MARC Record from Library of Congress

LEADER: 02519nam a22002897a 4500
001 2008610824
003 DLC
005 20080813101704.0
007 cr |||||||||||
008 080709s2008 mau sb 000 0 eng
010 $a 2008610824
040 $aDLC$cDLC
050 00 $aHB1
100 1 $aGeanakoplos, John.
245 10 $aReforming social security with progressive personal accounts$h[electronic resource] /$cJohn Geanakoplos, Stephen P. Zeldes.
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2008.
490 1 $aNBER working paper series ;$vworking paper 13979
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 7/9/2008.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"The heated debate about how to reform Social Security has come to a standstill because the view of most Democrats (that Social Security must be a defined benefits plan similar in spirit to the current system) seems irreconcilable with the proposals supported by many Republicans (to create a defined contribution system of personal accounts holding marketed assets).We describe a system of "progressive personal accounts" that preserves the core goals of both parties, and that is self-balancing on an ongoing basis. Progressive personal accounts have two critical features: (1) accruals into the personal accounts would be exclusively in a new kind of derivative security (which we call a PAAW for Personal Annuitized Average Wage security) that pays its owner one inflation-corrected dollar during every year of life after his statutory retirement date, multiplied by the economy wide average wage at the retirement date and (2) households would buy their new PAAWs each year with their social security contributions, augmented or reduced by a government match that would add to contributions from households with low lifetime incomes by taking from households with high lifetime incomes. PAAWS define benefits and achieve risk sharing across generations, as Democrats would like, yet can be held in personal accounts with market valuations, as Republicans propose"--National Bureau of Economic Research web site.
700 1 $aZeldes, Stephen P.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 13979.
856 40 $uhttp://papers.nber.org/papers/w13979