This book was released on 2022-08-23 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: From one of the leading policy experts of our time, an urgent rethinking of how we can better support each other to thrive Whether we realize it or not, all of us participate in the social contract every day through mutual obligations among our family, community, place of work, and fellow citizens. Caring for others, paying taxes, and benefiting from public services define the social contract that supports and binds us together as a society. Today, however, our social contract has been broken by changing gender roles, technology, new models of work, aging, and the perils of climate change. Minouche Shafik takes us through stages of life we all experience—raising children, getting educated, falling ill, working, growing old—and shows how a reordering of our societies is possible. Drawing on evidence and examples from around the world, she shows how every country can provide citizens with the basics to have a decent life and be able to contribute to society. But we owe each other more than this. A more generous and inclusive society would also share more risks collectively and ask everyone to contribute for as long as they can so that everyone can fulfill their potential. What We Owe Each Other identifies the key elements of a better social contract that recognizes our interdependencies, supports and invests more in each other, and expects more of individuals in return. Powerful, hopeful, and thought-provoking, What We Owe Each Other provides practical solutions to current challenges and demonstrates how we can build a better society—together.

The Social Security Trust Fund, the Riskless Interest Rate, and Capital Accumulation

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Author :
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis The Social Security Trust Fund, the Riskless Interest Rate, and Capital Accumulation by : Andrew B. Abel

Download or read book The Social Security Trust Fund, the Riskless Interest Rate, and Capital Accumulation written by Andrew B. Abel and published by . This book was released on 1999 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a tractable stochastic overlapping generations model to analyze the equilibrium equity premium and growth rate of the capital stock in the presence of a defined-benefit Social Security system. If the Social Security Trust Fund increases the share of its portfolio held in risky capital, the equilibrium equity premium falls in the following period and along a constant growth path. This change in the portfolio of the Social Security Trust Fund will increase the growth rate of capital in the following period, and, if a certain sufficient condition is satisfied, will increase the growth rate of the capital stock along a constant growth path. Calibration of the model indicates that it can match the historical average equity premium and the historical average growth rate of the capital stock using plausible values of the preference parameters. In addition, the sufficient condition for the growth rate of the capital stock to increase along a constant growth path is satisfied. Quantitatively, the effects on the riskless interest rate and the growth rate of capital are small.

Insurance and Opportunities

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Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.0/5 ( download)

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Book Synopsis Insurance and Opportunities by : Jonathan Heathcote

Download or read book Insurance and Opportunities written by Jonathan Heathcote and published by . This book was released on 2007 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a model with constant relative risk-aversion preferences, endogenous labor supply and partial insurance against idiosyncratic wage risk, we provide an analytical characterization of three welfare effects: (a) the welfare effect of a rise in wage dispersion, (b) the welfare gain from completing markets, and (c) the welfare effect from eliminating risk. Our analysis reveals an important trade-off for these welfare calculations. On the one hand, higher wage uncertainty increases the cost associated with missing insurance markets. On the other hand, greater wage dispersion presents opportunities to raise aggregate productivity by concentrating market work among more productive workers. Our welfare effects can be expressed in terms of the underlying parameters defining preferences and wage risk, or alternatively in terms of changes in observable second moments of the joint distribution over individual wages, consumption and hours.

NBER Reporter

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Publisher :
ISBN 13 :
Total Pages : 676 pages
Book Rating : 4.E/5 ( download)

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Book Synopsis NBER Reporter by : National Bureau of Economic Research

Download or read book NBER Reporter written by National Bureau of Economic Research and published by . This book was released on 1999 with total page 676 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Communities in Action

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Publisher : National Academies Press
ISBN 13 : 0309452961
Total Pages : 583 pages
Book Rating : 4.3/5 (94 download)

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Book Synopsis Communities in Action by : National Academies of Sciences, Engineering, and Medicine

Download or read book Communities in Action written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2017-04-27 with total page 583 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the United States, some populations suffer from far greater disparities in health than others. Those disparities are caused not only by fundamental differences in health status across segments of the population, but also because of inequities in factors that impact health status, so-called determinants of health. Only part of an individual's health status depends on his or her behavior and choice; community-wide problems like poverty, unemployment, poor education, inadequate housing, poor public transportation, interpersonal violence, and decaying neighborhoods also contribute to health inequities, as well as the historic and ongoing interplay of structures, policies, and norms that shape lives. When these factors are not optimal in a community, it does not mean they are intractable: such inequities can be mitigated by social policies that can shape health in powerful ways. Communities in Action: Pathways to Health Equity seeks to delineate the causes of and the solutions to health inequities in the United States. This report focuses on what communities can do to promote health equity, what actions are needed by the many and varied stakeholders that are part of communities or support them, as well as the root causes and structural barriers that need to be overcome.

The Journal of Political Economy

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Publisher :
ISBN 13 :
Total Pages : 626 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis The Journal of Political Economy by :

Download or read book The Journal of Political Economy written by and published by . This book was released on 2007 with total page 626 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Tiebout Hypothesis and Majority Rule

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Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.3/5 (243 download)

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Book Synopsis The Tiebout Hypothesis and Majority Rule by : Dennis Epple

Download or read book The Tiebout Hypothesis and Majority Rule written by Dennis Epple and published by . This book was released on 1999 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper provides a comprehensive empirical analysis of majority rule and Tiebout sorting within a system of local jurisdictions. The idea behind the estimation procedure is to investigate whether observed levels of public expenditures satisfy necessary conditions implied by majority rule in a general equilibrium model of residential choice. The estimator controls for both observed and unobserved heterogeneity among households, observed and unobserved characteristics of communities, the potential endogeneity of prices and expenditures as well as the self-selection of households into communities of their choice. We estimate the structural parameters of the model using data from the Boston Metropolitan Area. The empirical findings are by and large supportive of our approach.

How Does Pension Reform Affect Savings and Welfare

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Publisher :
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis How Does Pension Reform Affect Savings and Welfare by : Rodrigo Cifuentes

Download or read book How Does Pension Reform Affect Savings and Welfare written by Rodrigo Cifuentes and published by . This book was released on 2000 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Handbook of Public Economics

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Publisher : North Holland
ISBN 13 :
Total Pages : 712 pages
Book Rating : 4.:/5 (321 download)

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Book Synopsis Handbook of Public Economics by : A.J. Auerbach

Download or read book Handbook of Public Economics written by A.J. Auerbach and published by North Holland. This book was released on 2002-10-21 with total page 712 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the 4th volume in the series of Handbooks in Economics. It gives a comprehensive review of research in public economics, in its current state and over the past few decades.