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  • Alan J. Auerbach and Ronald Lee, Social Security Policy in a Changing Environment (University of Chicago Press, 2009), chap. 2, https://www.nber.org/books-and-chapters/social-security-policy-changing-environment/notional-defined-contribution-pension-systems-stochastic-context-design-and-stability.

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Around the world, Pay-As-You-Go (PAYGO) public pension programs face serious long-term fiscal problems due primarily...

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