Issues in Pension Economics

by Bodie, Zvi; Shoven, John B.; Wise, David A.

• ISBN13: 9780226062846
• ISBN10: 0226062848
• Format: Hardcover
• Copyright: 1987-03-01
• Publisher: Univ of Chicago Pr

Summary

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.

Author Biography

Zvi Bodie is professor of finance at Boston University. John B. Shoven is professor of economics at Stanford University. David A. Wise is the John F. Stambaugh Professor of Political Economy at the John F. Kennedy School of Government, Harvard University.

Table of Contents

Acknowledgments

Introduction

Pensions and Corporate Finance

Funding and Asset Allocation in Corporate Pension Plans: An Empirical Investigation

Comment

Corporate Pension Policy and the Value of PBGC Insurance

Comment

How Does the Market Value Unfunded Pension Liabilities?

Comment

Pensions and Retirement Income Adequacy

Concepts and Measures of Earnings Replacement during Retirement

Comment

Pension Plan Integration as Insurance against Social Security

Comment

Pensions and Savings Behavior

Uncertain Lifetimes, Pensions, and Individual Saving

Comment

Annuity Markets, Savings, and the Capital Stock

Comment

Dissaving after Retirement: Testing the Pure Life Cycle Hypothesis

Comment

Pensions and the Labor Market

The Incentive Effects of Private Pension Plans

Comment

Pension Inequality

Comment

List of Contributors

Author Index

Subject Index

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