| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29405 |
| 来源ID | Working Paper 29405 |
| The Economic Burden of Pension Shortfalls: Evidence from House Prices | |
| Darren Aiello; Asaf Bernstein; Mahyar Kargar; Ryan Lewis; Michael Schwert | |
| 发表日期 | 2021-10-25 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | U.S. state pensions are underfunded by trillions of dollars, but their economic burden is unclear. In a model of inefficient taxation, real estate fully reflects the cost of pension shortfalls when it is the only form of immobile capital. We study the effect of pension shortfalls on real estate values at state borders, where labor and physical capital could more easily relocate to a state with a smaller shortfall. Using plausibly exogenous variation driven by pension asset returns, we find that one dollar of pension underfunding reduces house prices near state borders by approximately two dollars. Our estimates imply a deadweight loss associated with addressing pension shortfalls that is consistent with prior research in settings with high returns to public spending and costs of taxation. |
| 主题 | Public Economics ; Public Goods ; National Fiscal Issues ; Subnational Fiscal Issues ; Regional and Urban Economics ; Real Estate |
| URL | https://www.nber.org/papers/w29405 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/587079 |
| 推荐引用方式 GB/T 7714 | Darren Aiello,Asaf Bernstein,Mahyar Kargar,et al. The Economic Burden of Pension Shortfalls: Evidence from House Prices. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w29405.pdf（801KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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