Should the Social Security Trust Fund Hold Equities? An Intergenerational Welfare Analysis

被引：23

作者：

Bohn, Henning ^{[1
]}

机构：

[1] Univ Calif Santa Barbara, Santa Barbara, CA 93106 USA

来源：

REVIEW OF ECONOMIC DYNAMICS | 1999年 / 2卷 / 03期

关键词：

social security; equity investment; risk sharing; overlapping generations; welfare;

D O I：

10.1006/redy.1999.0062

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

In a stochastic economy with overlapping generations, fiscal policy affects the allocation of aggregate risks. The paper shows how to compute the welfare effects of marginal policy changes that shift risk across cohorts, in general and for an application to social security equity investments. I estimate the relevant correlations between macroeconomic shocks and equity returns from 1874-1996 U.S. data, calibrate the model, and find positive welfare effects for equity investments. Since stock returns are positively correlated with social security's wage-indexed benefit obligations, equity investments would also help to stabilize the payroll tax rate. (C) 1999 Academic Press

引用

页码：666 / 697

页数：32

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