This article evaluates the Social Security outcomes for different racial and education groups. Outcomes differ across groups due to the interactions between group-specific mortality risks and lifetime earnings, the benefit formula, and the benefit package, which includes life insurance, spousal...

This study revisits the long-standing issue of the relationship between government borrowing and long-term interest rates through innovations accounting in vector autoregression models. In particular, we consider the dynamic effects of primary deficits and both explicit and implicit debt on...

Federal discount rate policies advocate both a high rate representing the marginal productivity of capital and a low rate representing the government borrowing rate. These differential discount rate policies could be inconsistent and biased in favor of projects on which the lower discount rate...