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The Liabilities and Risks of State-Sponsored Pension Plans

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Cited by:

  1. Brown, Jeffrey R. & Ivković, Zoran & Weisbenner, Scott, 2015. "Empirical determinants of intertemporal choice," Journal of Financial Economics, Elsevier, vol. 116(3), pages 473-486.
  2. Papke, Leslie E., 2019. "Retirement choices by state and local public sector employees: the role of eligibility and financial incentives," Journal of Pension Economics and Finance, Cambridge University Press, vol. 18(4), pages 515-528, October.
  3. Ishay Wolf, 2022. "Studying the equilibrium of pension designs when shifting to funded pension schemes: economic theory and links to political factors," SN Business & Economics, Springer, vol. 2(7), pages 1-21, July.
  4. Holger Sieg & Daniele Coen-Pirani & Jeffrey Brinkman, 2015. "The Political Economy of Underfunded Municipal Pension Plans," 2015 Meeting Papers 345, Society for Economic Dynamics.
  5. Daniel Covitz & Nellie Liang & Tobias Adrian, 2015. "Financial Stability Monitoring," Annual Review of Financial Economics, Annual Reviews, vol. 7(1), pages 357-395, December.
  6. Bohn, Henning, 2011. "Should public retirement plans be fully funded?," Journal of Pension Economics and Finance, Cambridge University Press, vol. 10(2), pages 195-219, April.
  7. Wang, Lijian, 2016. "Actuarial model and its application for implicit pension debt in China," Chaos, Solitons & Fractals, Elsevier, vol. 89(C), pages 224-227.
  8. Timothy C. Irwin, 2015. "Defining The Government'S Debt And Deficit," Journal of Economic Surveys, Wiley Blackwell, vol. 29(4), pages 711-732, September.
  9. Meijdam, A.C. & Ponds, E.H.M., 2013. "On the Optimal Degree Of Funding Of Public Sector Pension Plans," Other publications TiSEM 1c5b7af1-e1ee-4d01-a341-f, Tilburg University, School of Economics and Management.
  10. Dirk Broeders & Kristy Jansen, 2021. "Pension Funds and Drivers of Heterogeneous Investment Strategies," Working Papers 712, DNB.
  11. Hirsch, Barry, 2013. "An Anatomy of Public Sector Unions," IZA Discussion Papers 7313, Institute of Labor Economics (IZA).
  12. Robert L. Clark & Lee A. Craig & John Sabelhaus, 2011. "State and Local Retirement Plans in the United States," Books, Edward Elgar Publishing, number 13685.
  13. Bo Zhao & David Coyne, 2017. "Walking a Tightrope: Are U.S. State and Local Governments on a Fiscally Sustainable Path?," Public Budgeting & Finance, Wiley Blackwell, vol. 37(3), pages 3-23, September.
  14. Eric M. Leeper, 2010. "Monetary science, fiscal alchemy," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 361-434.
  15. Byron Lutz & Louise Sheiner, 2014. "The Fiscal Stress Arising from State and Local Retiree Health Obligations," NBER Working Papers 19779, National Bureau of Economic Research, Inc.
  16. Abigail Allen & Reining C. Petacchi, 2023. "Preparer Opposition and Strategic Implementation of Governmental Accounting Standards: Evidence from Public Pension Accounting Reform," Management Science, INFORMS, vol. 69(7), pages 4259-4282, July.
  17. repec:dau:papers:123456789/13624 is not listed on IDEAS
  18. Glaeser, Edward L. & Ponzetto, Giacomo A.M., 2014. "Shrouded costs of government: The political economy of state and local public pensions," Journal of Public Economics, Elsevier, vol. 116(C), pages 89-105.
  19. Jiapeng Liu & Rui Lu & Zhengyang Zhang, 2015. "Rating the State Government Public Pension Plans in the US," Accounting and Finance Research, Sciedu Press, vol. 4(4), pages 1-39, November.
