id	sid	tid	token	lemma	pos
fsr-3912	1	1	pii	pii	PROPN
fsr-3912	1	2	:	:	PUNCT
fsr-3912	1	3	s1057	s1057	NOUN
fsr-3912	1	4	-	-	PUNCT
fsr-3912	1	5	0810(00)00058	0810(00)00058	NUM
fsr-3912	1	6	-	-	PUNCT
fsr-3912	1	7	5	5	NUM
fsr-3912	1	8	social	social	ADJ
fsr-3912	1	9	security	security	NOUN
fsr-3912	1	10	reform	reform	NOUN
fsr-3912	1	11	:	:	PUNCT
fsr-3912	1	12	the	the	DET
fsr-3912	1	13	effect	effect	NOUN
fsr-3912	1	14	of	of	ADP
fsr-3912	1	15	investing	invest	VERB
fsr-3912	1	16	in	in	ADP
fsr-3912	1	17	equities	equity	NOUN
fsr-3912	1	18	erick	erick	PROPN
fsr-3912	1	19	elder	elder	PROPN
fsr-3912	1	20	,	,	PUNCT
fsr-3912	1	21	larry	larry	PROPN
fsr-3912	1	22	holland	holland	PROPN
fsr-3912	1	23	*	*	PUNCT
fsr-3912	1	24	college	college	PROPN
fsr-3912	1	25	of	of	ADP
fsr-3912	1	26	business	business	PROPN
fsr-3912	1	27	administration	administration	PROPN
fsr-3912	1	28	,	,	PUNCT
fsr-3912	1	29	university	university	PROPN
fsr-3912	1	30	of	of	ADP
fsr-3912	1	31	arkansas	arkansas	PROPN
fsr-3912	1	32	at	at	ADP
fsr-3912	1	33	little	little	ADJ
fsr-3912	1	34	rock	rock	NOUN
fsr-3912	1	35	,	,	PUNCT
fsr-3912	1	36	little	little	ADJ
fsr-3912	1	37	rock	rock	NOUN
fsr-3912	1	38	,	,	PUNCT
fsr-3912	1	39	ar	ar	PROPN
fsr-3912	1	40	72207	72207	NUM
fsr-3912	1	41	-	-	SYM
fsr-3912	1	42	1099	1099	NUM
fsr-3912	1	43	,	,	PUNCT
fsr-3912	1	44	usa	usa	PROPN
fsr-3912	1	45	abstract	abstract	ADJ
fsr-3912	1	46	several	several	ADJ
fsr-3912	1	47	proposals	proposal	NOUN
fsr-3912	1	48	have	have	AUX
fsr-3912	1	49	been	be	AUX
fsr-3912	1	50	developed	develop	VERB
fsr-3912	1	51	to	to	PART
fsr-3912	1	52	reform	reform	VERB
fsr-3912	1	53	the	the	DET
fsr-3912	1	54	social	social	ADJ
fsr-3912	1	55	security	security	NOUN
fsr-3912	1	56	system	system	NOUN
fsr-3912	1	57	to	to	PART
fsr-3912	1	58	ensure	ensure	VERB
fsr-3912	1	59	that	that	SCONJ
fsr-3912	1	60	it	it	PRON
fsr-3912	1	61	is	be	AUX
fsr-3912	1	62	fully	fully	ADV
fsr-3912	1	63	funded	fund	VERB
fsr-3912	1	64	.	.	PUNCT
fsr-3912	2	1	the	the	DET
fsr-3912	2	2	investment	investment	NOUN
fsr-3912	2	3	of	of	ADP
fsr-3912	2	4	a	a	DET
fsr-3912	2	5	portion	portion	NOUN
fsr-3912	2	6	of	of	ADP
fsr-3912	2	7	social	social	ADJ
fsr-3912	2	8	security	security	NOUN
fsr-3912	2	9	funds	fund	NOUN
fsr-3912	2	10	in	in	ADP
fsr-3912	2	11	equities	equity	NOUN
fsr-3912	2	12	has	have	AUX
fsr-3912	2	13	often	often	ADV
fsr-3912	2	14	been	be	AUX
fsr-3912	2	15	proposed	propose	VERB
fsr-3912	2	16	as	as	ADP
fsr-3912	2	17	a	a	DET
fsr-3912	2	18	means	means	NOUN
fsr-3912	2	19	to	to	PART
fsr-3912	2	20	avoid	avoid	VERB
fsr-3912	2	21	increasing	increase	VERB
fsr-3912	2	22	payroll	payroll	NOUN
fsr-3912	2	23	taxes	taxis	NOUN
fsr-3912	2	24	.	.	PUNCT
fsr-3912	3	1	this	this	DET
fsr-3912	3	2	paper	paper	NOUN
fsr-3912	3	3	develops	develop	VERB
fsr-3912	3	4	a	a	DET
fsr-3912	3	5	general	general	ADJ
fsr-3912	3	6	equilibrium	equilibrium	NOUN
fsr-3912	3	7	model	model	NOUN
fsr-3912	3	8	to	to	PART
fsr-3912	3	9	demonstrate	demonstrate	VERB
fsr-3912	3	10	that	that	SCONJ
fsr-3912	3	11	investing	invest	VERB
fsr-3912	3	12	social	social	ADJ
fsr-3912	3	13	security	security	NOUN
fsr-3912	3	14	funds	fund	NOUN
fsr-3912	3	15	in	in	ADP
fsr-3912	3	16	equities	equity	NOUN
fsr-3912	3	17	will	will	AUX
fsr-3912	3	18	decrease	decrease	VERB
fsr-3912	3	19	the	the	DET
fsr-3912	3	20	return	return	NOUN
fsr-3912	3	21	on	on	ADP
fsr-3912	3	22	equities	equity	NOUN
fsr-3912	3	23	and	and	CCONJ
fsr-3912	3	24	increase	increase	VERB
fsr-3912	3	25	interest	interest	NOUN
fsr-3912	3	26	rates	rate	NOUN
fsr-3912	3	27	on	on	ADP
fsr-3912	3	28	bonds	bond	NOUN
fsr-3912	3	29	,	,	PUNCT
fsr-3912	3	30	which	which	PRON
fsr-3912	3	31	also	also	ADV
fsr-3912	3	32	leads	lead	VERB
fsr-3912	3	33	to	to	ADP
fsr-3912	3	34	an	an	DET
fsr-3912	3	35	increase	increase	NOUN
fsr-3912	3	36	in	in	ADP
fsr-3912	3	37	general	general	ADJ
fsr-3912	3	38	income	income	NOUN
fsr-3912	3	39	taxes	taxis	NOUN
fsr-3912	3	40	.	.	PUNCT
fsr-3912	4	1	thus	thus	ADV
fsr-3912	4	2	,	,	PUNCT
fsr-3912	4	3	investing	invest	VERB
fsr-3912	4	4	social	social	ADJ
fsr-3912	4	5	security	security	NOUN
fsr-3912	4	6	funds	fund	NOUN
fsr-3912	4	7	in	in	ADP
fsr-3912	4	8	equities	equity	NOUN
fsr-3912	4	9	simply	simply	ADV
fsr-3912	4	10	shifts	shift	VERB
fsr-3912	4	11	a	a	DET
fsr-3912	4	12	potential	potential	ADJ
fsr-3912	4	13	increase	increase	NOUN
fsr-3912	4	14	in	in	ADP
fsr-3912	4	15	payroll	payroll	NOUN
fsr-3912	4	16	taxes	taxis	NOUN
fsr-3912	4	17	to	to	ADP
fsr-3912	4	18	an	an	DET
fsr-3912	4	19	increase	increase	NOUN
fsr-3912	4	20	in	in	ADP
fsr-3912	4	21	income	income	NOUN
fsr-3912	4	22	taxes	taxis	NOUN
fsr-3912	4	23	.	.	PUNCT
fsr-3912	5	1	©	©	ADP
fsr-3912	5	2	2000	2000	NUM
fsr-3912	5	3	elsevier	elsevier	PROPN
fsr-3912	5	4	science	science	PROPN
fsr-3912	5	5	inc	inc	PROPN
fsr-3912	5	6	.	.	PUNCT
fsr-3912	6	1	all	all	DET
fsr-3912	6	2	rights	right	NOUN
fsr-3912	6	3	reserved	reserve	VERB
fsr-3912	6	4	.	.	PUNCT
fsr-3912	7	1	jel	jel	PROPN
fsr-3912	7	2	classification	classification	PROPN
fsr-3912	7	3	:	:	PUNCT
fsr-3912	7	4	e44	e44	NOUN
fsr-3912	7	5	;	;	PUNCT
fsr-3912	7	6	e62	e62	NOUN
fsr-3912	7	7	;	;	PUNCT
fsr-3912	7	8	g12	g12	NOUN
fsr-3912	7	9	keywords	keyword	NOUN
fsr-3912	7	10	:	:	PUNCT
fsr-3912	7	11	social	social	ADJ
fsr-3912	7	12	security	security	NOUN
fsr-3912	7	13	reform	reform	NOUN
fsr-3912	7	14	;	;	PUNCT
fsr-3912	7	15	general	general	ADJ
fsr-3912	7	16	equilibrium	equilibrium	NOUN
fsr-3912	7	17	;	;	PUNCT
fsr-3912	7	18	portfolio	portfolio	NOUN
fsr-3912	7	19	choice	choice	NOUN
fsr-3912	7	20	;	;	PUNCT
fsr-3912	7	21	asset	asset	NOUN
fsr-3912	7	22	pricing	pricing	NOUN
fsr-3912	7	23	1	1	NUM
