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More Social Security, Not Less


  • William Goetzmann


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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  • William Goetzmann, 2005. "More Social Security, Not Less," Yale School of Management Working Papers ysm449, Yale School of Management.
  • Handle: RePEc:ysm:somwrk:ysm449

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    Cited by:

    1. John Geanokoplos & Stephen P. Zeldes, 2010. "Market Valuation of Accrued Social Security Benefits," NBER Chapters,in: Measuring and Managing Federal Financial Risk, pages 213-233 National Bureau of Economic Research, Inc.

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    Social Security; Wage Inedexation;

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