A proposal for a U.S. Social Security reform that gradually, but ultimately fully, privatizes the system. This proposal follows the no-harm, no-foul principle in that it preserves the benefits of older generations and yet promises the same or higher retirement benefits for the young.

An argument that shifting to a privatized, funded and contribution-based Social Security system could provide undiminished benefits to current retirees while simultaneously preserving the promise of a secure retirement for today's workers and their descendants.

An analysis of the subtle economic issues at the heart of U.S. Senator Moynihan's proposal to slash Social Security taxes, based on an examination of the nature of the Social Security system itself and whether it is more like a pension plan or a tax and transfer system.

An examination of how intergenerational altruism and borrowing constraints shape the interest rate, savings, and welfare response to funded and unfunded Social Security programs.

We develop the implications of borrowing constraints and two-sided altruism in an overlapping generations framework with agents who live three periods. Our analysis identifies six equilibrium patterns of intertemporal and intergenerational linkages in the no-loan economy, one of which...

We develop the implications of borrowing constraints and two-sided altruism in an overlapping generations framework with agents who live three periods. Our analysis identifies six equilibrium patterns of intertemporal and intergenerational linkages in the no-loan economy, one of which...