fsr-3912	7	24	.	.	PUNCT
fsr-3912	8	1	introduction	introduction	NOUN
fsr-3912	8	2	a	a	DET
fsr-3912	8	3	recent	recent	ADJ
fsr-3912	8	4	report	report	NOUN
fsr-3912	8	5	of	of	ADP
fsr-3912	8	6	the	the	DET
fsr-3912	8	7	advisory	advisory	ADJ
fsr-3912	8	8	council	council	NOUN
fsr-3912	8	9	on	on	ADP
fsr-3912	8	10	social	social	ADJ
fsr-3912	8	11	security	security	NOUN
fsr-3912	8	12	(	(	PUNCT
fsr-3912	8	13	advisory	advisory	ADJ
fsr-3912	8	14	council	council	NOUN
fsr-3912	8	15	,	,	PUNCT
fsr-3912	8	16	1997	1997	NUM
fsr-3912	8	17	)	)	PUNCT
fsr-3912	8	18	shows	show	VERB
fsr-3912	8	19	that	that	SCONJ
fsr-3912	8	20	the	the	DET
fsr-3912	8	21	u.s	u.s	PROPN
fsr-3912	8	22	.	.	PROPN
fsr-3912	8	23	social	social	ADJ
fsr-3912	8	24	security	security	NOUN
fsr-3912	8	25	system	system	NOUN
fsr-3912	8	26	will	will	AUX
fsr-3912	8	27	not	not	PART
fsr-3912	8	28	be	be	AUX
fsr-3912	8	29	fully	fully	ADV
fsr-3912	8	30	funded	fund	VERB
fsr-3912	8	31	over	over	ADP
fsr-3912	8	32	the	the	DET
fsr-3912	8	33	next	next	ADJ
fsr-3912	8	34	50	50	NUM
fsr-3912	8	35	years	year	NOUN
fsr-3912	8	36	.	.	PUNCT
fsr-3912	9	1	forecasts	forecast	NOUN
fsr-3912	9	2	show	show	VERB
fsr-3912	9	3	that	that	SCONJ
fsr-3912	9	4	with	with	ADP
fsr-3912	9	5	current	current	ADJ
fsr-3912	9	6	and	and	CCONJ
fsr-3912	9	7	projected	projected	ADJ
fsr-3912	9	8	contributions	contribution	NOUN
fsr-3912	9	9	and	and	CCONJ
fsr-3912	9	10	outflows	outflow	NOUN
fsr-3912	9	11	,	,	PUNCT
fsr-3912	9	12	the	the	DET
fsr-3912	9	13	social	social	ADJ
fsr-3912	9	14	security	security	NOUN
fsr-3912	9	15	trust	trust	NOUN
fsr-3912	9	16	fund	fund	NOUN
fsr-3912	9	17	will	will	AUX
fsr-3912	9	18	be	be	AUX
fsr-3912	9	19	completely	completely	ADV
fsr-3912	9	20	depleted	deplete	VERB
fsr-3912	9	21	by	by	ADP
fsr-3912	9	22	the	the	DET
fsr-3912	9	23	year	year	NOUN
fsr-3912	9	24	2034	2034	NUM
fsr-3912	9	25	and	and	CCONJ
fsr-3912	9	26	benefits	benefit	NOUN
fsr-3912	9	27	would	would	AUX
fsr-3912	9	28	have	have	VERB
fsr-3912	9	29	to	to	PART
fsr-3912	9	30	be	be	AUX
fsr-3912	9	31	reduced	reduce	VERB
fsr-3912	9	32	beyond	beyond	ADP
fsr-3912	9	33	that	that	DET
fsr-3912	9	34	date	date	NOUN
fsr-3912	9	35	by	by	ADP
fsr-3912	9	36	29	29	NUM
fsr-3912	9	37	%	%	NOUN
fsr-3912	9	38	.	.	PUNCT
fsr-3912	10	1	therefore	therefore	ADV
fsr-3912	10	2	,	,	PUNCT
fsr-3912	10	3	there	there	PRON
fsr-3912	10	4	are	be	VERB
fsr-3912	10	5	several	several	ADJ
fsr-3912	10	6	proposals	proposal	NOUN
fsr-3912	10	7	to	to	PART
fsr-3912	10	8	reform	reform	VERB
fsr-3912	10	9	the	the	DET
fsr-3912	10	10	social	social	ADJ
fsr-3912	10	11	security	security	NOUN
fsr-3912	10	12	system	system	NOUN
fsr-3912	10	13	,	,	PUNCT
fsr-3912	10	14	many	many	ADJ
fsr-3912	10	15	of	of	ADP
fsr-3912	10	16	which	which	PRON
fsr-3912	10	17	suggest	suggest	VERB
fsr-3912	10	18	investing	investing	NOUN
fsr-3912	10	19	of	of	ADP
fsr-3912	10	20	a	a	DET
fsr-3912	10	21	portion	portion	NOUN
fsr-3912	10	22	of	of	ADP
fsr-3912	10	23	the	the	DET
fsr-3912	10	24	social	social	ADJ
fsr-3912	10	25	security	security	NOUN
fsr-3912	10	26	trust	trust	NOUN
fsr-3912	10	27	fund	fund	NOUN
fsr-3912	10	28	into	into	ADP
fsr-3912	10	29	the	the	DET
fsr-3912	10	30	equities	equity	NOUN
fsr-3912	10	31	market	market	NOUN
fsr-3912	10	32	in	in	ADP
fsr-3912	10	33	order	order	NOUN
fsr-3912	10	34	to	to	PART
fsr-3912	10	35	obtain	obtain	VERB
fsr-3912	10	36	a	a	DET
fsr-3912	10	37	higher	high	ADJ
fsr-3912	10	38	return	return	NOUN
fsr-3912	10	39	on	on	ADP
fsr-3912	10	40	accumulated	accumulate	VERB
fsr-3912	10	41	funds	fund	NOUN
fsr-3912	10	42	.	.	PUNCT
fsr-3912	11	1	in	in	ADP
fsr-3912	11	2	this	this	DET
fsr-3912	11	3	way	way	NOUN
fsr-3912	11	4	,	,	PUNCT
fsr-3912	11	5	the	the	DET
fsr-3912	11	6	social	social	ADJ
fsr-3912	11	7	security	security	NOUN
fsr-3912	11	8	system	system	NOUN
fsr-3912	11	9	could	could	AUX
fsr-3912	11	10	supposedly	supposedly	ADV
fsr-3912	11	11	become	become	VERB
fsr-3912	11	12	fully	fully	ADV
fsr-3912	11	13	funded	fund	VERB
fsr-3912	11	14	without	without	ADP
fsr-3912	11	15	raising	raise	VERB
fsr-3912	11	16	payroll	payroll	NOUN
fsr-3912	11	17	taxes	taxis	NOUN
fsr-3912	11	18	.	.	PUNCT
fsr-3912	12	1	*	*	PUNCT
fsr-3912	12	2	corresponding	correspond	VERB
fsr-3912	12	3	author	author	NOUN
fsr-3912	12	4	.	.	PUNCT
fsr-3912	13	1	tel.:11	tel.:11	VERB
fsr-3912	13	2	-	-	PUNCT
fsr-3912	13	3	501	501	NUM
fsr-3912	13	4	-	-	PUNCT
fsr-3912	13	5	569	569	NUM
fsr-3912	13	6	-	-	SYM
fsr-3912	13	7	3042	3042	NUM
fsr-3912	14	1	;	;	PUNCT
fsr-3912	14	2	fax:11	fax:11	NOUN
fsr-3912	14	3	-	-	PUNCT
fsr-3912	14	4	501	501	NUM
fsr-3912	14	5	-	-	PUNCT
fsr-3912	14	6	569	569	NUM
fsr-3912	14	7	-	-	PUNCT
fsr-3912	14	8	8871	8871	NUM
fsr-3912	14	9	.	.	PUNCT
fsr-3912	15	1	e	e	X
fsr-3912	15	2	-	-	NOUN
fsr-3912	15	3	mail	mail	NOUN
fsr-3912	15	4	address:lcholland@ualr.edu	address:lcholland@ualr.edu	PROPN
fsr-3912	15	5	(	(	PUNCT
fsr-3912	15	6	l.	l.	PROPN
fsr-3912	15	7	holland	holland	PROPN
fsr-3912	15	8	)	)	PUNCT
fsr-3912	15	9	.	.	PUNCT
fsr-3912	16	1	financial	financial	ADJ
fsr-3912	16	2	services	service	NOUN
fsr-3912	16	3	review	review	VERB
fsr-3912	16	4	9	9	NUM
fsr-3912	16	5	(	(	PUNCT
fsr-3912	16	6	2000	2000	NUM
fsr-3912	16	7	)	)	PUNCT
fsr-3912	17	1	93–106	93–106	NUM
fsr-3912	17	2	1057	1057	NUM
fsr-3912	17	3	-	-	SYM
fsr-3912	17	4	0810/00/$	0810/00/$	NUM
fsr-3912	17	5	–	–	PUNCT
fsr-3912	17	6	see	see	VERB
fsr-3912	17	7	front	front	ADJ
fsr-3912	17	8	matter	matter	NOUN
fsr-3912	17	9	©	©	PROPN
fsr-3912	17	10	2000	2000	NUM
fsr-3912	17	11	elsevier	elsevier	PROPN
fsr-3912	17	12	science	science	PROPN
fsr-3912	17	13	inc	inc	PROPN
fsr-3912	17	14	.	.	PUNCT
