On Financing Retirement with an Aging Population
---- Acknowledgements -----
All materials are available at our website at http://www.minneapolisfed.org/research/sr/sr472.html. We thank many seminar participants for useful comments, and in particular, we thank Andy Atkeson, Kevin Donovan, Gary Hansen, Chris Herrington, Selo Imrohoroglu, Ed Schee, and Andrea Waddle. A highly preliminary version of this paper was presented at the Conference in Honor of Gary Stern at the Federal Reserve Bank of Minneapolis. The views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Minneapolis, the Federal Reserve System, or the National Bureau of Economic Research.