| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w21276 |
| 来源ID | Working Paper 21276 |
| Discounting Pension Liabilities: Funding versus Value | |
| Jeffrey R. Brown; George G. Pennacchi | |
| 发表日期 | 2015-06-15 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We argue that the appropriate discount rate for pension liabilities depends on the objective. In particular, if the objective is to measure pension under- or over- funding, a default-free discount rate should always be used, even if the liabilities are themselves not default-free. If, instead, the objective is to determine the market value of pension benefits, then it is appropriate that discount rates incorporate default risk. We also discuss the choice of a default-free discount rate. Finally, we show how cost-of-living adjustments (COLAs) that are common in public pensions can be accounted for and valued in this framework. |
| 主题 | Financial Economics ; Financial Institutions ; Public Economics ; National Fiscal Issues ; Labor Economics ; Labor Supply and Demand |
| URL | https://www.nber.org/papers/w21276 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/578951 |
| 推荐引用方式 GB/T 7714 | Jeffrey R. Brown,George G. Pennacchi. Discounting Pension Liabilities: Funding versus Value. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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