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More Social Security, Not Less

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  • William Goetzmann

Abstract

This paper explores the feasibility of a government-sponsored insurance company, patterned after the government-sponsored mortgage agencies, that would be authorized to sell government-insured wage-indexed retirement annuities. This enterprise would assume the current obligations and cash flows of the social security system in exchange for the exclusive right to sell additional insurance contracts. It may or may not choose to finance itself through the issuance of equity shares. The empirical analysis in the paper focuses on the stochastic nature of the liabilities faced by such an agency and in particular examines the optimal portfolio of assets required to hedge wage-indexed liabilities.

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File URL: http://icfpub.som.yale.edu/publications/2631
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Bibliographic Info

Paper provided by Yale School of Management in its series Yale School of Management Working Papers with number ysm449.

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Date of creation: 01 Apr 2005
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Handle: RePEc:ysm:somwrk:ysm449

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Web page: http://icf.som.yale.edu/
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Related research

Keywords: Social Security; Wage Inedexation;

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Cited by:
  1. John Geanakoplos & Stephen P. Zeldes, 2009. "Market Valuation of Accrued Social Security Benefits," NBER Working Papers 15170, National Bureau of Economic Research, Inc.

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