fsr-3912	18	1	all	all	DET
fsr-3912	18	2	rights	right	NOUN
fsr-3912	18	3	reserved	reserve	VERB
fsr-3912	18	4	.	.	PUNCT
fsr-3912	19	1	pii	pii	NOUN
fsr-3912	19	2	:	:	PUNCT
fsr-3912	19	3	s1057	s1057	NOUN
fsr-3912	19	4	-	-	PUNCT
fsr-3912	19	5	0810(00)00058	0810(00)00058	NUM
fsr-3912	19	6	-	-	SYM
fsr-3912	19	7	5	5	NUM
fsr-3912	19	8	there	there	PRON
fsr-3912	19	9	is	be	VERB
fsr-3912	19	10	some	some	DET
fsr-3912	19	11	debate	debate	NOUN
fsr-3912	19	12	concerning	concern	VERB
fsr-3912	19	13	the	the	DET
fsr-3912	19	14	impact	impact	NOUN
fsr-3912	19	15	of	of	ADP
fsr-3912	19	16	this	this	DET
fsr-3912	19	17	type	type	NOUN
fsr-3912	19	18	of	of	ADP
fsr-3912	19	19	social	social	ADJ
fsr-3912	19	20	security	security	NOUN
fsr-3912	19	21	reform	reform	NOUN
fsr-3912	19	22	on	on	ADP
fsr-3912	19	23	asset	asset	NOUN
fsr-3912	19	24	returns	return	NOUN
fsr-3912	19	25	.	.	PUNCT
fsr-3912	20	1	clearly	clearly	ADV
fsr-3912	20	2	,	,	PUNCT
fsr-3912	20	3	social	social	ADJ
fsr-3912	20	4	security	security	NOUN
fsr-3912	20	5	reform	reform	NOUN
fsr-3912	20	6	would	would	AUX
fsr-3912	20	7	have	have	VERB
fsr-3912	20	8	no	no	DET
fsr-3912	20	9	effect	effect	NOUN
fsr-3912	20	10	on	on	ADP
fsr-3912	20	11	asset	asset	NOUN
fsr-3912	20	12	returns	return	NOUN
fsr-3912	20	13	if	if	SCONJ
fsr-3912	20	14	the	the	DET
fsr-3912	20	15	following	follow	VERB
fsr-3912	20	16	two	two	NUM
fsr-3912	20	17	assumptions	assumption	NOUN
fsr-3912	20	18	are	be	AUX
fsr-3912	20	19	true	true	ADJ
fsr-3912	20	20	:	:	PUNCT
fsr-3912	20	21	(	(	PUNCT
fsr-3912	20	22	1	1	X
fsr-3912	20	23	)	)	PUNCT
fsr-3912	20	24	individuals	individual	NOUN
fsr-3912	20	25	perceive	perceive	VERB
fsr-3912	20	26	social	social	ADJ
fsr-3912	20	27	security	security	NOUN
fsr-3912	20	28	as	as	ADP
fsr-3912	20	29	part	part	NOUN
fsr-3912	20	30	of	of	ADP
fsr-3912	20	31	their	their	PRON
fsr-3912	20	32	savings	saving	NOUN
fsr-3912	20	33	(	(	PUNCT
fsr-3912	20	34	or	or	CCONJ
fsr-3912	20	35	at	at	ADP
fsr-3912	20	36	least	least	ADJ
fsr-3912	20	37	individuals	individual	NOUN
fsr-3912	20	38	must	must	AUX
fsr-3912	20	39	take	take	VERB
fsr-3912	20	40	into	into	ADP
fsr-3912	20	41	consideration	consideration	NOUN
fsr-3912	20	42	the	the	DET
fsr-3912	20	43	investment	investment	NOUN
fsr-3912	20	44	of	of	ADP
fsr-3912	20	45	social	social	ADJ
fsr-3912	20	46	security	security	NOUN
fsr-3912	20	47	when	when	SCONJ
fsr-3912	20	48	making	make	VERB
fsr-3912	20	49	their	their	PRON
fsr-3912	20	50	own	own	ADJ
fsr-3912	20	51	allocation	allocation	NOUN
fsr-3912	20	52	decision	decision	NOUN
fsr-3912	20	53	)	)	PUNCT
fsr-3912	20	54	and	and	CCONJ
fsr-3912	20	55	(	(	PUNCT
fsr-3912	20	56	2	2	X
fsr-3912	20	57	)	)	PUNCT
fsr-3912	20	58	no	no	DET
fsr-3912	20	59	individuals	individual	NOUN
fsr-3912	20	60	are	be	AUX
fsr-3912	20	61	constrained	constrain	VERB
fsr-3912	20	62	in	in	ADP
fsr-3912	20	63	terms	term	NOUN
fsr-3912	20	64	of	of	ADP
fsr-3912	20	65	their	their	PRON
fsr-3912	20	66	desired	desire	VERB
fsr-3912	20	67	allocation	allocation	NOUN
fsr-3912	20	68	,	,	PUNCT
fsr-3912	20	69	that	that	ADV
fsr-3912	20	70	is	is	ADV
fsr-3912	20	71	,	,	PUNCT
fsr-3912	20	72	every	every	DET
fsr-3912	20	73	individual	individual	NOUN
fsr-3912	20	74	should	should	AUX
fsr-3912	20	75	be	be	AUX
fsr-3912	20	76	able	able	ADJ
fsr-3912	20	77	to	to	PART
fsr-3912	20	78	invest	invest	VERB
fsr-3912	20	79	their	their	PRON
fsr-3912	20	80	entire	entire	ADJ
fsr-3912	20	81	retirement	retirement	NOUN
fsr-3912	20	82	account	account	NOUN
fsr-3912	20	83	(	(	PUNCT
fsr-3912	20	84	including	include	VERB
fsr-3912	20	85	social	social	ADJ
fsr-3912	20	86	security	security	NOUN
fsr-3912	20	87	)	)	PUNCT
fsr-3912	20	88	in	in	ADP
fsr-3912	20	89	bonds	bond	NOUN
fsr-3912	20	90	and/or	and/or	CCONJ
fsr-3912	20	91	equities	equity	NOUN
fsr-3912	20	92	according	accord	VERB
fsr-3912	20	93	to	to	ADP
fsr-3912	20	94	their	their	PRON
fsr-3912	20	95	preference	preference	NOUN
fsr-3912	20	96	.	.	PUNCT
fsr-3912	21	1	serious	serious	ADJ
fsr-3912	21	2	questions	question	NOUN
fsr-3912	21	3	as	as	ADP
fsr-3912	21	4	to	to	ADP
fsr-3912	21	5	the	the	DET
fsr-3912	21	6	validity	validity	NOUN
fsr-3912	21	7	of	of	ADP
fsr-3912	21	8	these	these	DET
fsr-3912	21	9	assumptions	assumption	NOUN
fsr-3912	21	10	exist	exist	VERB
fsr-3912	21	11	.	.	PUNCT
fsr-3912	22	1	first	first	ADV
fsr-3912	22	2	of	of	ADP
fsr-3912	22	3	all	all	PRON
fsr-3912	22	4	,	,	PUNCT
fsr-3912	22	5	under	under	ADP
fsr-3912	22	6	the	the	DET
fsr-3912	22	7	current	current	ADJ
fsr-3912	22	8	defined	define	VERB
fsr-3912	22	9	benefit	benefit	NOUN
fsr-3912	22	10	system	system	NOUN
fsr-3912	22	11	,	,	PUNCT
fsr-3912	22	12	individuals	individual	NOUN
fsr-3912	22	13	should	should	AUX
fsr-3912	22	14	not	not	PART
fsr-3912	22	15	care	care	VERB
fsr-3912	22	16	about	about	ADP
fsr-3912	22	17	the	the	DET
fsr-3912	22	18	investment	investment	NOUN
fsr-3912	22	19	of	of	ADP
fsr-3912	22	20	social	social	ADJ
fsr-3912	22	21	security	security	NOUN
fsr-3912	22	22	funds	fund	NOUN
fsr-3912	22	23	because	because	SCONJ
fsr-3912	22	24	the	the	DET
fsr-3912	22	25	benefits	benefit	NOUN
fsr-3912	22	26	are	be	AUX
fsr-3912	22	27	fixed	fix	VERB
fsr-3912	22	28	regardless	regardless	ADV
fsr-3912	22	29	of	of	ADP
fsr-3912	22	30	the	the	DET
fsr-3912	22	31	allocation	allocation	NOUN
fsr-3912	22	32	decision	decision	NOUN
fsr-3912	22	33	.	.	PUNCT
fsr-3912	23	1	secondly	secondly	ADV
fsr-3912	23	2	,	,	PUNCT
fsr-3912	23	3	geanokoplos	geanokoplos	PROPN
fsr-3912	23	4	,	,	PUNCT
fsr-3912	23	5	mitchell	mitchell	PROPN
fsr-3912	23	6	,	,	PUNCT
fsr-3912	23	7	and	and	CCONJ
fsr-3912	23	8	zeldes	zelde	NOUN
fsr-3912	23	9	(	(	PUNCT
