The Revenue Demands of Public Employee Pension Promises
---- Acknowledgments ----
Rauh gratefully acknowledges funding from the Zell Center for Risk Research at the Kellogg School of Management. We thank Frank de Jong and David Wilcox for discussions, as well as seminar participants at the Wharton Household Finance Conference, the Wharton Applied Economics Seminar, the Harvard University Public Finance Seminar, HEC Paris, the University of Lugano, the Federal Reserve Bank of Chicago, and the European Finance Association 2011 conference for helpful comments and suggestions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.