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Optimal Response to a Transitory Demographic Shock in Social Security Financing

Programs are available upon request. Please contact Carlos Garriga at Carlos.Garriga@stls.frb.org.

The authors consider a transitory demographic shock that affects negatively the financing of retirement pensions—that is, workers either would have to pay more or retirees would receive less. In contrast to the existing literature, the authors endogenously determine optimal policies rather than explore the implications of exogenous parametric responses.

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