The Intergenerational Transfer of Public Pension Promises
---- Acknowledgements -----
We are grateful to Adam Friedlan, Jerry Chao, and Wai Keong Ng for research assistance. We thank the Global Association of Risk Professionals (GARP) Risk Management Research Program, Netspar, and the Chicago GSB Initiative on Global Markets (IGM) for support. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.