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Social Security Liabilities


  • Edward M. Gramlich

    (Board of Governors of the Federal Reserve System)


This paper reviews the long-term financial problems facing the U.S. Social Security system. Not only is the system out of long-term actuarial balance, but implicit rates of return on worker contributions are low and dropping. The paper discusses different approaches for dealing with the twin problems suggested by the 1994-1996 Advisory Council on Social Security, ending with a case for a middle-of-the-road approach featuring modest long-term benefit cuts and small, centrally managed, add-on individual accounts. (Copyright: Elsevier)

Suggested Citation

  • Edward M. Gramlich, 1999. "Social Security Liabilities," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 2(3), pages 489-497, July.
  • Handle: RePEc:red:issued:v:2:y:1999:i:3:p:489-497
    DOI: 10.1006/redy.1999.0064

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    References listed on IDEAS

    1. Milgrom, Paul & Roberts, John, 1990. "Rationalizability, Learning, and Equilibrium in Games with Strategic Complementarities," Econometrica, Econometric Society, vol. 58(6), pages 1255-1277, November.
    2. Lehrer, Ehud, 1992. "On the Equilibrium Payoffs Set of Two Player Repeated Games with Imperfect Monitoring," International Journal of Game Theory, Springer;Game Theory Society, vol. 20(3), pages 211-226.
    3. Ebbe Groes & Hans JÛrgen Jacobsen & Birgitte Sloth, 1999. "Adaptive learning in extensive form games and sequential equilibrium," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 13(1), pages 125-142.
    4. Fudenberg, Drew & Levine, David K, 1993. "Self-Confirming Equilibrium," Econometrica, Econometric Society, vol. 61(3), pages 523-545, May.
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    Cited by:

    1. Klaus-Jürgen Gern, 2002. "Recent Developments in Old Age Pension Systems: An International Overview," NBER Chapters,in: Social Security Pension Reform in Europe, pages 439-478 National Bureau of Economic Research, Inc.

    More about this item

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions


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