Social Security Reform and National Wealth
用一个代际交叠模型解释股票价格与实物投资背离的现象，并分析社会保障改革的影响，发现改革增加私人储蓄时，部分效果被技术专利价格上涨抵消，实物资本增长比无刚性因素时少三分之一。
Recent trends in common stock prices suggest a distinction between increases in national net worth and flows of physical investment. In this paper we present a simple overlapping generations model in which such differences can arise: technological progress occurs exogenously, yet firms own new technologies for a time. We examine possible consequences for social security reform. Reform which increases private saving depletes part of its force raising the (capitalized) price of proprietary technologies. A calibrated example suggests an increase in physical capital one‐third smaller than without inelastic factors. Both steady states and transition paths are considered.