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Social Security privatization: a simple proposal

Author

Listed:
  • Jagadeesh Gokhale
  • David E. Altig

    (Federal Reserve Bank of Cleveland
    Federal Reserve Bank of Atlanta)

Abstract

A proposal for a U.S. Social Security reform that gradually, but ultimately fully, privatizes the system. This proposal follows the no-harm, no-foul principle in that it preserves the benefits of older generations and yet promises the same or higher retirement benefits for the young.

Suggested Citation

  • Jagadeesh Gokhale & David E. Altig, 1997. "Social Security privatization: a simple proposal," Working Papers (Old Series) 9703, Federal Reserve Bank of Cleveland, revised 1997.
  • Handle: RePEc:fip:fedcwp:9703
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    References listed on IDEAS

    as
    1. John Sabelhaus & Laurence J. Kotlikoff & Jagadeesh Gokhale & David N. Weil & Alan J. Auerbach, 1994. "The annuitization of Americans' resources: a cohort analysis," Working Papers (Old Series) 9413, Federal Reserve Bank of Cleveland, revised 1994.
    2. Mitchell, Olivia S & Zeldes, Stephen P, 1996. "Social Security Privatization: A Structure for Analysis," American Economic Review, American Economic Association, vol. 86(2), pages 363-367, May.
    3. Olivia S. Mitchell, 1998. "Administrative Costs in Public and Private Retirement Systems," NBER Chapters, in: Privatizing Social Security, pages 403-456, National Bureau of Economic Research, Inc.
    4. Jagadeesh Gokhale & Laurence J. Kotlikoff & John Sabelhaus, 1996. "Understanding the Postwar Decline in U.S. Saving: A Cohort Analysis," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(1), pages 315-407.
    5. Laurence J. Kotlikoff, 1998. "Simulating the Privatization of Social Security in General Equilibrium," NBER Chapters, in: Privatizing Social Security, pages 265-311, National Bureau of Economic Research, Inc.
    6. Evans, Paul & Karras, Georgios, 1994. "Are Government Activities Productive? Evidence from a Panel of U.S. States," The Review of Economics and Statistics, MIT Press, vol. 76(1), pages 1-11, February.
    7. Kevin J. Lansing, 1995. "Is public capital productive? A review of the evidence," Economic Commentary, Federal Reserve Bank of Cleveland, issue mar1.
    8. Jagadeesh Gokhale & David E. Altig, 1996. "A simple proposal for privatizing Social Security," Economic Commentary, Federal Reserve Bank of Cleveland, issue may1.
    9. Alberto Alesina & Roberto Perotti, 1996. "Fiscal Adjustments in OECD Countries: Composition and Macroeconomic Effects," NBER Working Papers 5730, National Bureau of Economic Research, Inc.
    10. Holtz-Eakin, Douglas, 1994. "Public-Sector Capital and the Productivity Puzzle," The Review of Economics and Statistics, MIT Press, vol. 76(1), pages 12-21, February.
    11. Alan J. Auerbach & Jagadeesh Gokhale & Laurence J. Kotlikoff, 1994. "Generational Accounting: A Meaningful Way to Evaluate Fiscal Policy," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 73-94, Winter.
    12. Alberto Alesina & Roberto Perotti, 1996. "Fiscal Adjustments in OECD Countries; Composition and Macroeconomic Effects," IMF Working Papers 96/70, International Monetary Fund.
    13. Peter Diamond, 1993. "Privatization of Social Security: Lessons from Chile," NBER Working Papers 4510, National Bureau of Economic Research, Inc.
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    Citations

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    Cited by:

    1. Laurence J. Kotlikoff & Kent Smetters & Jan Walliser, 1999. "Privatizing Social Security in the U.S. -- Comparing the Options," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 2(3), pages 532-574, July.
    2. Thomas Cooley & Jorge Soares, 1999. "Privatizing Social Security," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 2(3), pages 731-755, July.
    3. Yeopil Yoon & Gabriel Talmain, "undated". "Endogenous Fertility, Endogenous Growth and Public Pension System: Should We Switch from a PAYG to a Fully-Funded System?," Discussion Papers 00/31, Department of Economics, University of York.
    4. Kent Smetters & Jan Walliser, 2002. "Dropping Out of Social Security," Working Papers wp022, University of Michigan, Michigan Retirement Research Center.
    5. Laurence J. Kotlikoff & Kent A. Smetters & Jan Walliser, 1998. "Opting Out of Social Security and Adverse Selection," NBER Working Papers 6430, National Bureau of Economic Research, Inc.
    6. Julia Lynn Coronado, 1998. "The effects of social security privatization on household saving: evidence from the Chilean experience," Finance and Economics Discussion Series 1998-12, Board of Governors of the Federal Reserve System (U.S.), revised 1998.
    7. Ramon P. DeGennaro & Deborah L. Murphy, 2004. "Understanding 401(k) plans," FRB Atlanta Working Paper 2004-21, Federal Reserve Bank of Atlanta.

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    Keywords

    Social security;

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