Replication data for: The Political Economy of Municipal Pension Funding
Principal Investigator(s): View help for Principal Investigator(s) Jeffrey Brinkman; Daniele Coen-Pirani; Holger Sieg
Version: View help for Version V1
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text/plain | 14.6 KB | 10/12/2019 04:20:PM |
Project Citation:
Brinkman, Jeffrey, Coen-Pirani, Daniele, and Sieg, Holger. Replication data for: The Political Economy of Municipal Pension Funding. Nashville, TN: American Economic Association [publisher], 2018. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E114150V1
Project Description
Summary:
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Many 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.
Scope of Project
JEL Classification:
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H72 State and Local Budget and Expenditures
H75 State and Local Government: Health; Education; Welfare; Public Pensions
J32 Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
J45 Public Sector Labor Markets
H72 State and Local Budget and Expenditures
H75 State and Local Government: Health; Education; Welfare; Public Pensions
J32 Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
J45 Public Sector Labor Markets
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