Plausibly Exogenous [1452] - Public Pension Wealth (01/22/2024)
LHS Variable
Property prices
RHS Variable
State pension windfalls
Source of Exogenous Variation
Differences in fiscal condition driven by variation in U.S. states’ pension fund performance (“windfalls”).
- Aiello, Bernstein, Kargar, Lewis, and Schwert (2023), “The Marginal Value of Public Pension Wealth: Evidence From Border House Prices”