Uncertain Policy for an Uncertain World: The Case of Social Security: Working Paper 2006-05
Analysis and discussion of Social Security policy are usually based on expected fiscal and societal outcomes. However, future demographic and economic trends are uncertain, and thus ultimate outcomes for aggregate system financial flows and the distribution of taxes and benefits across generations are uncertain. This paper analyzes a state-dependent approach to policy in which future Social Security benefit formulas are tied to realized economic and demographic outcomes over time. The results, based on a microsimulation model with stochastic capabilities, show the extent to which it is
|Date of creation:||01 Mar 2006|
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NBER Working Papers
7597, National Bureau of Economic Research, Inc.
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- Martin Feldstein, 1989.
"Imperfect Annuity Markets, Unintended Bequests, and the Optimal Age Structure of Social Security Benefits,"
NBER Working Papers
2820, National Bureau of Economic Research, Inc.
- Feldstein, Martin, 1990. "Imperfect annuity markets, unintended bequests, and the optimal age structure of social security benefits," Journal of Public Economics, Elsevier, vol. 41(1), pages 31-43, February.
- Ronald Lee & Ryan Edwards, 2002. "The Fiscal Effects of Population Aging in the U.S.: Assessing the Uncertainties," NBER Chapters, in: Tax Policy and the Economy, Volume 16, pages 141-180 National Bureau of Economic Research, Inc.
- Lee, Ronald & Yamagata, Hisashi, 2003. "Sustainable Social Security: What Would It Cost?," National Tax Journal, National Tax Association, vol. 56(1), pages 27-43, March.
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