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How long does it take Social Security to change direct deposit? 

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This paper shows how a new type of derivative product that could be provided by private financial markets could in principle be used to guarantee that an investment-based Social Security reform provides at least the level of real retirement income that is projected in current Social Security rules.
However, this may change dramatically when the zone is uncovered and its deposit conditions change.
Simulations of this approach to Social Security reform show substantial long-run improvements in U. S. living standards.
It is found that households do change their consumption expenditures in response to the predictable fluctuations in income induced by the Social Security tax system.
The econometric estimations bring evidence of forward-looking behavior, since individuals do appear to take into account the lifetime path of Social Security incentive changes.
In contrast to the previous results, clearinghouse membership does not substantially alleviate deposit contractions in 1893.
Adopting explicit deposit insurance to counteract instability in the financial sector does not appear to solve the problem.

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