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  • 1
    In: The B.E. Journal of Economic Analysis & Policy, 2011, Vol.11(1)
    Description: How much does the current social security system redistribute from rich to poor? We propose alternative concepts of well-being that can be used to classify individuals from rich to poor, and we show how social security redistributes differently under each concept. We use the PSID to estimate lifetime wage profiles and actual earnings each year for a sample of 1778 individuals, and we use mortality probabilities to calculate expected payroll taxes and social security benefits. For a given set of “facts” about the net flows experienced each year by each individual, measured progressivity depends on many assumptions. This paper attempts to capture and to quantify all of the data and characteristics relevant to determine each individual’s “income” under several definitions. We then use each definition of income to classify individuals from rich to poor and to calculate the progressivity of social security.
    Description: We proceed in seven steps. First, we classify individuals by annual income and use Gini coefficients to find that social security is highly progressive. Second, we reclassify individuals on the basis of lifetime income and find that social security is less progressive. Third, we remove the cap on measured earnings and find that social security is even less progressive. Fourth, we switch from actual to potential lifetime earnings (the present value of the wage rate times 4000 hours each year). This measure captures the value of leisure and home production, so those out of the labor force are less poor, and net payments to them are less progressive. Fifth, we assign to each married individual half of the couple’s income. The low-wage spouse is then not so poor, and social security becomes even less progressive. Sixth, we incorporate mortality probabilities that differ by potential lifetime income. Since the rich live longer and collect benefits longer, social security is no longer progressive. Finally, we increase the discount rate from 2% to 4%, which puts relatively more weight on the earlier-but-regressive payroll tax and less weight on the later-but-progressive benefit schedule.
    Description: Depending on the definition of income used to classify people, the overall social security system could be deemed progressive, only mildly progressive, or neutral. With an even-higher discount rate, it could even be deemed regressive.
    Subject(s): Distributional Effects ; Government Pensions ; Lifetime Incidence
    E-ISSN: 1935-1682
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  • 2
    Lexicon Article
    Lexicon Article
    2011
    ISSN: 1935-1682 
    In: The B.E. journal of economic analysis & policy, 2011, Vol.11(1), p.1
    Subject(s): Soziale Sicherheit
    ISSN: 1935-1682
    Source: wiso Wirtschaftswissenschaften (GBI-Genios Deutsche Wirtschaftsdatenbank GmbH) 〈img src="http://exlibris-pub.s3.amazonaws.com/wiso_logo.jpg" style="vertical-align:middle;margin-left:7px"〉
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  • 3
    Language: English
    In: Journal of Pension Economics and Finance, 2004, Vol.3(3), pp.297-314
    Description: Many firms that sponsor traditional defined benefit pensions have converted these plans to cash balance plans in the last en years. Cash balance plans in the last ten years combine features of defined benefit and defined contribution plans, and yet their introduction has proven considerably more controversial than has the increasing popularity of defined contribution plans. The goal of this study is to estimate a hierarchy of the influences on the decision of a firm to convert its traditional defined benefit pension plan to a cash balance plan. Our results indicate that cash balance conversions have been undertaken in competitive industries with tight labor markets and thus can be viewed at least in part as a response to better compensate a more mobile labor force. Indeed, many firms appear to their pension liabilities through such conversions.
    Subject(s): Economics;
    ISSN: 1474-7472
    E-ISSN: 1475-3022
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  • 4
    In: Contributions in Economic Analysis & Policy, 2002, Vol.1(1)
    Description: In recent years, a handful of countries have converted the financing of their social security systems from pay-as-you-go (PAYGO) to partial or full funding. Privatization is viewed as one way to insulate social security from the political and demographic pressures that currently threaten the financial stability of PAYGO systems. However, privatization would improve a nation's situation only if such a reform increases domestic saving. In this paper I use evidence from Chile, where social security was privatized in 1981, to assess the impact of such a reform on household saving rates. I find that the reform provided a significant stimulus for net of social security household saving; increasing household saving rates between 5 and 10 percentage points.
    Subject(s): Social Security ; Household Saving ; Privatization
    E-ISSN: 1538-0645
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  • 5
    Article
    Article
    1999
    ISSN: 00280283 
    Language: English
    In: National Tax Journal, 1 September 1999, Vol.52(3), pp.473-481
    Description: Recent theoretical models have called into question whether the tax exemption on the interest on municipal bonds actually provides a marginal subsidy to state and local capital investment. This paper develops a framework for testing for the presence of a subsidy and uses a state level data set to estimate the model The findings provide some evidence that tax exemption subsidizes capital spending, although the results are sensitive to model specification.
    Subject(s): Business -- Business administration -- Business management ; Economics -- Economic policy -- Public finance ; Political science -- Government -- Governance ; Economics -- Microeconomics -- Economic costs and benefits ; Economics -- Economic disciplines -- Applied economics ; Political science -- Government -- Governance ; Political science -- Government -- Local government ; Economics -- Economic policy -- Public finance ; Economics -- Economic disciplines -- Financial economics ; Economics -- Economic policy -- Public finance
    ISSN: 00280283
    E-ISSN: 19447477
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  • 6
    Language: English
    In: Brookings Papers on Economic Activity, 2003, Vol.2003(1), pp.323-371
    Description: During the 1990s the assets of corporate defined-benefit pension plans ballooned with the booming stock market. Under current accounting guidelines, the result was a substantial but stealthy boost to sponsoring firms' profits. This study assesses the extent to which investors were fooled by pension accounting. It finds that stock prices reflected not the fair market value of sponsoring firms' net pension assets, as reported in the footnotes to their financial statements, but rather some capitalization rate on pension cost accruals in the income statement. Additional tests indicate that the market values a firm's pension earnings no differently from its core earnings, suggesting that pension earnings are often overvalued. This failure to differentiate induces large valuation errors for many firms, although this does not seem to translate into aggregate overvaluation, at least not before 2001, when falling stock prices and interest rates slashed pension net asset values but not pension earnings.
