The Transition to Investment-Based Social Security when Portfolio Returns and Capital Profitability are Uncertain
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In this paper we study the transition from a pay-as-you-go system of Social Security pensions to an investment-based system in an economy in which portfolio returns and capital profitability are both uncertain. The paper extends earlier studies by Feldstein and Samwick that modeled the transition
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美国国家经济研究局创建时间：
1999-03-01
