Andrew Samwick's Research



“The Insurance Value of Financial Aid,” May 26, 2017 (with Kristy Fan and Tyler J. Fisher). [Manuscript]

“Donating the Voucher: An Alternative Tax Treatment of Private School Enrollment,” in Jeffrey Brown (ed.) Tax Policy and the Economy 27 (2013). Chicago: University of Chicago Press, 125-160. [NBER Working Paper 18525] [Cato Institute Research Brief in Economic Policy]

Executive Compensation

“Empire-Builders and Shirkers: Investment, Firm-Performance, and Managerial Incentives.” Journal of Corporate Finance 12 (June 2006), 489-515 (with Rajesh Aggarwal). [NBER Working Paper 7335]

“Performance Incentives Within Firms: The Effect of Managerial Responsibility.” Journal of Finance 58 (August 2003), 1613-1649(with Rajesh Aggarwal). [NBER Working Paper 7334]

“Why Do Managers Diversify Their Firms? Agency Reconsidered.” Journal of Finance 58 (February 2003), 71-118 (with Rajesh Aggarwal).

“Executive Compensation, Strategic Competition, and Relative Performance Evaluation: Theory and Evidence.” Journal of Finance 54 (December 1999), 1999-2043. (with Rajesh Aggarwal) [NBER Working Paper 5648]

“The Other Side of the Tradeoff: The Impact of Risk on Executive Compensation.” Journal of Political Economy 107 (February 1999), 65-105 (with Rajesh Aggarwal). [NBER Working Paper 6634]

“The Other Side of the Tradeoff: The Impact of Risk on Executive Compensation—A Reply,” Manuscript, October 2002.
[Note: The comment by John Core and Wayne Guay to which this reply is addressed is available here.]


“Moral Hazard in the Policy Response to the 2008 Financial Market Meltdown.” Cato Journal 29 (Winter 2009), 131-139.

Pensions and Saving

“The Design of Retirement Saving Programs in the Presence of Competing Consumption Needs,” National Tax Association Proceedings – 2010, 71 – 80.

“Disability Risk and the Value of Disability Insurance.” in David M. Cutler and David A. Wise (eds.) Health at Older Ages: The Causes and Consequences of Declining Disability Among the Elderly. Chicago: University of Chicago Press, 2008, 295-236. (with Amitabh Chandra) [NBER Working Paper 11605.]

“Saving for Retirement: Understanding the Importance of Heterogeneity,” Business Economics 41 (January 2006), 21-27.

“How Will 401(k) Plans Affect Retirement Income?” American Economic Review 94 (March 2004), 329 – 343 (with Jonathan Skinner). [NBER Working Paper 6645]

“Option Value Estimation with HRS Data.” in Seiritsu Ogura, Toshiaki Tachibanaki, and David A. Wise (eds.) Labor Markets and Firm Benefit Policies in Japan and the United States. Chicago: University of Chicago Press, 2003, 205-228 (with David Wise). [Manuscript]

“Evaluating Pension Entitlements.” in P. Brett Hammond, Olivia Mitchell, and Anna Rappaport (eds.) Forecasting Retirement Needs and Retirement Wealth. Philadelphia: University of Pennsylvania Press, 2000, 309-326 (with Alan Gustman, Olivia Mitchell, and Thomas Steinmeier).

“Pension and Social Security Wealth in the Health and Retirement Study.” in Robert Willis and James Smith (eds.) Wealth, Work, and Health: Innovations in Measurement in the Social Sciences. Ann Arbor: University of Michigan Press, 1999, 150-208. (with Alan Gustman, Olivia Mitchell, and Thomas Steinmeier) [NBER Working Paper 5912]

“New Evidence on Pensions, Social Security, and the Timing of Retirement.” Journal of Public Economics 70 (November 1998), 207-236. [NBER Working Paper 6534]

“How Important Is Precautionary Saving?” Review of Economics and Statistics 80 (August 1998), 410-419. (with Christopher Carroll) [NBER Working Paper 5194]

“Abandoning the Nest Egg? 401(k) Plans and Inadequate Pension Saving.” in Sylvester J. Schieber and John B. Shoven (eds.) Public Policy Toward Pensions. Cambridge: MIT Press, 1997, 197-217. (with Jonathan Skinner) [NBER Working Paper 5568]

“The Nature of Precautionary Wealth.” Journal of Monetary Economics 40 (September 1997), 41-72. (with Christopher Carroll) [NBER Working Paper 5193]

Social Security and Health Care

“Means-Testing Federal Health Entitlement Benefits.” Forthcoming in Robert A. Moffitt (ed.) Tax Policy and the Economy 32 (2018). Chicago: University of Chicago Press. [NBER Working Paper 23990]

