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Paper | This paper demonstrates that COVAX, the primary international public effort aimed at making yet-to-be-developed vaccines available to poorer countries, was outcompeted for limited supply of vaccines by richer counties who enjoy greater purchasing power.

Working Paper | This essay surveys global pension developments and intellectual basis for pension reform in the last 40 years.

Working Paper | Unpaid eldercare provided by friends and family comes with costs to caregivers, including the limitations eldercare responsibilities may place on labor force participation and work hours. This study examines the relationship between the intensity of unpaid elder care and work behavior for previously full-time workers.

Working Paper| Since 1992 wealth for the bottom 90% of households nearing retirement has fallen. Using SCF and HRS data over 20 years, we find the bulk of working-class wealth is government social insurance. Economists should not exclude social insurance from wealth calculations. We find social insurance is the most important source of wealth for most families. Government policies and institutions have failed wealth building for most American households with workers.


By: Teresa Ghilarducci, Siavash Radpour, and Jessica Forden

The only source of wealth helping the bottom 90% is Social Security. Despite pro savings policies and generous tax breaks for savings, the share of the bottom 50% having any retirement account didn’t change in 20 years -- 46% in 1992 and 47% in 2016. Even the middle class suffered with the share of the next 40% having retirement savings that fell from 85% in 1992 to a low of 71% in 2016. Housing ownership increased a bit for the bottom 50% but fell among the middle class and upper middle class. Home equity for the working and middle class fell. 

Read the full working paper here

Paper | This paper assesses economics research and teaching frameworks in the United States by examining how knowledge is produced and ranked, the flaws and strengths of heterodox economic theory; and how students are trained, especially for careers in economic policy. 

Policy Note | Challenging the widespread assumption that people claim their retirement benefits only when they retire, more than one-fifth of older workers in the United States start claiming Social Security benefits as soon as they are eligible, even while working for pay. Low-income older workers are more than three times as likely as high-income workers to claim early, indicating a reliance on Social Security payments to supplement low wages. Those who claim before the full retirement age (also known as the Normal Retirement Age) will receive reduced benefits throughout their lives, leaving them financially vulnerable once they stop working. Because so many older workers collect reduced Social Security benefits, raising the retirement age will have little effect on getting people to work longer and will simply reduce benefits further. Instead, reforms should focus on policies like creating an Older Workers Bureau to support work at older ages, and bolstering Social Security benefits for those who risk falling into poverty in retirement.