fsr-3912	23	10	1998	1998	NUM
fsr-3912	23	11	)	)	PUNCT
fsr-3912	23	12	point	point	VERB
fsr-3912	23	13	out	out	ADP
fsr-3912	23	14	that	that	SCONJ
fsr-3912	23	15	if	if	SCONJ
fsr-3912	23	16	households	household	NOUN
fsr-3912	23	17	are	be	AUX
fsr-3912	23	18	constrained	constrain	VERB
fsr-3912	23	19	in	in	ADP
fsr-3912	23	20	their	their	PRON
fsr-3912	23	21	investment	investment	NOUN
fsr-3912	23	22	choices	choice	NOUN
fsr-3912	23	23	,	,	PUNCT
fsr-3912	23	24	there	there	PRON
fsr-3912	23	25	would	would	AUX
fsr-3912	23	26	be	be	AUX
fsr-3912	23	27	macroeconomic	macroeconomic	ADJ
fsr-3912	23	28	consequences	consequence	NOUN
fsr-3912	23	29	in	in	ADP
fsr-3912	23	30	terms	term	NOUN
fsr-3912	23	31	of	of	ADP
fsr-3912	23	32	changes	change	NOUN
fsr-3912	23	33	in	in	ADP
fsr-3912	23	34	asset	asset	NOUN
fsr-3912	23	35	returns	return	NOUN
fsr-3912	23	36	due	due	ADP
fsr-3912	23	37	to	to	ADP
fsr-3912	23	38	the	the	DET
fsr-3912	23	39	increase	increase	NOUN
fsr-3912	23	40	in	in	ADP
fsr-3912	23	41	demand	demand	NOUN
fsr-3912	23	42	for	for	ADP
fsr-3912	23	43	equities	equity	NOUN
fsr-3912	23	44	.	.	PUNCT
fsr-3912	24	1	this	this	PRON
fsr-3912	24	2	could	could	AUX
fsr-3912	24	3	occur	occur	VERB
fsr-3912	24	4	if	if	SCONJ
fsr-3912	24	5	some	some	DET
fsr-3912	24	6	individuals	individual	NOUN
fsr-3912	24	7	want	want	VERB
fsr-3912	24	8	all	all	DET
fsr-3912	24	9	their	their	PRON
fsr-3912	24	10	retirement	retirement	NOUN
fsr-3912	24	11	funds	fund	NOUN
fsr-3912	24	12	in	in	ADP
fsr-3912	24	13	equities	equity	NOUN
fsr-3912	24	14	(	(	PUNCT
fsr-3912	24	15	extreme	extreme	ADJ
fsr-3912	24	16	risk	risk	NOUN
fsr-3912	24	17	takers	taker	NOUN
fsr-3912	24	18	)	)	PUNCT
fsr-3912	24	19	or	or	CCONJ
fsr-3912	24	20	in	in	ADP
fsr-3912	24	21	bonds	bond	NOUN
fsr-3912	24	22	(	(	PUNCT
fsr-3912	24	23	highly	highly	ADV
fsr-3912	24	24	risk	risk	VERB
fsr-3912	24	25	averse	averse	ADJ
fsr-3912	24	26	investors	investor	NOUN
fsr-3912	24	27	)	)	PUNCT
fsr-3912	24	28	or	or	CCONJ
fsr-3912	24	29	if	if	SCONJ
fsr-3912	24	30	some	some	DET
fsr-3912	24	31	individuals	individual	NOUN
fsr-3912	24	32	do	do	AUX
fsr-3912	24	33	not	not	PART
fsr-3912	24	34	have	have	VERB
fsr-3912	24	35	access	access	NOUN
fsr-3912	24	36	to	to	ADP
fsr-3912	24	37	credit	credit	NOUN
fsr-3912	24	38	markets	market	NOUN
fsr-3912	24	39	.	.	PUNCT
fsr-3912	25	1	if	if	SCONJ
fsr-3912	25	2	either	either	PRON
fsr-3912	25	3	of	of	ADP
fsr-3912	25	4	these	these	DET
fsr-3912	25	5	two	two	NUM
fsr-3912	25	6	assumptions	assumption	NOUN
fsr-3912	25	7	are	be	AUX
fsr-3912	25	8	violated	violate	VERB
fsr-3912	25	9	,	,	PUNCT
fsr-3912	25	10	then	then	ADV
fsr-3912	25	11	asset	asset	NOUN
fsr-3912	25	12	returns	return	NOUN
fsr-3912	25	13	will	will	AUX
fsr-3912	25	14	be	be	AUX
fsr-3912	25	15	affected	affect	VERB
fsr-3912	25	16	to	to	ADP
fsr-3912	25	17	some	some	DET
fsr-3912	25	18	degree	degree	NOUN
fsr-3912	25	19	by	by	ADP
fsr-3912	25	20	social	social	ADJ
fsr-3912	25	21	security	security	NOUN
fsr-3912	25	22	reform	reform	NOUN
fsr-3912	25	23	,	,	PUNCT
fsr-3912	25	24	and	and	CCONJ
fsr-3912	25	25	specifically	specifically	ADV
fsr-3912	25	26	by	by	ADP
fsr-3912	25	27	shifting	shift	VERB
fsr-3912	25	28	funds	fund	NOUN
fsr-3912	25	29	to	to	ADP
fsr-3912	25	30	the	the	DET
fsr-3912	25	31	equities	equity	NOUN
fsr-3912	25	32	market	market	NOUN
fsr-3912	25	33	.	.	PUNCT
fsr-3912	26	1	the	the	DET
fsr-3912	26	2	intuition	intuition	NOUN
fsr-3912	26	3	behind	behind	ADP
fsr-3912	26	4	this	this	DET
fsr-3912	26	5	effect	effect	NOUN
fsr-3912	26	6	on	on	ADP
fsr-3912	26	7	interest	interest	NOUN
fsr-3912	26	8	rates	rate	NOUN
fsr-3912	26	9	and	and	CCONJ
fsr-3912	26	10	asset	asset	NOUN
fsr-3912	26	11	returns	return	NOUN
fsr-3912	26	12	is	be	AUX
fsr-3912	26	13	that	that	SCONJ
fsr-3912	26	14	,	,	PUNCT
fsr-3912	26	15	if	if	SCONJ
fsr-3912	26	16	either	either	PRON
fsr-3912	26	17	of	of	ADP
fsr-3912	26	18	the	the	DET
fsr-3912	26	19	two	two	NUM
fsr-3912	26	20	above	above	ADJ
fsr-3912	26	21	assumptions	assumption	NOUN
fsr-3912	26	22	is	be	AUX
fsr-3912	26	23	violated	violate	VERB
fsr-3912	26	24	,	,	PUNCT
fsr-3912	26	25	then	then	ADV
fsr-3912	26	26	a	a	DET
fsr-3912	26	27	shift	shift	NOUN
fsr-3912	26	28	in	in	ADP
fsr-3912	26	29	funds	fund	NOUN
fsr-3912	26	30	to	to	ADP
fsr-3912	26	31	equities	equity	NOUN
fsr-3912	26	32	is	be	AUX
fsr-3912	26	33	equivalent	equivalent	ADJ
fsr-3912	26	34	to	to	ADP
fsr-3912	26	35	a	a	DET
fsr-3912	26	36	change	change	NOUN
fsr-3912	26	37	in	in	ADP
fsr-3912	26	38	preferences	preference	NOUN
fsr-3912	26	39	.	.	PUNCT
fsr-3912	27	1	in	in	ADP
fsr-3912	27	2	our	our	PRON
fsr-3912	27	3	view	view	NOUN
fsr-3912	27	4	,	,	PUNCT
fsr-3912	27	5	these	these	DET
fsr-3912	27	6	two	two	NUM
fsr-3912	27	7	assumptions	assumption	NOUN
fsr-3912	27	8	are	be	AUX
fsr-3912	27	9	likely	likely	ADJ
fsr-3912	27	10	to	to	PART
fsr-3912	27	11	be	be	AUX
fsr-3912	27	12	violated	violate	VERB
fsr-3912	27	13	,	,	PUNCT
fsr-3912	27	14	and	and	CCONJ
fsr-3912	27	15	this	this	PRON
fsr-3912	27	16	forms	form	VERB
fsr-3912	27	17	the	the	DET
fsr-3912	27	18	basis	basis	NOUN
fsr-3912	27	19	for	for	ADP
fsr-3912	27	20	the	the	DET
fsr-3912	27	21	model	model	NOUN
fsr-3912	27	22	in	in	ADP
fsr-3912	27	23	this	this	DET
fsr-3912	27	24	paper	paper	NOUN
fsr-3912	27	25	.	.	PUNCT
fsr-3912	28	1	in	in	ADP
fsr-3912	28	2	this	this	DET
fsr-3912	28	3	paper	paper	NOUN
fsr-3912	28	4	,	,	PUNCT
fsr-3912	28	5	we	we	PRON
fsr-3912	28	6	formally	formally	ADV
fsr-3912	28	7	model	model	VERB
fsr-3912	28	8	the	the	DET
fsr-3912	28	9	impact	impact	NOUN
fsr-3912	28	10	of	of	ADP
fsr-3912	28	11	social	social	ADJ
fsr-3912	28	12	security	security	NOUN
