Preface

Introduction

John Y. Campbell

Martin Feldstein

Asset Allocation and Risk Allocation: Can Social Security Improve Its Future Solvency Problem by Investing in Private Securities?

Thomas E. MaCurdy

John B. Shoven

Stephen P. Zeldes

Discussion Summary

The Transition to Investment-Based Social Security When Portfolio Returns and Capital Profitability Are Uncertain

Martin Feldstein

Elena Ranguelova

Andrew Samwick

Robert J. Shiller

Discussion Summary

The Effect of Pay-When-Needed Benefit Guarantees on the Impact of Social Security Privatization

Kent Smetters

David W. Wilcox

Discussion Summary

Can Market and Voting Institutions Generate Optimal Intergenerational Risk Sharing?

Antonio Rangel

Richard Zeckhauser

Thomas J. Sargent

Discussion Summary

The Social Security Trust Fund, the Riskless Interest Rate, and Capital Accumulation

Andrew B. Abel

Deborah Lucas

Discussion Summary

Social Security and Demographic Uncertainty: The Risk-Sharing Properties of Alternative Policies

Henning Bohn

Kevin M. Murphy

Discussion Summary

The Risk of Social Security Benefit-Rule Changes: Some International Evidence

John McHale

David A. Wise

Discussion Summary

Financial Engineering and Social Security Reform

Zvi Bodie

Stephen A. Ross

Discussion Summary

The Role of Real Annuities and Indexed Bonds in an Individual Accounts Retirement Program

Jeffrey R. Brown

Olivia S. Mitchell

James M. Poterba

Mark J. Warshawsky

Discussion Summary

The Role of International Investment in a Privatized Social Security System

Marianne Baxter

Robert G. King

David Backus

Discussion Summary

Investing Retirement Wealth: A Life-Cycle Model

John Y. Campbell

Joao F. Cocco

Francisco J. Gomes

Pascal J. Maenhout

Amir Yaron

Discussion Summary

Contributors

Author Index

Subject Index