This note presents measures of financing shortfalls and liabilities, both for an individual government program such as Social Security and for government financing as a whole. At the level of individual programs, the widely ...

In the framework of expected utility, nth-degree risk aversion/loving is unequivocally characterized by the sign of the nth-order derivative of the utility function, but there exist different notions of one decision maker ...

Here, the authors propose the benefits of instituting a Sovereign Mexican Fund (SMF), which emulates the Alaska Trust Fund, in order to reconcile the capital investment needs of the energy sector in Mexico with the strong ...

Many OECD countries have significantly increased spending on public pensions over the last half-century. As more retirees begin to draw benefits, policymakers have placed more focus on retrenchment reforms in order to keep ...

As the Affordable Care Act (ACA) recently expanded Medicaid coverage to low-income childless adults, the uninsured rate reached a record low in 2015. In contrast, large firms with 200 or more employees are continuing to ...

Remittances from immigrants back to relatives and friends in their home country represent a large and important flow of funds both absolutely and relative to measures of national income. Macroeconomic aggregates are impacted ...

Ever since the Federal Reserve began its series of Quantitative Easing Federal Reserve assets have increased fourfold. During this same period federal deficits have increased the level of publicly held debt by 260%. There ...

U.S. Gross Domestic Product (GDP) has finally caught up with the Congressional Budget Office (CBO) estimates of potential GDP as of late 2017, even though the National Bureau of Economic Research dates the end of the Great ...

Contests by their very nature involve risk, winning and losing are both possible, and the gain from winning can itself be uncertain. The participants in a contest use resources to increase their chance of winning. The main ...

Although it is well known that childhood peers affect future outcomes, little is known about the effects of different neighborhood factors. In working paper 1909, PERC’s Rex Grey Professor Mark Hoekstra and coauthor ...