fsr-3912	28	13	reform	reform	NOUN
fsr-3912	28	14	on	on	ADP
fsr-3912	28	15	asset	asset	NOUN
fsr-3912	28	16	returns	return	NOUN
fsr-3912	28	17	in	in	ADP
fsr-3912	28	18	the	the	DET
fsr-3912	28	19	presence	presence	NOUN
fsr-3912	28	20	of	of	ADP
fsr-3912	28	21	constrained	constrained	ADJ
fsr-3912	28	22	individuals	individual	NOUN
fsr-3912	28	23	.	.	PUNCT
fsr-3912	29	1	the	the	DET
fsr-3912	29	2	model	model	NOUN
fsr-3912	29	3	shows	show	VERB
fsr-3912	29	4	unambiguously	unambiguously	ADV
fsr-3912	29	5	that	that	SCONJ
fsr-3912	29	6	interest	interest	NOUN
fsr-3912	29	7	rates	rate	NOUN
fsr-3912	29	8	on	on	ADP
fsr-3912	29	9	bonds	bond	NOUN
fsr-3912	29	10	will	will	AUX
fsr-3912	29	11	increase	increase	VERB
fsr-3912	29	12	and	and	CCONJ
fsr-3912	29	13	the	the	DET
fsr-3912	29	14	return	return	NOUN
fsr-3912	29	15	on	on	ADP
fsr-3912	29	16	equities	equity	NOUN
fsr-3912	29	17	will	will	AUX
fsr-3912	29	18	decrease	decrease	VERB
fsr-3912	29	19	as	as	SCONJ
fsr-3912	29	20	social	social	ADJ
fsr-3912	29	21	security	security	NOUN
fsr-3912	29	22	funds	fund	NOUN
fsr-3912	29	23	are	be	AUX
fsr-3912	29	24	invested	invest	VERB
fsr-3912	29	25	in	in	ADP
fsr-3912	29	26	the	the	DET
fsr-3912	29	27	equities	equity	NOUN
fsr-3912	29	28	market	market	NOUN
fsr-3912	29	29	.	.	PUNCT
fsr-3912	30	1	we	we	PRON
fsr-3912	30	2	find	find	VERB
fsr-3912	30	3	that	that	SCONJ
fsr-3912	30	4	the	the	DET
fsr-3912	30	5	magnitude	magnitude	NOUN
fsr-3912	30	6	of	of	ADP
fsr-3912	30	7	the	the	DET
fsr-3912	30	8	change	change	NOUN
fsr-3912	30	9	in	in	ADP
fsr-3912	30	10	asset	asset	NOUN
fsr-3912	30	11	returns	return	NOUN
fsr-3912	30	12	could	could	AUX
fsr-3912	30	13	be	be	AUX
fsr-3912	30	14	greater	great	ADJ
fsr-3912	30	15	than	than	ADP
fsr-3912	30	16	one	one	NUM
fsr-3912	30	17	percentage	percentage	NOUN
fsr-3912	30	18	following	follow	VERB
fsr-3912	30	19	a	a	DET
fsr-3912	30	20	forty	forty	NUM
fsr-3912	30	21	percentage	percentage	NOUN
fsr-3912	30	22	shift	shift	NOUN
fsr-3912	30	23	of	of	ADP
fsr-3912	30	24	social	social	ADJ
fsr-3912	30	25	security	security	NOUN
fsr-3912	30	26	funds	fund	NOUN
fsr-3912	30	27	to	to	ADP
fsr-3912	30	28	the	the	DET
fsr-3912	30	29	equities	equity	NOUN
fsr-3912	30	30	market	market	NOUN
fsr-3912	30	31	.	.	PUNCT
fsr-3912	31	1	the	the	DET
fsr-3912	31	2	topic	topic	NOUN
fsr-3912	31	3	of	of	ADP
fsr-3912	31	4	social	social	ADJ
fsr-3912	31	5	security	security	NOUN
fsr-3912	31	6	reform	reform	NOUN
fsr-3912	31	7	has	have	AUX
fsr-3912	31	8	attracted	attract	VERB
fsr-3912	31	9	a	a	DET
fsr-3912	31	10	large	large	ADJ
fsr-3912	31	11	literature	literature	NOUN
fsr-3912	31	12	and	and	CCONJ
fsr-3912	31	13	has	have	AUX
fsr-3912	31	14	been	be	AUX
fsr-3912	31	15	the	the	DET
fsr-3912	31	16	topic	topic	NOUN
fsr-3912	31	17	of	of	ADP
fsr-3912	31	18	numerous	numerous	ADJ
fsr-3912	31	19	conferences	conference	NOUN
fsr-3912	31	20	(	(	PUNCT
fsr-3912	31	21	federal	federal	PROPN
fsr-3912	31	22	reserve	reserve	PROPN
fsr-3912	31	23	bank	bank	PROPN
fsr-3912	31	24	of	of	ADP
fsr-3912	31	25	boston	boston	PROPN
fsr-3912	31	26	,	,	PUNCT
fsr-3912	31	27	1997	1997	NUM
fsr-3912	31	28	,	,	PUNCT
fsr-3912	31	29	american	american	PROPN
fsr-3912	31	30	economic	economic	PROPN
fsr-3912	31	31	association	association	PROPN
fsr-3912	31	32	1996	1996	NUM
fsr-3912	31	33	,	,	PUNCT
fsr-3912	31	34	and	and	CCONJ
fsr-3912	31	35	the	the	DET
fsr-3912	31	36	national	national	PROPN
fsr-3912	31	37	academy	academy	PROPN
fsr-3912	31	38	of	of	ADP
fsr-3912	31	39	social	social	ADJ
fsr-3912	31	40	insurance	insurance	NOUN
fsr-3912	31	41	,	,	PUNCT
fsr-3912	31	42	1998	1998	NUM
fsr-3912	31	43	)	)	PUNCT
fsr-3912	31	44	.	.	PUNCT
fsr-3912	32	1	several	several	ADJ
fsr-3912	32	2	researchers	researcher	NOUN
fsr-3912	32	3	have	have	AUX
fsr-3912	32	4	commented	comment	VERB
fsr-3912	32	5	,	,	PUNCT
fsr-3912	32	6	without	without	ADP
fsr-3912	32	7	the	the	DET
fsr-3912	32	8	use	use	NOUN
fsr-3912	32	9	of	of	ADP
fsr-3912	32	10	a	a	DET
fsr-3912	32	11	formal	formal	ADJ
fsr-3912	32	12	model	model	NOUN
fsr-3912	32	13	,	,	PUNCT
fsr-3912	32	14	that	that	SCONJ
fsr-3912	32	15	such	such	DET
fsr-3912	32	16	a	a	DET
fsr-3912	32	17	reform	reform	NOUN
fsr-3912	32	18	might	might	AUX
fsr-3912	32	19	affect	affect	VERB
fsr-3912	32	20	the	the	DET
fsr-3912	32	21	overall	overall	ADJ
fsr-3912	32	22	economy	economy	NOUN
fsr-3912	32	23	in	in	ADP
fsr-3912	32	24	terms	term	NOUN
fsr-3912	32	25	of	of	ADP
fsr-3912	32	26	changing	change	VERB
fsr-3912	32	27	interest	interest	NOUN
fsr-3912	32	28	rates	rate	NOUN
fsr-3912	32	29	and	and	CCONJ
fsr-3912	32	30	equity	equity	NOUN
fsr-3912	32	31	returns	return	NOUN
fsr-3912	32	32	.	.	PUNCT
fsr-3912	33	1	diamond	diamond	NOUN
fsr-3912	33	2	(	(	PUNCT
fsr-3912	33	3	1996	1996	NUM
fsr-3912	33	4	)	)	PUNCT
fsr-3912	33	5	,	,	PUNCT
fsr-3912	33	6	stein	stein	PROPN
fsr-3912	33	7	(	(	PUNCT
fsr-3912	33	8	1997	1997	NUM
fsr-3912	33	9	)	)	PUNCT
fsr-3912	33	10	,	,	PUNCT
fsr-3912	33	11	stiglitz	stiglitz	NOUN
fsr-3912	33	12	,	,	PUNCT
fsr-3912	33	13	munnell	munnell	ADJ
fsr-3912	33	14	,	,	PUNCT
fsr-3912	33	15	and	and	CCONJ
fsr-3912	33	16	frankel	frankel	NOUN
fsr-3912	33	17	(	(	PUNCT
fsr-3912	33	18	the	the	DET
fsr-3912	33	19	council	council	PROPN
fsr-3912	33	20	of	of	ADP
fsr-3912	33	21	economic	economic	ADJ
fsr-3912	33	22	advisers	adviser	NOUN
fsr-3912	33	23	)	)	PUNCT
fsr-3912	33	24	in	in	ADP
fsr-3912	33	25	their	their	PRON
fsr-3912	33	26	economic	economic	ADJ
fsr-3912	33	27	report	report	NOUN
fsr-3912	33	28	of	of	ADP
fsr-3912	33	29	the	the	DET
fsr-3912	33	30	president	president	NOUN
fsr-3912	33	31	(	(	PUNCT
fsr-3912	33	32	1997	1997	NUM