  20. Mohan, Nancy & Zhang, Ting, 2014. "An analysis of risk-taking behavior for public defined benefit pension plans," Journal of Banking & Finance, Elsevier, vol. 40(C), pages 403-419.
  21. Maria Donovan Fitzpatrick, 2015. "How Much Are Public School Teachers Willing to Pay for Their Retirement Benefits?," American Economic Journal: Economic Policy, American Economic Association, vol. 7(4), pages 165-188, November.
  22. Jia Wang & Huan Liu & Mei Li & Han Li, 2024. "Will the State‐owned Capital Transfer Policy Enhance the Sustainability of the Urban Employee Basic Pension Insurance Fund in China?," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 32(3), pages 98-129, May.
  23. Grey Gordon & Pablo Guerrón-Quintana, 2021. "Public Debt, Private Pain: Regional Borrowing, Default, and Migration," Working Paper 21-13, Federal Reserve Bank of Richmond.
  24. Robert Novy-Marx & Joshua D. Rauh, 2012. "Fiscal Imbalances and Borrowing Costs: Evidence from State Investment Losses," American Economic Journal: Economic Policy, American Economic Association, vol. 4(2), pages 182-213, May.
  25. repec:hal:spmain:info:hdl:2441/eu4vqp9ompqllr09hi4ch92c6 is not listed on IDEAS
  26. Robert K. Triest & Bo Zhao, 2013. "The role of economic, fiscal, and financial shocks in the evolution of public sector pension funding," Working Papers 13-26, Federal Reserve Bank of Boston.
  27. Chris Edwards & Robert Tannenwald, 2010. "Panel discussion: the future of state and local government finance," Regional Economic Development, Federal Reserve Bank of St. Louis, issue Oct, pages 108-122.
  28. Brown, Jeffrey R. & Weisbenner, Scott J., 2014. "Why do individuals choose defined contribution plans? Evidence from participants in a large public plan," Journal of Public Economics, Elsevier, vol. 116(C), pages 35-46.
  29. Elif Sen, 2016. "Regional Spotlight: Pension Gap Perils," Economic Insights, Federal Reserve Bank of Philadelphia, vol. 1(2), pages 15-19, April.
  30. Christian Dippel, 2019. "Political Parties Do Matter in U.S. Cities ... For Their Unfunded Pensions," NBER Working Papers 25601, National Bureau of Economic Research, Inc.
  31. Ben Backes & Ben Backes & Dan Goldhaberb & Cyrus Grout & Cory Koedel & Shawn Ni & Michael Podgursky & P. Brett Xiang & Zeyu Xu, 2015. "Benefit or Burden? On the Intergenerational Inequity of Teacher Pension Plans," Working Papers 1517, Department of Economics, University of Missouri, revised Apr 2016.
  32. Byron Lutz & Louise Sheiner, 2013. "The Fiscal Stress Arising from State and Local Retiree Health Obligations," NBER Chapters, in: State and Local Health Plans for Active and Retired Public Employees, National Bureau of Economic Research, Inc.
  33. repec:wea:worler:v:2012:y:2012:i:1:p:4 is not listed on IDEAS
  34. Cochrane, John H., 2011. "Understanding policy in the great recession: Some unpleasant fiscal arithmetic," European Economic Review, Elsevier, vol. 55(1), pages 2-30, January.
  35. Anantharaman, Divya & Henderson, Darren, 2021. "Contrasting the information demands of equity- and debt-holders: Evidence from pension liabilities," Journal of Accounting and Economics, Elsevier, vol. 71(2).
  36. Alex Hathaway & Carolyn Bourdeaux & Emily Franklin, 2019. "Fiscal Transparency and Accountability," Center for State and Local Finance Working Paper Series cslf1912, Andrew Young School of Policy Studies, Georgia State University.
