Social Security

Martin S. Feldstein and Jeffrey B. Liebman ()

No 8451, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper, a forthcoming chapter in the Handbook of Public Economics, reviews the theoretical and empirical issues dealing with Social Security pensions. The first part of the paper discusses pure pay-as-you-go plans. It considers the effects of introducing such a plan on the present value of consumption, the optimal level of benefits in such plans, and the emprical research on the effects of pay-as-you-go pension systems on labor supply and saving. The second part of the paper discusses the transition to investment-based systems, analyzing the effect on the present value of consumption of such a transition and considering such issues as the distributional effects and risk associated with such systems.

JEL-codes: H55 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-lab, nep-lam, nep-pbe and nep-pub
Date: 2001-09
Note: AG PE
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Chapter: Social security (2002)
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