fsr-3912	33	33	)	)	PUNCT
fsr-3912	33	34	,	,	PUNCT
fsr-3912	33	35	and	and	CCONJ
fsr-3912	33	36	geanokoplos	geanokoplo	VERB
fsr-3912	33	37	et	et	PROPN
fsr-3912	33	38	al	al	PROPN
fsr-3912	33	39	.	.	PROPN
fsr-3912	33	40	(	(	PUNCT
fsr-3912	33	41	1998	1998	NUM
fsr-3912	33	42	)	)	PUNCT
fsr-3912	33	43	mention	mention	VERB
fsr-3912	33	44	the	the	DET
fsr-3912	33	45	potential	potential	ADJ
fsr-3912	33	46	impact	impact	NOUN
fsr-3912	33	47	of	of	ADP
fsr-3912	33	48	reform	reform	NOUN
fsr-3912	33	49	on	on	ADP
fsr-3912	33	50	asset	asset	NOUN
fsr-3912	33	51	returns	return	NOUN
fsr-3912	33	52	.	.	PUNCT
fsr-3912	34	1	in	in	ADP
fsr-3912	34	2	addition	addition	NOUN
fsr-3912	34	3	,	,	PUNCT
fsr-3912	34	4	it	it	PRON
fsr-3912	34	5	is	be	AUX
fsr-3912	34	6	interesting	interesting	ADJ
fsr-3912	34	7	that	that	SCONJ
fsr-3912	34	8	the	the	DET
fsr-3912	34	9	advisory	advisory	ADJ
fsr-3912	34	10	council	council	NOUN
fsr-3912	34	11	’s	’s	PART
fsr-3912	34	12	analysis	analysis	NOUN
fsr-3912	34	13	of	of	ADP
fsr-3912	34	14	the	the	DET
fsr-3912	34	15	effect	effect	NOUN
fsr-3912	34	16	of	of	ADP
fsr-3912	34	17	three	three	NUM
fsr-3912	34	18	different	different	ADJ
fsr-3912	34	19	reform	reform	NOUN
fsr-3912	34	20	programs	program	NOUN
fsr-3912	34	21	did	do	AUX
fsr-3912	34	22	not	not	PART
fsr-3912	34	23	take	take	VERB
fsr-3912	34	24	into	into	ADP
fsr-3912	34	25	account	account	NOUN
fsr-3912	34	26	the	the	DET
fsr-3912	34	27	effect	effect	NOUN
fsr-3912	34	28	on	on	ADP
fsr-3912	34	29	interest	interest	NOUN
fsr-3912	34	30	rates	rate	NOUN
fsr-3912	34	31	from	from	ADP
fsr-3912	34	32	the	the	DET
fsr-3912	34	33	implementation	implementation	NOUN
fsr-3912	34	34	of	of	ADP
fsr-3912	34	35	the	the	DET
fsr-3912	34	36	reform	reform	NOUN
fsr-3912	34	37	itself	itself	PRON
fsr-3912	34	38	.	.	PUNCT
fsr-3912	35	1	other	other	ADJ
fsr-3912	35	2	researchers	researcher	NOUN
fsr-3912	35	3	have	have	AUX
fsr-3912	35	4	developed	develop	VERB
fsr-3912	35	5	formal	formal	ADJ
fsr-3912	35	6	models	model	NOUN
fsr-3912	35	7	to	to	PART
fsr-3912	35	8	study	study	VERB
fsr-3912	35	9	the	the	DET
fsr-3912	35	10	impact	impact	NOUN
fsr-3912	35	11	of	of	ADP
fsr-3912	35	12	social	social	ADJ
fsr-3912	35	13	security	security	NOUN
fsr-3912	35	14	reform	reform	NOUN
fsr-3912	35	15	,	,	PUNCT
fsr-3912	35	16	but	but	CCONJ
fsr-3912	35	17	their	their	PRON
fsr-3912	35	18	focus	focus	NOUN
fsr-3912	35	19	is	be	AUX
fsr-3912	35	20	on	on	ADP
fsr-3912	35	21	topics	topic	NOUN
fsr-3912	35	22	other	other	ADJ
fsr-3912	35	23	than	than	ADP
fsr-3912	35	24	the	the	DET
fsr-3912	35	25	impact	impact	NOUN
fsr-3912	35	26	on	on	ADP
fsr-3912	35	27	asset	asset	NOUN
fsr-3912	35	28	returns	return	NOUN
fsr-3912	35	29	.	.	PUNCT
fsr-3912	36	1	these	these	DET
fsr-3912	36	2	studies	study	NOUN
fsr-3912	36	3	generally	generally	ADV
fsr-3912	36	4	use	use	VERB
fsr-3912	36	5	the	the	DET
fsr-3912	36	6	life	life	NOUN
fsr-3912	36	7	-	-	PUNCT
fsr-3912	36	8	cycle	cycle	NOUN
fsr-3912	36	9	framework	framework	NOUN
fsr-3912	36	10	developed	develop	VERB
fsr-3912	36	11	by	by	ADP
fsr-3912	36	12	auerbach	auerbach	NOUN
fsr-3912	36	13	and	and	CCONJ
fsr-3912	36	14	kotlikoff	kotlikoff	NOUN
fsr-3912	36	15	(	(	PUNCT
fsr-3912	36	16	1987	1987	NUM
fsr-3912	36	17	)	)	PUNCT
fsr-3912	36	18	(	(	PUNCT
fsr-3912	36	19	e.g.	e.g.	ADV
fsr-3912	36	20	,	,	PUNCT
fsr-3912	36	21	kotlikoff	kotlikoff	NOUN
fsr-3912	36	22	,	,	PUNCT
fsr-3912	36	23	smetters	smetter	NOUN
fsr-3912	36	24	,	,	PUNCT
fsr-3912	36	25	and	and	CCONJ
fsr-3912	36	26	walliser	walliser	NOUN
fsr-3912	36	27	,	,	PUNCT
fsr-3912	36	28	1998	1998	NUM
fsr-3912	36	29	;	;	PUNCT
fsr-3912	36	30	bohn	bohn	NOUN
fsr-3912	36	31	,	,	PUNCT
fsr-3912	36	32	1997	1997	NUM
fsr-3912	36	33	;	;	PUNCT
fsr-3912	36	34	smetters	smetter	NOUN
fsr-3912	36	35	,	,	PUNCT
fsr-3912	36	36	1998	1998	NUM
fsr-3912	36	37	;	;	PUNCT
fsr-3912	36	38	and	and	CCONJ
fsr-3912	36	39	diamond	diamond	NOUN
fsr-3912	36	40	,	,	PUNCT
fsr-3912	36	41	1997	1997	NUM
fsr-3912	36	42	)	)	PUNCT
fsr-3912	36	43	.	.	PUNCT
fsr-3912	37	1	the	the	DET
fsr-3912	37	2	familiar	familiar	ADJ
fsr-3912	37	3	life	life	NOUN
fsr-3912	37	4	-	-	PUNCT
fsr-3912	37	5	cycle	cycle	NOUN
fsr-3912	37	6	approach	approach	NOUN
fsr-3912	37	7	might	might	AUX
fsr-3912	37	8	seem	seem	VERB
fsr-3912	37	9	to	to	PART
fsr-3912	37	10	be	be	AUX
fsr-3912	37	11	the	the	DET
fsr-3912	37	12	natural	natural	ADJ
fsr-3912	37	13	framework	framework	NOUN
fsr-3912	37	14	for	for	ADP
fsr-3912	37	15	analyzing	analyze	VERB
fsr-3912	37	16	social	social	ADJ
fsr-3912	37	17	security	security	NOUN
fsr-3912	37	18	since	since	SCONJ
fsr-3912	37	19	the	the	DET
fsr-3912	37	20	very	very	ADJ
fsr-3912	37	21	essence	essence	NOUN
fsr-3912	37	22	of	of	ADP
fsr-3912	37	23	a	a	DET
fsr-3912	37	24	pay	pay	NOUN
fsr-3912	37	25	-	-	PUNCT
fsr-3912	37	26	as	as	ADP
fsr-3912	37	27	-	-	PUNCT
fsr-3912	37	28	you	you	PRON
fsr-3912	37	29	-	-	PUNCT
fsr-3912	37	30	go	go	VERB
fsr-3912	37	31	social	social	ADJ
fsr-3912	37	32	security	security	NOUN
fsr-3912	37	33	system	system	NOUN
fsr-3912	37	34	is	be	AUX
fsr-3912	37	35	the	the	DET
fsr-3912	37	36	transfer	transfer	NOUN
fsr-3912	37	37	of	of	ADP
fsr-3912	37	38	assets	asset	NOUN
fsr-3912	37	39	from	from	ADP
fsr-3912	37	40	generation	generation	NOUN
fsr-3912	37	41	to	to	ADP
fsr-3912	37	42	generation	generation	NOUN
fsr-3912	37	43	.	.	PUNCT
fsr-3912	38	1	this	this	PRON
fsr-3912	38	2	is	be	AUX
fsr-3912	38	3	especially	especially	ADV
fsr-3912	38	4	true	true	ADJ
fsr-3912	38	5	if	if	SCONJ
fsr-3912	38	6	one	one	PRON
fsr-3912	38	7	is	be	AUX
fsr-3912	38	8	interested	interested	ADJ
fsr-3912	38	9	in	in	ADP
fsr-3912	38	10	a	a	DET