  37. Xavier Aleksander Andonov & Xavier Yael V. Hochberg & Joshua D. Rauh, 2016. "Pension Fund Board Composition and Investment Performance: Evidence from Private Equity," Economics Working Papers 16104, Hoover Institution, Stanford University.
  38. Lutz, Byron & Sheiner, Louise, 2014. "The fiscal stress arising from state and local retiree health obligations," Journal of Health Economics, Elsevier, vol. 38(C), pages 130-146.
  39. Justin Falk, 2012. "Comparing Benefits and Total Compensation in the Federal Government and the Private Sector: Working Paper 2012-04," Working Papers 42923, Congressional Budget Office.
  40. Justin Falk & Nadia Karamcheva, 2018. "Comparing the Effects of Current Pay and Defined Benefit Pensions on Employee Retention: Working Paper 2018-06," Working Papers 54056, Congressional Budget Office.
  41. Lekniūtė, Zina & Beetsma, Roel & Ponds, Eduard, 2019. "U.S. municipal yields and unfunded state pension liabilities," Journal of Empirical Finance, Elsevier, vol. 53(C), pages 15-32.
  42. Christensen, Jens H.E. & Lopez, Jose A. & Mussche, Paul L., 2024. "International evidence on extending sovereign debt maturities," Journal of International Money and Finance, Elsevier, vol. 141(C).
  43. Konradt, Maximilian, 2023. "Do pension funds reach for yield? Evidence from a new database," MPRA Paper 116209, University Library of Munich, Germany.
  44. Cory Koedel & P. Brett Xiang, 2017. "Pension Enhancements and the Retention of Public Employees," ILR Review, Cornell University, ILR School, vol. 70(2), pages 519-551, March.
  45. Cory Koedel & Shawn Ni & Michael Podgursky, 2014. "Who Benefits from Pension Enhancements?," Education Finance and Policy, MIT Press, vol. 9(2), pages 165-192, March.
  46. Charles Steindel, 2020. "Public pension shortfalls and state economic growth: a preliminary examination," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 55(3), pages 138-149, July.
  47. repec:spo:wpmain:info:hdl:2441/eu4vqp9ompqllr09hi4ch92c6 is not listed on IDEAS
  48. Krupa, Joel, 2012. "An indeterminate future: Assessing the need for greater US–Canada transmission integration," Utilities Policy, Elsevier, vol. 23(C), pages 99-101.
  49. David Rosnick & Dean Baker, 2012. "Pension Liabilities: Fear Tactics and Serious Policy," World Economic Review, World Economics Association, vol. 2012(1), pages 1-57, September.
  50. Godbout, Luc & Trudel, Yves & St-Cerny, Suzie, 2013. "Le régime de rentes du Québec : le rendement différencié selon l’année de prise de la retraite de 1968 jusqu’en 2056," L'Actualité Economique, Société Canadienne de Science Economique, vol. 89(2), pages 89-113, Juin.
  51. Alexander Dyck & Paulo Manoel & Adair Morse, 2022. "Outraged by Compensation: Implications for Public Pension Performance," The Review of Financial Studies, Society for Financial Studies, vol. 35(6), pages 2928-2980.
  52. Falk Justin R., 2012. "Comparing Benefits and Total Compensation between Similar Federal and Private-Sector Workers," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 12(1), pages 1-37, October.
  53. Dominique Durant & David Lenze & Marshall B. Reinsdorf, 2014. "Adding Actuarial Estimates of Defined-Benefit Pension Plans to National Accounts," NBER Chapters, in: Measuring Wealth and Financial Intermediation and Their Links to the Real Economy, pages 151-203, National Bureau of Economic Research, Inc.
  54. Castañeda, Pablo & Castro, Rubén & Fajnzylber, Eduardo & Medina, Juan Pablo & Villatoro, Félix, 2021. "Saving for the future: Evaluating the sustainability and design of Pension Reserve Funds," Pacific-Basin Finance Journal, Elsevier, vol. 68(C).