    Subject(s): Defined Benefit Pension Plans ; United States ; Accounting ; Mathematical Models ; Stock Exchanges ; United States ; Mathematical Models ; Economics
    ISSN: 0007-2303
    E-ISSN: 1533-4465
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  • 7
    Language: English
    In: January 2009, Vol.23(1), pp.37-72
    Description: Executive Summary Building on the existing literature that examines the extent of redistribution in the Social Security system as a whole, this paper focuses more specifically on how Social Security affects the poor. This question is important because a social security program that reduces overall inequality by redistributing from high‐income individuals to middle‐income individuals may do nothing to help the poor; conversely, a program that redistributes to the poor may nonetheless be regressive according to broader measures if it also redistributes from middle‐ to upper‐income households. We have four major findings. First, as we expand the definition of income to use more comprehensive measures of well‐being, we find that Social Security becomes less progressive. Indeed, when we use an “endowment” defined by potential labor earnings at the household level rather than actual earnings at the individual level, we find that Social Security has virtually no effect on overall inequality. Second, we find that this result is driven largely by the lack of redistribution across the middle and upper parts of the income distribution, so it masks some small positive net transfers to those at the bottom of the lifetime income distribution. Third, in cases in which redistribution does occur, we find that it is not efficiently targeted: many high‐income households receive positive net transfers, whereas many low‐income households pay net taxes. Finally, the redistributive effects of Social Security change over time, and these changes depend on the income concept used to classify someone as “poor.”
    Subject(s): Political science -- Government -- Governance ; Political science -- Government -- Governance ; Economics -- Economic policy -- Public finance ; Economics -- Economic disciplines -- Socioeconomics ; Economics -- Economic policy -- Monetary policy ; Health sciences -- Health care industry -- Health information ; Social sciences -- Population studies -- Mortality ; Economics -- Economic disciplines -- Socioeconomics ; Political science -- Government -- Governance ; Economics -- Economic disciplines -- Financial economics ; Political science -- Government -- Governance ; Political science -- Government -- Governance ; Economics -- Economic policy -- Public finance ; Economics -- Economic disciplines -- Socioeconomics ; Economics -- Economic policy -- Monetary policy ; Health sciences -- Health care industry -- Health information ; Social sciences -- Population studies -- Mortality ; Economics -- Economic disciplines -- Socioeconomics ; Political science -- Government -- Governance ; Economics -- Economic disciplines -- Financial economics;
    ISSN: 08928649
    E-ISSN: 15372650
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  • 8
    Language: English
    In: National Tax Journal, 1 September 2005, Vol.58(3), pp.505-522
    Description: A fundamental element of the debate over Social Security reform is which set of principles should describe the role of the program over the next century. One possibility, which we refer to as "collectivist principles," emphasizes the economic efficiency gains that flow from a social insurance program designed to pool various risks across all workers in the economy. A second possibility, which we label "individualist principles," points to potential efficiency gains from reducing the degree of government intervention and increasing individual self–determination.
    Subject(s): Economics -- Economic policy -- Public finance ; Economics -- Economic disciplines -- Financial economics ; Political science -- Government -- Governance ; Political science -- Government -- Governance ; Economics -- Economic disciplines -- Financial economics ; Economics -- Economic disciplines -- Financial economics ; Political science -- Government -- Governance ; Political science -- Government -- Governance ; Economics -- Microeconomics -- Income ; Economics -- Economic disciplines -- Labor economics
    ISSN: 00280283
    E-ISSN: 19447477
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  • 9
    Language: English
    In: Proceedings. Annual Conference on Taxation and Minutes of the Annual Meeting of the National Tax Association, 1 January 1998, Vol.91, pp.218-222
    Subject(s): Political science -- Government -- Governance ; Economics -- Economic disciplines -- Labor economics ; Political science -- Government -- Governance ; Political science -- Government -- Governance ; Applied sciences -- Technology -- Safety devices ; Political science -- Government -- Governance ; Economics -- Economic disciplines -- Financial economics ; Economics -- Economic disciplines -- Labor economics ; Political science -- Government -- Governance ; Political science -- Politics -- Political processes
    ISSN: 15497542
    E-ISSN: 23775661
    Source: Archival Journals (JSTOR)
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  • 10
    Language: English
    In: Proceedings. Annual Conference on Taxation and Minutes of the Annual Meeting of the National Tax Association, 1 January 1999, Vol.92, pp.323-327
    Subject(s): Political science -- Government -- Governance ; Political science -- Government -- Governance ; Economics -- Economic disciplines -- Financial economics ; Political science -- Government -- Governance ; Economics -- Economic disciplines -- Financial economics ; Economics -- Economic disciplines -- Labor economics ; Political science -- Government -- Governance ; Business -- Accountancy -- Financial accounting ; Applied sciences -- Technology -- Safety devices ; Economics -- Economic policy -- Public finance
    ISSN: 15497542
    E-ISSN: 23775661
    Source: Archival Journals (JSTOR)
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