“The Welfare Cost of Perceived Policy Uncertainty: Evidence from Social Security.” American Economic Review 108 (February 2018), 275-307. [NBER Working Paper 21818]

“Changing Progressivity as a Means of Risk Protection in Investment-Based Social Security Reform,” in Jeffrey R. Brown, Jeffrey Liebman, and David A. Wise (eds.) Social Security Policy in a Changing Environment. Chicago: University of Chicago Press, 2009, 299-327. [NBER Working Paper 13059]

“The Effects of Social Security Reform on Private Pensions.” in William G. Gale, John B. Shoven, and Mark J. Warshawsky (eds.) Private Pensions and Public Policies. Washington: Brookings Institution Press, 2004, 189-213. [Manuscript]

“Social Security Reform: The United States in 2002.” in Einar Overbye and Peter A. Kemp (eds.) Pensions: Challenges and Reform. Aldershot: Ashgate Publishing Limited, 2004, 53-69. [Manuscript]

“Potential Paths of Social Security Reform,” in James M. Poterba (ed.) Tax Policy and the Economy, 16 (2002). Cambridge: MIT Press, 181-224 (with Martin Feldstein). [NBER Working Paper 8592]

“The Transition to Investment-based Social Security when Portfolio Returns and Capital Profitability Are Uncertain,” in John Y. Campbell and Martin S. Feldstein (eds.) Risk Aspects of Investment Based Social Security Reform. Chicago: University of Chicago Press, 2001, 41-87 (with Martin Feldstein and Elena Ranguelova). [NBER Working Paper 7016]

“Is Pension Reform Conducive to Higher Saving?” Review of Economics and Statistics, 82 (May 2000), 264-272.

“Allocating Payroll Tax Revenue to Personal Retirement Accounts.” Tax Notes (June 19, 2000), 1645-1652 (with Martin Feldstein). [NBER Working Paper 7767]

“Social Security Reform in the United States.” National Tax Journal, 52 (December 1999), 819 – 842.

“The Transition Path in Privatizing Social Security.” in Martin Feldstein (ed.) Privatizing Social Security. Chicago: University of Chicago Press, 1998, 215-260 (with Martin Feldstein). [NBER Working Paper 5761]

“Discount Rate Heterogeneity and Social Security Reform.” Journal of Development Economics 57 (October 1998), 117-146. [NBER Working Paper 6219]

“Potential Effects of Two Percent Personal Retirement Accounts.” Tax Notes (May 4, 1998), 615-620. (with Martin Feldstein) [Updated as NBER Working Paper 6540]

“The Economics of Prefunding Social Security and Medicare Benefits.” in B. Bernanke and J. Rotemberg (eds.) NBER Macroeconomics Annual 1997. Cambridge: MIT Press, 115-148. (with Martin Feldstein) [NBER Working Paper 6055]

“Welfare Across the Generations.” Contemporary Economic Policy 14 (January 1996), 1-21. (with Harold Demsetz et. al.)

“Social Security Rules and Marginal Tax Rates.” National Tax Journal 45 (March 1992), 1-22. (with Martin Feldstein) [NBER Working Paper 3962]

Taxation and Portfolio Choice

“Effects of Income Tax Changes on Economic Growth,” in Alan J. Auerbach and Kent Smetters (eds.) The Economics of Tax Policy Oxford: Oxford University Press, 2017, 13 - 39. (with William G. Gale) [Manuscript]

“Policy Forum: A Decade of Reckoning -- Fiscal Challenges in the United States." Canadian Tax Journal 61:2 (2013), 413-424.

“Taxation and Household Portfolio Composition: U.S. Evidence from the 1980s and 1990s.” Journal of Public Economics 87 (January 2003), 5-38. (with James Poterba) [NBER Working Paper 7392]

“Portfolio Allocations Over the Life Cycle,” in Seiritsu Ogura, Toshiaki Tachibanaki, and A. David Wise (eds.) Aging Issues in the United States and Japan. Chicago: University of Chicago Press, 2001, 65-103 (with James Poterba). [NBER Working Paper 6185]

“Tax Reform and Target Saving.” National Tax Journal 51 (September 1998), 621-635. [NBER Working Paper 6640]

“Tax Shelters and Passive Losses after the Tax Reform Act of 1986.” in Martin S. Feldstein and James M. Poterba (eds.) Empirical Foundations of Household Taxation.Chicago: University of Chicago Press, 1996, 193-226. [NBER Working Paper 5171]

“Stock Ownership Patterns, Stock Market Fluctuations, and Consumption.” in William C. Brainard and George L. Perry (eds.) Brookings Papers on Economic Activity, 2:1995, 295-372. (with James Poterba)