  55. repec:nbr:nberch:12836 is not listed on IDEAS
  56. Warusawitharana, Missaka, 2013. "The expected real return to equity," Journal of Economic Dynamics and Control, Elsevier, vol. 37(9), pages 1929-1946.
  57. Charles Steindel, 0. "Public pension shortfalls and state economic growth: a preliminary examination," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 0, pages 1-12.
  58. Anzia, Sarah F. & Moe, Terry M., 2016. "Interest Groups on the Inside: The Governance of Public Pension Funds," Institute for Research on Labor and Employment, Working Paper Series qt8c82g4hf, Institute of Industrial Relations, UC Berkeley.
  59. Bo Zhao, 2019. "Consequences of state disinvestment in public higher education: lessons for the New England states," New England Public Policy Center Research Report 19-1, Federal Reserve Bank of Boston.
  60. Fitzpatrick, Maria D., 2014. "Retiree health insurance for public school employees: Does it affect retirement?," Journal of Health Economics, Elsevier, vol. 38(C), pages 88-98.
  61. Eduard Ponds & Clara Severinson & Juan Yermo, 2011. "Funding in Public Sector Pension Plans - International Evidence," NBER Working Papers 17082, National Bureau of Economic Research, Inc.
  62. Fitzpatrick, Maria D., 2017. "Pension-spiking, free-riding, and the effects of pension reform on teachers' earnings," Journal of Public Economics, Elsevier, vol. 148(C), pages 57-74.
  63. Klasa, Sandy & Litov, Lubomir P. & Neyland, Jordan & Sepe, Simone M., 2013. "Does Legal Counsel Expertise Add Value? Evidence from Mergers and Acquisitions," Working Papers 13-27, University of Pennsylvania, Wharton School, Weiss Center.
  64. Kim, Dongwoo & Koedel, Cory & Xiang, P. Brett, 2021. "The trade-off between pension costs and salary expenditures in the public sector," Journal of Pension Economics and Finance, Cambridge University Press, vol. 20(1), pages 151-168, January.
  65. Elif Sen, 2016. "Pension Gap Perils," Regional Spotlight, Federal Reserve Bank of Philadelphia, issue Q2, pages 15-19.
  66. Missaka Warusawitharana, 2011. "The expected real return to equity," Finance and Economics Discussion Series 2011-14, Board of Governors of the Federal Reserve System (U.S.).
  67. Lekniute, Z. & Beetsma, R.M.W.J. & Ponds, Eduard, 2016. "Fooling the Market? Municipal Yields and Unfunded State Pension Liabilities," Other publications TiSEM 591eb14d-c598-4297-a775-7, Tilburg University, School of Economics and Management.
  68. Jeffrey Diebold & Vincent Reitano & Bruce McDonald, 2018. "Sweat The Small Stuff: Strategic Selection Of Pension Policies Used To Defer Required Contributions," Contemporary Economic Policy, Western Economic Association International, vol. 36(3), pages 505-525, July.
  69. Vincent Touzé, 2011. "Le financement des retraites aux États-Unis," SciencePo Working papers Main hal-03461438, HAL.
  70. Robert Novy-Marx & Joshua D. Rauh, 2013. "Funding Soft Liabilities," NBER Chapters, in: State and Local Health Plans for Active and Retired Public Employees, National Bureau of Economic Research, Inc.
  71. Robert M. Costrell, 2018. "The 80% Pension Funding Target, High Assumed Returns, And Generational Inequity," Contemporary Economic Policy, Western Economic Association International, vol. 36(3), pages 493-504, July.
  72. Jansen, Kristy, 2021. "Essays on institutional investors, portfolio choice, and asset prices," Other publications TiSEM fd998408-d282-4e0f-b542-4, Tilburg University, School of Economics and Management.
  73. Klaus Kaier & Christoph Müller, 2015. "New figures on unfunded public pension entitlements across Europe: concept, results and applications," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 42(4), pages 865-895, November.
