Social Security Investment in Equities
研究社会保障基金投资私人证券（通过信托基金或个人账户）对一般均衡的影响，发现有限分散化会提高利率、降低短期投资预期回报和股权溢价，但长期影响取决于技术假设。
This paper explores the general-equilibrium impact of social security portfolio diversification into private securities, either through the trust fund or private accounts. The analysis depends critically on heterogeneities in saving, production, assets, and taxes. Limited diversification weakly increases interest rates, reduces the expected return on short-term investment (and the equity premium), decreases safe investment, increases risky investment, and increases a suitably weighted social welfare function. However, the effects on aggregate investment, long-term capital values, and the utility of young savers hinges on assumptions about technology. Aggregate investment and long-term asset values can move in opposite directions.