fsr-3912	38	11	welfare	welfare	NOUN
fsr-3912	38	12	analysis	analysis	NOUN
fsr-3912	38	13	of	of	ADP
fsr-3912	38	14	the	the	DET
fsr-3912	38	15	social	social	ADJ
fsr-3912	38	16	security	security	NOUN
fsr-3912	38	17	system	system	NOUN
fsr-3912	38	18	,	,	PUNCT
fsr-3912	38	19	for	for	ADP
fsr-3912	38	20	which	which	PRON
fsr-3912	38	21	a	a	DET
fsr-3912	38	22	life	life	NOUN
fsr-3912	38	23	-	-	PUNCT
fsr-3912	38	24	cycle	cycle	NOUN
fsr-3912	38	25	framework	framework	NOUN
fsr-3912	38	26	is	be	AUX
fsr-3912	38	27	ideal	ideal	ADJ
fsr-3912	38	28	.	.	PUNCT
fsr-3912	39	1	in	in	ADP
fsr-3912	39	2	94	94	NUM
fsr-3912	39	3	e.	e.	PROPN
fsr-3912	39	4	elder	elder	PROPN
fsr-3912	39	5	,	,	PUNCT
fsr-3912	39	6	l.	l.	PROPN
fsr-3912	39	7	holland	holland	PROPN
fsr-3912	39	8	/	/	SYM
fsr-3912	39	9	financial	financial	ADJ
fsr-3912	39	10	services	service	NOUN
fsr-3912	39	11	review	review	VERB
fsr-3912	39	12	9	9	NUM
fsr-3912	39	13	(	(	PUNCT
fsr-3912	39	14	2000	2000	NUM
fsr-3912	39	15	)	)	PUNCT
fsr-3912	40	1	93–106	93–106	NUM
fsr-3912	40	2	contrast	contrast	NOUN
fsr-3912	40	3	,	,	PUNCT
fsr-3912	40	4	the	the	DET
fsr-3912	40	5	primary	primary	ADJ
fsr-3912	40	6	purpose	purpose	NOUN
fsr-3912	40	7	of	of	ADP
fsr-3912	40	8	this	this	DET
fsr-3912	40	9	paper	paper	NOUN
fsr-3912	40	10	is	be	AUX
fsr-3912	40	11	to	to	PART
fsr-3912	40	12	examine	examine	VERB
fsr-3912	40	13	the	the	DET
fsr-3912	40	14	instantaneous	instantaneous	ADJ
fsr-3912	40	15	effects	effect	NOUN
fsr-3912	40	16	of	of	ADP
fsr-3912	40	17	social	social	ADJ
fsr-3912	40	18	security	security	NOUN
fsr-3912	40	19	reform	reform	NOUN
fsr-3912	40	20	on	on	ADP
fsr-3912	40	21	asset	asset	NOUN
fsr-3912	40	22	returns	return	NOUN
fsr-3912	40	23	.	.	PUNCT
fsr-3912	41	1	to	to	ADP
fsr-3912	41	2	this	this	DET
fsr-3912	41	3	end	end	NOUN
fsr-3912	41	4	,	,	PUNCT
fsr-3912	41	5	the	the	DET
fsr-3912	41	6	benefits	benefit	NOUN
fsr-3912	41	7	of	of	ADP
fsr-3912	41	8	using	use	VERB
fsr-3912	41	9	a	a	DET
fsr-3912	41	10	life	life	NOUN
fsr-3912	41	11	-	-	PUNCT
fsr-3912	41	12	cycle	cycle	NOUN
fsr-3912	41	13	model	model	NOUN
fsr-3912	41	14	(	(	PUNCT
fsr-3912	41	15	e.g.	e.g.	ADV
fsr-3912	41	16	,	,	PUNCT
fsr-3912	41	17	bohn	bohn	NOUN
fsr-3912	41	18	,	,	PUNCT
fsr-3912	41	19	1997	1997	NUM
fsr-3912	41	20	and	and	CCONJ
fsr-3912	41	21	diamond	diamond	NOUN
fsr-3912	41	22	,	,	PUNCT
fsr-3912	41	23	1997	1997	NUM
fsr-3912	41	24	)	)	PUNCT
fsr-3912	41	25	are	be	AUX
fsr-3912	41	26	not	not	PART
fsr-3912	41	27	obvious	obvious	ADJ
fsr-3912	41	28	and	and	CCONJ
fsr-3912	41	29	can	can	AUX
fsr-3912	41	30	actually	actually	ADV
fsr-3912	41	31	cloud	cloud	VERB
fsr-3912	41	32	the	the	DET
fsr-3912	41	33	issue	issue	NOUN
fsr-3912	41	34	.	.	PUNCT
fsr-3912	42	1	this	this	PRON
fsr-3912	42	2	is	be	AUX
fsr-3912	42	3	because	because	SCONJ
fsr-3912	42	4	a	a	DET
fsr-3912	42	5	major	major	ADJ
fsr-3912	42	6	component	component	NOUN
fsr-3912	42	7	of	of	ADP
fsr-3912	42	8	the	the	DET
fsr-3912	42	9	life	life	NOUN
fsr-3912	42	10	-	-	PUNCT
fsr-3912	42	11	cycle	cycle	NOUN
fsr-3912	42	12	models	model	NOUN
fsr-3912	42	13	is	be	AUX
fsr-3912	42	14	the	the	DET
fsr-3912	42	15	saving	saving	NOUN
fsr-3912	42	16	-	-	PUNCT
fsr-3912	42	17	consumption	consumption	NOUN
fsr-3912	42	18	and/or	and/or	CCONJ
fsr-3912	42	19	labor	labor	NOUN
fsr-3912	42	20	-	-	PUNCT
fsr-3912	42	21	leisure	leisure	NOUN
fsr-3912	42	22	decision	decision	NOUN
fsr-3912	42	23	,	,	PUNCT
fsr-3912	42	24	which	which	PRON
fsr-3912	42	25	may	may	AUX
fsr-3912	42	26	be	be	AUX
fsr-3912	42	27	altered	alter	VERB
fsr-3912	42	28	by	by	ADP
fsr-3912	42	29	(	(	PUNCT
fsr-3912	42	30	or	or	CCONJ
fsr-3912	42	31	may	may	AUX
fsr-3912	42	32	alter	alter	VERB
fsr-3912	42	33	)	)	PUNCT
fsr-3912	42	34	returns	return	NOUN
fsr-3912	42	35	.	.	PUNCT
fsr-3912	43	1	the	the	DET
fsr-3912	43	2	empirical	empirical	ADJ
fsr-3912	43	3	evidence	evidence	NOUN
fsr-3912	43	4	is	be	AUX
fsr-3912	43	5	ambiguous	ambiguous	ADJ
fsr-3912	43	6	concerning	concern	VERB
fsr-3912	43	7	the	the	DET
fsr-3912	43	8	relationship	relationship	NOUN
fsr-3912	43	9	between	between	ADP
fsr-3912	43	10	returns	return	NOUN
fsr-3912	43	11	and	and	CCONJ
fsr-3912	43	12	these	these	DET
fsr-3912	43	13	decisions	decision	NOUN
fsr-3912	43	14	(	(	PUNCT
fsr-3912	43	15	e.g.	e.g.	ADV
fsr-3912	43	16	,	,	PUNCT
fsr-3912	43	17	hall	hall	NOUN
fsr-3912	43	18	,	,	PUNCT
fsr-3912	43	19	1988	1988	NUM
fsr-3912	43	20	and	and	CCONJ
fsr-3912	43	21	campbell	campbell	PROPN
fsr-3912	43	22	and	and	CCONJ
fsr-3912	43	23	mankiw	mankiw	PROPN
fsr-3912	43	24	,	,	PUNCT
fsr-3912	43	25	1989	1989	NUM
fsr-3912	43	26	)	)	PUNCT
fsr-3912	43	27	.	.	PUNCT
fsr-3912	44	1	the	the	DET
fsr-3912	44	2	strength	strength	NOUN
fsr-3912	44	3	of	of	ADP
fsr-3912	44	4	our	our	PRON
fsr-3912	44	5	results	result	NOUN
fsr-3912	44	6	is	be	AUX
fsr-3912	44	7	that	that	SCONJ
fsr-3912	44	8	they	they	PRON
fsr-3912	44	9	do	do	AUX
fsr-3912	44	10	not	not	PART
fsr-3912	44	11	depend	depend	VERB
fsr-3912	44	12	on	on	ADP
fsr-3912	44	13	any	any	DET
fsr-3912	44	14	changes	change	NOUN
fsr-3912	44	15	in	in	ADP
fsr-3912	44	16	these	these	DET
fsr-3912	44	17	decisions	decision	NOUN
fsr-3912	44	18	.	.	PUNCT
fsr-3912	45	1	we	we	PRON
fsr-3912	45	2	construct	construct	VERB
fsr-3912	45	3	a	a	DET
fsr-3912	45	4	representative	representative	ADJ
fsr-3912	45	5	-	-	PUNCT
fsr-3912	45	6	agent	agent	NOUN
fsr-3912	45	7	model	model	NOUN
fsr-3912	45	8	to	to	PART
fsr-3912	45	9	analyze	analyze	VERB
fsr-3912	45	10	the	the	DET
fsr-3912	45	11	effects	effect	NOUN
fsr-3912	45	12	of	of	ADP
fsr-3912	45	13	social	social	ADJ
fsr-3912	45	14	security	security	NOUN
fsr-3912	45	15	reform	reform	NOUN
