Should Private Pensions Be Indexed?

Abstract

The analysis in this paper was motivated by the apparent puzzle that, despite substantial uncertainty about future inflation rates, private pensions are almost universally unindexed.Moreover, although a variable annuity invested in short-term money market instruments provides a good inflation hedge, almost all private pensions provide a fixed annuity.However, it was only in the late 1960's that inflation began to appear as a

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