Kent Smetters

The Wharton School
The University of Pennsylvania
3733 Spruce Street
Vance Hall 325
Philadelphia, PA 19104
Tel: 215/898-9811

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
NBER Program Affiliations: AG , PE
NBER Affiliation: Research Associate
Institutional Affiliation: University of Pennsylvania

NBER Working Papers and Publications

February 2014Could a Website Really Have Doomed the Health Exchanges? Multiple Equilibria, Initial Conditions and the Construction of the Fine
with Florian Scheuer: w19835
October 2013A Sharper Ratio: A General Measure for Correctly Ranking Non-Normal Investment Risks
with Xingtan Zhang: w19500
July 2013Optimal Annuitization with Stochastic Mortality Probabilities
with Felix Reichling: w19211

Published: Reichling, Felix, and Kent Smetters. 2015. "Optimal Annuitization with Stochastic Mortality and Correlated Medical Costs." American Economic Review, 105(11): 3273-3320.

December 2012Narrow Framing and Life Insurance
with Daniel Gottlieb: w18601
September 2011Grade Non-Disclosure
with Daniel Gottlieb: w17465
May 2011A Matter of Trust: Understanding Worldwide Public Pension Conversions
with Walter E. Theseira: w17015
Optimal Portfolio Choice with Wage-Indexed Social Security
with Jialun Li: w17025
June 2009Pricing Personal Account Benefit Guarantees: A Simplified Approach
with Andrew Biggs, Clark Burdick
in Social Security Policy in a Changing Environment, Jeffrey R. Brown, Jeffrey B. Liebman and David A. Wise, editors
September 2006Fiscal and Generational Imbalances: An Update
with Jagadeesh Gokhale
in Tax Policy and the Economy, Volume 20, James Poterba, editor
September 2005Does Social Security Privatization Produce Efficiency Gains?
with Shinichi Nishiyama: w11622

Published: Shinichi Nishiyama & Kent Smetters, 2007. "Does Social Security Privatization Produce Efficiency Gains?," The Quarterly Journal of Economics, MIT Press, vol. 122(4), pages 1677-1719, November. citation courtesy of

June 2005Social Security
NBER Reporter Summer 05
February 2005Social Security Privatization with Elastic Labor Supply and Second-Best Taxes
January 2005Insuring Against Terrorism: The Policy Challenge

Published: Smetters, Kent. “Insuring Against Terrorism: the Policy Challenge.” Brookings-Wharton Papers on Financial Services, 2004.

Measuring Social Security's Financial Problems
with Jagadeesh Gokhale: w11060
July 2003Is the Social Security Trust Fund Worth Anything?

Published: Smetters, Kent. "Is The Social Security Trust Fund A Store Of Value?," American Economic Review, 2004, v94(2,May), 176-181.

March 2003The (Interesting) Dynamic Properties of the Neoclassical Growth Model with CES Production

Published: Smetters, Kent. "The (Interesting) Dynamic Properties Of The Neoclassical Growth Model With CES Production," Review of Economic Dynamics, 2003, v6(2,Apr), 697-707.

February 2003Consumption Taxes and Economic Efficiency in a Stochastic OLG Economy
with Shinichi Nishiyama: w9492

Published: Nishiyama, Shinichi and Kent Smetters. “Consumption Taxes, Risk Sharing and Economic Efficiency.” Journal of Political Economy 113, 5 (October 2005): 1088 – 1115.

January 2003Trading with the Unborn: A New Perspective on Capital Income Taxation
July 2002Moral Hazard in Reinsurance Markets
with Neil Doherty: w9050

Published: Doherty, Neil and Kent Smetters. "Moral Hazard In Reinsurance Markets," Journal of Risk and Insurance, 2005, v72(3,Sep), 375-391. citation courtesy of

March 2002Ricardian Equivalence with Incomplete Household Risk Sharing
with Shinichi Nishiyama: w8851
January 2002Controlling the Cost of Minimum Benefit Guarantees in Public Pension Conversions

Published: Smetters, Kent, 2002. "Controlling the cost of minimum benefit guarantees in public pension conversions," Journal of Pension Economics and Finance, Cambridge University Press, vol. 1(01), pages 9-33, March. citation courtesy of

Distributional Effects in a General Equilibrium Analysis of Social Security
with Laurence J. Kotlikoff, Jan Walliser
in The Distributional Aspects of Social Security and Social Security Reform, Martin Feldstein and Jeffrey B. Liebman, editors
May 2001Who Bears the Burden of the Corporate Tax in The Open Economy?
with Jane Gravelle: w8280

Published: Gravelle, Jane G. and Kent A. Smetters. "Does The Open Economy Assumption Really Mean That Labor Bears The Burden Of A Capital Income Tax?," Advances in Economic Analysis and Policy, 2006, v6(1), Article 3.

April 2001Finding a Way Out of America's Demographic Dilemma
with Laurence J. Kotlikoff, Jan Walliser: w8258
The Equivalence of the Social Security's Trust Fund Portfolio Allocation and Capital Income Tax Policy

Published: Smetters, Kent. "Is The Social Security Trust Fund A Store Of Value?," American Economic Review, 2004, v94(2,May), 176-181.

The Exchange Theory of Teenage Smoking and the Counterproductiveness of Moderate Regulation
with Jennifer Gravelle: w8262
January 2001The Effect of Pay-When-Needed Benefit Guarantees on the Impact of Social Security Privatization
in Risk Aspects of Investment-Based Social Security Reform, John Y. Campbell and Martin Feldstein, editors
February 1998Social Security: Privatization and Progressivity
with Laurence J. Kotlikoff, Jan Walliser: w6428

Published: American Economic Review, Vol. 88, no. 2 (May 1998): 137-141. citation courtesy of

Opting Out of Social Security and Adverse Selection
with Laurence J. Kotlikoff, Jan Walliser: w6430
October 1997Simulating U.S. Tax Reform
with David Altig, Alan J. Auerbach, Laurence J. Kotlikoff, Jan Walliser: w6248

Published: Altig, David. "Simulating Fundamental Tax Reform in the United States." American Economic Review, 2001, 91(3), pp. 574-95.

NBER Videos

National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email:

Contact Us