Access the full text.
Sign up today, get DeepDyve free for 14 days.
G. Grossman, E. Helpman (1996)
Intergenerational Redistribution with Short-Lived Governments
L. Jones (1989)
Current Wealth and Tenure ChoiceReal Estate Economics, 17
Marina Azzimonti (2011)
Barriers to Investment in Polarized SocietiesThe American Economic Review, 101
G. Glomm, Roger Lagunoff (1999)
A Dynamic Tiebout Theory of Voluntary versus Involuntary Provision of Public GoodsGame Theory and Information
Per Krusell, Vincenzo Quadrini, José-Víctor Ríos-Rull (1996)
Are consumption taxes really better than income taxesJournal of Monetary Economics, 37
Robert Novy-Marx, Joshua Rauh (2010)
Public Pension Promises: How Big are They and What are They Worth?Employee Benefits
Morris Davis, M. Palumbo (2006)
The Price of Residential Land in Large U.S. CitiesERN: Urban Markets (Topic)
D. Epple, Chester Spatt (1986)
State restrictions on local debt: Their role in preventing defaultJournal of Public Economics, 29
Marina Azzimonti, M. Battaglini, Stephen Coate (2016)
The costs and benefits of balanced budget rules: Lessons from a political economy model of fiscal policyJournal of Public Economics, 136
G. Mumy (1978)
The Economics of Local Government Pensions and Pension FundingJournal of Political Economy, 86
E. Glaeser, G. Ponzetto (2013)
Shrouded Costs of Government: The Political Economy of State and Local Public PensionsEconomic Perspectives on Employment & Labor Law eJournal
R. Inman (1982)
Public employee pensions and the local labor budgetJournal of Public Economics, 19
T. Persson, G. Tabellini (2000)
Political Economics: Explaining Economic Policy
H. Bohn (2010)
Should Public Retirement Plans Be Fully Funded?NBER Working Paper Series
David Arseneau, S. Leduc
Threatening to O¤shore in a Search Model of the Labor Market Federal Reserve Bank of San Francisco
Robert Novy-Marx, Joshua Rauh (2009)
The Liabilities and Risks of State- Sponsored Pension PlansJournal of Economic Perspectives, 23
A. Cukierman, A. Meltzer (1989)
A Political Theory of Government Debt and Deficits in a Neo-Ricardian FrameworkThe American Economic Review, 79
Christian Schultz, Tomas Sjöström (2001)
Local public goods, debt and migrationJournal of Public Economics, 80
P. Yared (2008)
Politicians, Taxes, and DebtPublic Economics: National Budget
Patrick Bajari, P. Chan, Dirk Krueger, Daniel Miller (2010)
A Dynamic Model of Housing Demand: Estimation and Policy ImplicationsMicroeconomics: Intertemporal Consumer Choice & Savings eJournal
(2008)
A Dynamic Theory of Public Spending, Taxation and Debt
M. Bassetto (2008)
Political Economy of Taxation in an Overlapping-Generations EconomyReview of Economic Dynamics, 11
AbstractMany US municipalities have committed to pay retirement benefits to public sector employees but have not saved enough to fulfill these obligations. This paper studies the determinants of municipal pension funding and its implications for intergenerational redistribution using an overlapping generations model. Under perfect capital markets, pension funding choices are fully capitalized into land prices. This neutrality result fails if agents face a binding downpayment constraint in the land market: old agents prefer a pay-as-you go system, while young agents find a fully funded system optimal. Empirical evidence based on cross-city comparisons of pension liabilities is consistent with these predictions. (JEL H72, H75, J32, J45)
American Economic Journal: Macroeconomics – American Economic Association
Published: Jul 1, 2018
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.