Fully funded pension systems are advocated for their higher rate of return, but this return is
typically risky. Using a simple mean-variance model, we find that mixed funded–unfunded …

… And Michael Orszag combines the skills of an economist with experience around the
world on issues such as pension funding. The editors share a commitment to a broader …

Since 1988, workers in the United Kingdom have been allowed to opt out of that nation’s
Social Security system and into individual accounts. We link together existing sources on UK …

This paper uses a simple dynamic efficiency wage model of Phelps (1994), Phelps and
Hoon (1992)to explain the `wage curve' of Blanchflower and Oswald (1994). We derive a …

The analysis provides a new explanation for two widespread problems concerning European
unemployment policy: the disappointingly small effect of many past reform measures on …

Since the early 1980s, most European welfare states have come under increasing strain. All
the main traditional functions of the welfare state-social insurance, redistribution from rich to …

We explore the implications of replacing current unemployment benefit (UB) systems by
unemployment accounts (UA). Under the UA system, employed people would be required to …

This paper derives estimates of seven categories of personal wealth holdings in the United
Kingdom on an annual basis since 1948. The seven categories are: net financial wealth, …

We apply Merton (1969) to the investment allocation decision of individuals in retirement
who can invest in both equities and annuities. We derive optimal switching rules between …

We explore the far-reaching implications of replacing current unemployment benefit (UB)
systems by an unemployment accounts (UAs) system. Under the UAs system, employed …