HOW WELL DID SOCIAL SECURITY MITIGATE THE EFFECTS OF THE GREAT RECESSION?
使用计算生命周期模型，评估社会保障在大衰退期间对不同类型个体福利的影响，发现其平均减少福利损失相当于预期未来终身消费的1.4%，尤其对较贫穷和较年长的个体更有效。
Abstract Using a computational life cycle model, this article assesses how Social Security affects the welfare of different types of individuals during the Great Recession. Overall, we find that Social Security reduces the average welfare losses for agents alive at the time of the Great Recession by the equivalent of 1.4% of expected future lifetime consumption. Moreover, we show that although the program mitigates some of the welfare losses for most agents, it is particularly effective at mitigating the losses for agents who are poorer and/or older at the time of the shock.