Financial Aspects of the United States Pension System

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ISBN: 9780226062891

Acknowledgments
Introduction
Zvi Bodie and John B. Shoven
1. Who Owns the Assets in a Defined-Benefit Pension Plan?
Jeremy I. Bulow and Myron S. Scholes
Comment: Jerry Green
2. Economic Implications of ERISA
Jeremy I. Bulow, Myron S. Scholes, and Peter Menell
Comment: Richard J. Zeckhauser
3. Pensions as Severance Pay
Edward P. Lazear
Comment: David A. Wise
4. Optimal Funding and Asset Allocation Rules for Defined-Benefit Pension Plans
J. Michael Harrison and William F. Sharpe
Comment: Irwin Tepper
5. Pension Funding, Pension Asset Allocation, and Corporate Finance: Evidence from Individual Company Data
Benjamin M. Friedman
Comment: Jay O. Light
6. Investing for the Short and the Long Term
Stanley Fischer
Comment: Fischer Black
7. Pension Funding Decisions, Interest Rate Assumptions, and Share Prices
Martin Feldstein and Randall Morck
Comment: Stewart C. Myers
8. Should Private Pensions Be Indexed?
Martin Feldstein
9. Observations on the Indexation of Old Age Pensions
Lawrence H. Summers
Comment: John Bossons
10. On Consumption Indexed Public Pension Plans
Robert C. Merton
Comment: Paul A. Samuelson
11. Retirement Annuity Design in an Inflationary Climate
Zvi Bodie and James E. Pesando
Comment: Franco Modigliani
12. On the Role of Social Security as a Means for Efficient Risk Sharing in an Economy Where Human Capital Is Not Tradable
Robert C. Merton
13. The Economic Status of the Elderly
Michael D. Hurd and John B. Shoven
Comment: Daniel Feenberg
14. Portfolio Composition and Pension Wealth: An Econometric Study
Louis-David L. Dicks-Mireaux and Mervyn A. King
Comment: Alan J. Auerbach
List of Contributors
Author Index
Subject Index