  74. Andrew Ang & Richard C. Green & Francis A. Longstaff & Yuhang Xing, 2017. "Advance Refundings of Municipal Bonds," Journal of Finance, American Finance Association, vol. 72(4), pages 1645-1682, August.
  75. Zhu, Jun & Xu, Haokun & Zhang, Yue, 2022. "Local government debt and firm productivity: Evidence from China," Research in International Business and Finance, Elsevier, vol. 63(C).
  76. Bernardo P. Schettini & Rafael Terra, 2020. "Electoral incentives and Public Employees’ Retirement Systems in Brazilian municipalities," Public Choice, Springer, vol. 184(1), pages 79-103, July.
  77. Michaelides, Alexander & Papakyriakou, Panayiotis & Milidonis, Andreas, 2019. "Corporate Pension Plan Funding Levels and Pension Assumptions," CEPR Discussion Papers 13591, C.E.P.R. Discussion Papers.
  78. Love, David A. & Smith, Paul A. & Wilcox, David W., 2011. "The effect of regulation on optimal corporate pension risk," Journal of Financial Economics, Elsevier, vol. 101(1), pages 18-35, July.
  79. Siona Listokin & Meng-Hao Li & Abu Bakkar Siddique & Rajendra Kulkarni & Naoru Koizumi, 2023. "Public pension fund investments into hedge funds during the Great Recession: a network analysis," SN Business & Economics, Springer, vol. 3(7), pages 1-17, July.
  80. Dashle Kelley, 2014. "The political economy of unfunded public pension liabilities," Public Choice, Springer, vol. 158(1), pages 21-38, January.
  81. Yan Lu & Kevin Mullally & Sugata Ray, 2023. "Paying for Performance in Public Pension Plans," Management Science, INFORMS, vol. 69(8), pages 4888-4907, August.
  82. Tyrole, J., 2012. "The euro crisis: some reflexions on institutional reform," Financial Stability Review, Banque de France, issue 16, pages 225-242, April.
  83. Don H. Chamberlain & L. Murphy Smith & Randall B. Bunker, 2016. "An examination of US state pensions by total state expenditures, state budget deficit and red v. blue state," International Journal of Economics and Accounting, Inderscience Enterprises Ltd, vol. 7(1), pages 27-44.
  84. Davis, Matthew & Ferreira, Fernando, 2022. "Housing disease and public school finances," Economics of Education Review, Elsevier, vol. 88(C).
  85. Robert Novy-Marx & Joshua D. Rauh, 2012. "The Revenue Demands of Public Employee Pension Promises," NBER Working Papers 18489, National Bureau of Economic Research, Inc.
  86. Bruno Bonizzi & Annina Kaltenbrunner, 2019. "Liability-driven investment and pension fund exposure to emerging markets: A Minskyan analysis," Environment and Planning A, , vol. 51(2), pages 420-439, March.
  87. Lekniute, Z. & Beetsma, R.M.W.J. & Ponds, E.H.M., 2014. "A Value-Based Approach to the Redesign of US State Pension Plans," Other publications TiSEM 3156027d-33c6-4045-963a-d, Tilburg University, School of Economics and Management.
  88. Beetsma, R. & Romp, W., 2016. "Intergenerational Risk Sharing," Handbook of the Economics of Population Aging, in: Piggott, John & Woodland, Alan (ed.), Handbook of the Economics of Population Aging, edition 1, volume 1, chapter 0, pages 311-380, Elsevier.
  89. Matthew E. Kahn, 2017. "Is Local Public Sector Rent Extraction Higher in Progressive Cities or High Amenity Cities?," NBER Working Papers 23201, National Bureau of Economic Research, Inc.
  90. Leslie E. Papke, 2021. "Underfunded Public Sector Pension Plans, Social Security Participation, and the Retirement Decisions of Public Employees," Working Papers wp420, University of Michigan, Michigan Retirement Research Center.
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