Social Security Policy in a Changing Environment

Edited by Jeffrey R. Brown, Jeffrey B. Liebman, and David A. Wise

Edited by Jeffrey R. Brown, Jeffrey B. Liebman, and David A. Wise

472 pages | 114 line drawings, 54 tables | 6 x 9 | © 2009
Cloth $110.00 ISBN: 9780226076485 Published June 2009
E-book $7.00 to $45.00 About E-books ISBN: 9780226076508 Published December 2009
Social Security Policy in a Changing Environment analyzes the changing economic and demographic environment in which social insurance programs that benefit elderly households will operate.  It also explores how these ongoing trends will affect future beneficiaries, under both the current social security program and potential reform options.    In this volume, an esteemed group of economists probes the challenge posed to Social Security by an aging population.  The researchers examine trends in private sector retirement saving and health care costs, as well as the uncertain nature of future demographic, economic, and social trends—including marriage and divorce rates and female participation in the labor force. Recognizing the ambiguity of the environment in which the Social Security system must operate and evolve, this landmark book explores factors that policymakers must consider in designing policies that are resilient enough to survive in an economically and demographically uncertain society.
 
 
Contents

Acknowledgments

 

Introduction

Jeffrey R. Brown, Jeffrey Liebman and David A. Wise

 

 

I. Innovative Approaches to Social Security Reform

 

1. Removing the Disincentives in Social Security for Long Careers

Gopi Shah Goda, John B. Shoven, and Sita Nataraj Slavov

 

Comment: Erzo F.P. Luttmer

 

2. Notional Defined Contribution Pension Systems in a Stochastic Context: Design and Stability

Alan J. Auerbach and Ronald Lee

 

Comment: Jeffrey Liebman

 

3. Reforming Social Security with Progressive Personal Accounts

John Geanakoplos and Stephen P. Zeldes

 

Comment: Jason Furman

 

 

II. Retirement Plan Choice

 

4. Who Chooses Defined Contribution Plans?

Jeffrey R. Brown and Scott J. Weisbenner

 

Comment: Brigitte C. Madrian

 

5. The Importance of Default Options for Retirement Saving Outcomes: Evidence from the United States

John Beshears, James J. Choi, David Laibson, and Brigitte C. Madrian

 

Comment: Jeffrey R. Brown

 

 

III. Reducing Financial Market Risk in Personal Retirement Accounts

 

6. Reducing the Risk of Investment-Based Social Security Reform

Martin Feldstein

 

Comment: David W. Wilcox

7. Pricing Personal Account Benefit Guarantees: A Simplified Approach

Andrew Biggs, Clark Burdick, and Kent Smetters

 

Comment: George G. Pennacchi

 

8. Reducing Social Security PRA Risk at the Individual Level – Lifecycle Funds and No-loss Strategies

James M. Poterba, Joshua Rauh, Steven F. Venti, and David A. Wise

 

Comment: Douglas W. Elmendorf

 

9. Changing Progressivity as a Means of Risk Protection in Investment-Based Social Security

Andrew A. Samwick

 

Comment: Michael Hurd

 

 

IV. Demographics, Asset Flows and Macroeconomic Markets

 

10. The Decline of Defined Benefit Retirement Plans and Asset Flows

James M. Poterba, Steven F. Venti, and David A. Wise

 

Comment: Jonathan Skinner

 

11. Demographic Change, Relative Factor Prices, International Capital Flows, and their Differential Effects on the Welfare of Generations

Alexander Ludwig, Dirk Krüger, and Axel Börsch-Supan

 

Comment: James M. Poterba

 

 

V. Mortality Projections

 

12. Is the U.S. Population Behaving Healthier?

David M. Cutler, Edward L. Glaeser, and Allison B. Rosen

 

Comment: James P. Smith
For more information, or to order this book, please visit http://www.press.uchicago.edu
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