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A Critique of Ferraras
Intercohort and Intracohort Redistribution under Social
Theory and Historical
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acceptance accumulated actuarial additional adjusted alternative amendments amount annual annuity assumed average beneficiaries benefits calculated capital changes coefficient cohorts conclude continued contributions cost covered depends disability early earnings economic effect effect of Social employees employment equal error estimated evidence example expected Feldstein Ferrara financed formula fund future higher historical households income increase indexed individuals inflation investment Journal labor labor market legislation less limited loss lower major ment older workers participation payments payroll tax pension percent period persons phase-out plans present private saving probability projections rates of return ratio receive redistributive reduced Research retirement risk rules sample saving social insurance Social Security Administration Social Security system Social Security wealth standard studies supply tion transfers variable wage workers