Abstract

http://ssrn.com/abstract=1768550
 
 

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The Economics of State and Local Public Pensions


Jeffrey R. Brown


University of Illinois at Urbana-Champaign - Department of Finance; National Bureau of Economic Research (NBER); University of Illinois College of Law; University of Illinois at Urbana-Champaign - Institute of Government and Public Affairs (IGPA); University of Illinois at Urbana-Champaign - Department of Economics

Robert L. Clark


North Carolina State University - Poole College of Management

Joshua D. Rauh


Stanford Graduate School of Business; National Bureau of Economic Research (NBER)

February 2011

NBER Working Paper No. w16792

Abstract:     
This paper provides an overview of an economics-based perspective on the financial aspects of state and local public pensions in the U.S. Drawing on the research commissioned for an NBER research program on this topic, we discuss the large degree to which public pension liabilities exceed the assets set aside to fund them. We summarize issues related to the optimality of pre-funding, portfolio allocation, the discounting of liabilities, as well as how plans operate in practice. We also lay out an agenda for future research related to financial aspects of public pensions, retiree health plans for public employees, as well as issues related to plan design and labor market outcomes.

Number of Pages in PDF File: 24

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Date posted: February 28, 2011  

Suggested Citation

Brown, Jeffrey R. and Clark, Robert L. and Rauh, Joshua D., The Economics of State and Local Public Pensions (February 2011). NBER Working Paper No. w16792. Available at SSRN: http://ssrn.com/abstract=1768550

Contact Information

Jeffrey R. Brown (Contact Author)
University of Illinois at Urbana-Champaign - Department of Finance ( email )
1206 South Sixth Street
Champaign, IL 61820
United States
National Bureau of Economic Research (NBER) ( email )
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
University of Illinois College of Law ( email )
504 E. Pennsylvania Avenue
Champaign, IL 61820
United States
University of Illinois at Urbana-Champaign - Institute of Government and Public Affairs (IGPA) ( email )
Urbana, IL 61801
United States
University of Illinois at Urbana-Champaign - Department of Economics ( email )
410 David Kinley Hall
1407 W. Gregory
Urbana, IL 61801
United States
Robert L. Clark
North Carolina State University - Poole College of Management ( email )
Raleigh, NC 27695-8614
United States
919-515-5560 (Phone)
919-515-5564 (Fax)
Joshua D. Rauh
Stanford Graduate School of Business ( email )
518 Memorial Way
Stanford, CA 94305-5015
United States
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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