Issues in Pension Economics
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9780226062907
Issues in Pension Economics
In the past several decades, pension plans have become one of the most significant institutional influences on labor and financial markets in the U.S. In an effort to understand the economic effects of this growth, the National Bureau of Economic Research embarked on a major research project in 1980. Issues in Pension Economics, the third in a series of four projected volumes to result from thsi study, covers a broad range of pension issues and utilizes new and richer data sources than have been previously available.
The papers in this volume cover such issues as the interaction of pension-funding decisions and corporate finances; the role of pensions in providing adequate and secure retirement income, including the integration of pension plans with social security and significant drops in the U.S. saving rate; and the incentive effects of pension plans on labor market behavior and the implications of plans on labor market behavior and the implications of plans for different demographic groups.
Issues in Pension Economics offers important empirical studies and makes valuable theoretical contributions to current thinking in an area that will most likely continue to be a source of controversy and debate for some time to come. The volume should prove useful to academics and policymakers, as well as to members of the business and labor communities.
The papers in this volume cover such issues as the interaction of pension-funding decisions and corporate finances; the role of pensions in providing adequate and secure retirement income, including the integration of pension plans with social security and significant drops in the U.S. saving rate; and the incentive effects of pension plans on labor market behavior and the implications of plans on labor market behavior and the implications of plans for different demographic groups.
Issues in Pension Economics offers important empirical studies and makes valuable theoretical contributions to current thinking in an area that will most likely continue to be a source of controversy and debate for some time to come. The volume should prove useful to academics and policymakers, as well as to members of the business and labor communities.
384 pages | 6.00 x 9.00 | © 1987
National Bureau of Economic Research Project Report
Economics and Business: Business--Industry and Labor
Table of Contents
Acknowledgments
1. Introduction
Zvi Bodie, John B. Shoven, and David A. Wise
I. Pensions and Corporate Finance
2. Funding and Asset Allocation in Corporate Pension Plans: An Empirical Investigation
Zvi Bodie, Jay O. Light, Randall Mørck, and Robert A. Taggart, Jr.
Comment: André F. Perold
3. Corporate Pension Policy and the Value of PBGC Insurance
Alan J. Marcus
Comment: William F. Sharpe
4. How Does the Market Value Unfunded Pension Liabilities?
Jeremy I. Bulow, Randall Mørck, and Lawrence Summers
Comment: Myron S. Scholes
II. Pensions and Retirement Income Adequacy
5. Concepts and Measures of Earnings Replacement during Retirement
Michael J. Boskin and John B. Shoven
Comment: Alan L. Gustman
6. Pension Plan Integration as Insurance against Social Security Risk
Robert C. Merton, Zvi Bodie, and Alan J. Marcus
Comment: Jeremy I. Bulow
III. Pensions and Savings Behavior
7. Uncertain Lifetimes, Pensions, and Individual Saving
R. Glenn Hubbard
Comment: Olivia S. Mitchell
8. Annuity Markets, Savings, and the Capital Stock
Laurence J. Kotlikoff, John B. Shoven, and Avia Spivak
Comment: Michael Rothschild
9. Dissaving after Retirement: Testing the Pure Life Cycle Hypothesis
B. Douglas Bernheim
Comment: Michael Hurd
IV. Pensions and the Labor Market
10. The Incentive Effects of Private Pension Plans
Laurence J. Kotlikoff and David A. Wise
Comment: Thomas A. Gustafson
11. Pension Inequality
Edward P. Lazear and Sherwin Rosen
Comment: Sylvester J. Schieber
List of Contributors
Author Index
Subject Index
1. Introduction
Zvi Bodie, John B. Shoven, and David A. Wise
I. Pensions and Corporate Finance
2. Funding and Asset Allocation in Corporate Pension Plans: An Empirical Investigation
Zvi Bodie, Jay O. Light, Randall Mørck, and Robert A. Taggart, Jr.
Comment: André F. Perold
3. Corporate Pension Policy and the Value of PBGC Insurance
Alan J. Marcus
Comment: William F. Sharpe
4. How Does the Market Value Unfunded Pension Liabilities?
Jeremy I. Bulow, Randall Mørck, and Lawrence Summers
Comment: Myron S. Scholes
II. Pensions and Retirement Income Adequacy
5. Concepts and Measures of Earnings Replacement during Retirement
Michael J. Boskin and John B. Shoven
Comment: Alan L. Gustman
6. Pension Plan Integration as Insurance against Social Security Risk
Robert C. Merton, Zvi Bodie, and Alan J. Marcus
Comment: Jeremy I. Bulow
III. Pensions and Savings Behavior
7. Uncertain Lifetimes, Pensions, and Individual Saving
R. Glenn Hubbard
Comment: Olivia S. Mitchell
8. Annuity Markets, Savings, and the Capital Stock
Laurence J. Kotlikoff, John B. Shoven, and Avia Spivak
Comment: Michael Rothschild
9. Dissaving after Retirement: Testing the Pure Life Cycle Hypothesis
B. Douglas Bernheim
Comment: Michael Hurd
IV. Pensions and the Labor Market
10. The Incentive Effects of Private Pension Plans
Laurence J. Kotlikoff and David A. Wise
Comment: Thomas A. Gustafson
11. Pension Inequality
Edward P. Lazear and Sherwin Rosen
Comment: Sylvester J. Schieber
List of Contributors
Author Index
Subject Index