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Private Pensions as Corporate Debt

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Author Info
Martin Feldstein

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Abstract

This paper begins by examining the ways in which pension liabilities are and are not like corporate bonds. Some conceptual issues involved in valuing future pension obligations are then discussed. The second section considers the advantage to firms of fully funding their pension obligations and the reasons why many firms nevertheless choose to have unfunded obligations. The third section then summarizes the results of research on the effect of unfunded pension liabilities on the equity value of firms. The first three sections thus consider the role of pensions at the level of the individual firm. The two sections that follow focus on the current and future role of pensions in the national economy. More specifically, section 4 examines the effect of private pensions on the nation's saving rate, paying special attention to the implication of unfunded pension obligations. The fifth section then discusses the impact of inflation on the private pension system and the likely future for indexed and unindexed private pensions.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 0703.

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Date of creation: Jul 1982
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Publication status: published relationship to a non-chapter. This should not happen. Please contact NBER.
Handle: RePEc:nbr:nberwo:0703

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References listed on IDEAS
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  1. Feldstein, Martin, 1978. "Do private pensions increase national savings?," Journal of Public Economics, Elsevier, vol. 10(3), pages 277-293, December. [Downloadable!] (restricted)
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  2. Martin Feldstein & Stephanie Seligman, 1981. "Pension Funding, Share Prices, and National Saving," NBER Working Papers 0509, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec.. [Downloadable!] (restricted)
  4. Martin Feldstein & Daniel Feenberg, 1985. "Alternative Tax Rules and Personal Savings Incentives: Microeconomic Data and Behavioral Simulations," NBER Working Papers 0681, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  5. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467. [Downloadable!] (restricted)
  6. Martin Feldstein, 1981. "Private Pensions and Inflation," NBER Working Papers 0568, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Zvi Bodie, 1988. "Pension Fund Investment Policy," NBER Working Papers 2752, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Martin Feldstein, 1985. "Should Private Pensions Be Indexed?," NBER Working Papers 0787, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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