Abstract

http://ssrn.com/abstract=2248212
 
 

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Do Public Pension Obligations Affect State Funding Costs?


Jean Burson


Federal Reserve Banks - Federal Reserve Bank of Cleveland

John B. Carlson


Federal Reserve Bank of Cleveland

O. Emre Ergungor


Federal Reserve Bank of Cleveland - Research Department

Patricia Waiwood


Federal Reserve Banks - Federal Reserve Bank of Cleveland

February 10, 2013

FRB of Cleveland Working Paper No. 13-01

Abstract:     
States’ unfunded pension obligations to their current and retired employees have exploded in recent years to levels that are estimated to be between $750 billion and $4.4 trillion. In theory, this massive debt should have implications for states’ ability to meet their financial obligations and a measurable impact on funding costs. Yet, we find no evidence that municipal bond markets are pricing the risks to states’ fiscal health arising from these large obligations.

Number of Pages in PDF File: 32

Keywords: State pensions, unfunded obligations, municipal bond market

JEL Classification: H75

Accepted Paper Series


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Date posted: April 11, 2013  

Suggested Citation

Burson, Jean and Carlson, John B. and Ergungor, O. Emre and Waiwood, Patricia, Do Public Pension Obligations Affect State Funding Costs? (February 10, 2013). FRB of Cleveland Working Paper No. 13-01. Available at SSRN: http://ssrn.com/abstract=2248212

Contact Information

Jean Burson
Federal Reserve Banks - Federal Reserve Bank of Cleveland ( email )
East 6th & Superior
Cleveland, OH 44101-1387
United States
John B. Carlson
Federal Reserve Bank of Cleveland ( email )
PO Box 6387
Cleveland, OH 44101-1387
United States
Ozgur Emre Ergungor (Contact Author)
Federal Reserve Bank of Cleveland - Research Department ( email )
PO Box 6387
Cleveland, OH 44101
United States
216-579-3004 (Phone)
216-579-3050 (Fax)
Patricia Waiwood
Federal Reserve Banks - Federal Reserve Bank of Cleveland ( email )
East 6th & Superior
Cleveland, OH 44101-1387
United States
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References:  6
Footnotes:  421

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