@techreport{NBERw8451,
 title = "Social Security",
 author = "Martin Feldstein and Jeffrey B. Liebman",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "8451",
 year = "2001",
 month = "September",
 URL = "http://www.nber.org/papers/w8451",
 abstract = {This paper, a forthcoming chapter in the Handbook of Public Economics, reviews the theoretical and empirical issues dealing with Social Security pensions.  The first part of the paper discusses pure pay-as-you-go plans.  It considers the effects of introducing such a plan on the present value of consumption, the optimal level of benefits in such plans, and the emprical research on the effects of pay-as-you-go pension systems on labor supply and saving. The second part of the paper discusses the transition to investment-based systems, analyzing the effect on the present value of consumption of such a transition and considering such issues as the distributional effects and risk associated with such systems.},
}