fsr-3912	45	16	,	,	PUNCT
fsr-3912	45	17	addressing	address	VERB
fsr-3912	45	18	the	the	DET
fsr-3912	45	19	constraints	constraint	NOUN
fsr-3912	45	20	of	of	ADP
fsr-3912	45	21	geanokoplos	geanokoplos	PROPN
fsr-3912	45	22	et	et	PROPN
fsr-3912	45	23	al	al	PROPN
fsr-3912	45	24	.	.	PUNCT
fsr-3912	46	1	(	(	PUNCT
fsr-3912	46	2	1998	1998	NUM
fsr-3912	46	3	)	)	PUNCT
fsr-3912	46	4	.	.	PUNCT
fsr-3912	47	1	our	our	PRON
fsr-3912	47	2	model	model	NOUN
fsr-3912	47	3	uses	use	VERB
fsr-3912	47	4	the	the	DET
fsr-3912	47	5	optimal	optimal	ADJ
fsr-3912	47	6	-	-	PUNCT
fsr-3912	47	7	portfolio	portfolio	NOUN
fsr-3912	47	8	selection	selection	NOUN
fsr-3912	47	9	rule	rule	NOUN
fsr-3912	47	10	derived	derive	VERB
fsr-3912	47	11	by	by	ADP
fsr-3912	47	12	merton	merton	NOUN
fsr-3912	47	13	(	(	PUNCT
fsr-3912	47	14	1969	1969	NUM
fsr-3912	47	15	)	)	PUNCT
fsr-3912	47	16	in	in	ADP
fsr-3912	47	17	continuous	continuous	ADJ
fsr-3912	47	18	time	time	NOUN
fsr-3912	47	19	and	and	CCONJ
fsr-3912	47	20	samuelson	samuelson	PROPN
fsr-3912	47	21	(	(	PUNCT
fsr-3912	47	22	1969	1969	NUM
fsr-3912	47	23	)	)	PUNCT
fsr-3912	47	24	within	within	ADP
fsr-3912	47	25	a	a	DET
fsr-3912	47	26	discrete	discrete	ADJ
fsr-3912	47	27	time	time	NOUN
fsr-3912	47	28	framework	framework	NOUN
fsr-3912	47	29	in	in	ADP
fsr-3912	47	30	which	which	PRON
fsr-3912	47	31	the	the	DET
fsr-3912	47	32	optimal	optimal	ADJ
fsr-3912	47	33	-	-	PUNCT
fsr-3912	47	34	portfolio	portfolio	NOUN
fsr-3912	47	35	selection	selection	NOUN
fsr-3912	47	36	rule	rule	NOUN
fsr-3912	47	37	is	be	AUX
fsr-3912	47	38	a	a	DET
fsr-3912	47	39	function	function	NOUN
fsr-3912	47	40	of	of	ADP
fsr-3912	47	41	a	a	DET
fsr-3912	47	42	given	give	VERB
fsr-3912	47	43	set	set	NOUN
fsr-3912	47	44	of	of	ADP
fsr-3912	47	45	expected	expect	VERB
fsr-3912	47	46	asset	asset	NOUN
fsr-3912	47	47	returns	return	NOUN
fsr-3912	47	48	.	.	PUNCT
fsr-3912	48	1	we	we	PRON
fsr-3912	48	2	extend	extend	VERB
fsr-3912	48	3	this	this	DET
fsr-3912	48	4	analysis	analysis	NOUN
fsr-3912	48	5	to	to	ADP
fsr-3912	48	6	a	a	DET
fsr-3912	48	7	general	general	ADJ
fsr-3912	48	8	equilibrium	equilibrium	NOUN
fsr-3912	48	9	framework	framework	NOUN
fsr-3912	48	10	to	to	PART
fsr-3912	48	11	endogenously	endogenously	ADV
fsr-3912	48	12	determine	determine	VERB
fsr-3912	48	13	these	these	DET
fsr-3912	48	14	expected	expect	VERB
fsr-3912	48	15	returns	return	NOUN
fsr-3912	48	16	.	.	PUNCT
fsr-3912	49	1	it	it	PRON
fsr-3912	49	2	is	be	AUX
fsr-3912	49	3	assumed	assume	VERB
fsr-3912	49	4	that	that	SCONJ
fsr-3912	49	5	social	social	ADJ
fsr-3912	49	6	security	security	NOUN
fsr-3912	49	7	rules	rule	NOUN
fsr-3912	49	8	determine	determine	VERB
fsr-3912	49	9	the	the	DET
fsr-3912	49	10	allocation	allocation	NOUN
fsr-3912	49	11	of	of	ADP
fsr-3912	49	12	a	a	DET
fsr-3912	49	13	portion	portion	NOUN
fsr-3912	49	14	of	of	ADP
fsr-3912	49	15	each	each	DET
fsr-3912	49	16	individual	individual	NOUN
fsr-3912	49	17	’s	’s	PART
fsr-3912	49	18	wealth	wealth	NOUN
fsr-3912	49	19	.	.	PUNCT
fsr-3912	50	1	furthermore	furthermore	ADV
fsr-3912	50	2	,	,	PUNCT
fsr-3912	50	3	individuals	individual	NOUN
fsr-3912	50	4	with	with	ADP
fsr-3912	50	5	different	different	ADJ
fsr-3912	50	6	levels	level	NOUN
fsr-3912	50	7	of	of	ADP
fsr-3912	50	8	risk	risk	NOUN
fsr-3912	50	9	aversion	aversion	NOUN
fsr-3912	50	10	attempt	attempt	NOUN
fsr-3912	50	11	to	to	PART
fsr-3912	50	12	achieve	achieve	VERB
fsr-3912	50	13	an	an	DET
fsr-3912	50	14	optimal	optimal	ADJ
fsr-3912	50	15	allocation	allocation	NOUN
fsr-3912	50	16	of	of	ADP
fsr-3912	50	17	their	their	PRON
fsr-3912	50	18	wealth	wealth	NOUN
fsr-3912	50	19	between	between	ADP
fsr-3912	50	20	a	a	DET
fsr-3912	50	21	risky	risky	ADJ
fsr-3912	50	22	asset	asset	NOUN
fsr-3912	50	23	(	(	PUNCT
fsr-3912	50	24	equities	equity	NOUN
fsr-3912	50	25	)	)	PUNCT
fsr-3912	50	26	and	and	CCONJ
fsr-3912	50	27	a	a	DET
fsr-3912	50	28	risk	risk	NOUN
fsr-3912	50	29	-	-	PUNCT
fsr-3912	50	30	free	free	ADJ
fsr-3912	50	31	asset	asset	NOUN
fsr-3912	50	32	(	(	PUNCT
fsr-3912	50	33	bonds	bond	NOUN
fsr-3912	50	34	)	)	PUNCT
fsr-3912	50	35	.	.	PUNCT
fsr-3912	51	1	some	some	DET
fsr-3912	51	2	individuals	individual	NOUN
fsr-3912	51	3	may	may	AUX
fsr-3912	51	4	be	be	AUX
fsr-3912	51	5	unable	unable	ADJ
fsr-3912	51	6	to	to	PART
fsr-3912	51	7	achieve	achieve	VERB
fsr-3912	51	8	their	their	PRON
fsr-3912	51	9	optimal	optimal	ADJ
fsr-3912	51	10	allocation	allocation	NOUN
fsr-3912	51	11	,	,	PUNCT
fsr-3912	51	12	and	and	CCONJ
fsr-3912	51	13	therefore	therefore	ADV
fsr-3912	51	14	are	be	AUX
fsr-3912	51	15	constrained	constrain	VERB
fsr-3912	51	16	(	(	PUNCT
fsr-3912	51	17	by	by	ADP
fsr-3912	51	18	social	social	ADJ
fsr-3912	51	19	security	security	NOUN
fsr-3912	51	20	)	)	PUNCT
fsr-3912	51	21	to	to	PART
fsr-3912	51	22	hold	hold	VERB
fsr-3912	51	23	funds	fund	NOUN
fsr-3912	51	24	in	in	ADP
fsr-3912	51	25	excess	excess	NOUN
fsr-3912	51	26	of	of	ADP
fsr-3912	51	27	their	their	PRON
fsr-3912	51	28	optimal	optimal	ADJ
fsr-3912	51	29	allocation	allocation	NOUN
fsr-3912	51	30	in	in	ADP
fsr-3912	51	31	either	either	CCONJ
fsr-3912	51	32	the	the	DET
fsr-3912	51	33	bond	bond	NOUN
fsr-3912	51	34	or	or	CCONJ
fsr-3912	51	35	equity	equity	NOUN
fsr-3912	51	36	market	market	NOUN
fsr-3912	51	37	.	.	PUNCT
fsr-3912	52	1	this	this	PRON
fsr-3912	52	2	leads	lead	VERB
fsr-3912	52	3	to	to	ADP
fsr-3912	52	4	a	a	DET
fsr-3912	52	5	change	change	NOUN
fsr-3912	52	6	in	in	ADP
fsr-3912	52	7	asset	asset	NOUN
fsr-3912	52	8	returns	return	NOUN
fsr-3912	52	9	.	.	PUNCT
fsr-3912	53	1	an	an	DET
fsr-3912	53	2	interesting	interesting	ADJ
fsr-3912	53	3	implication	implication	NOUN
fsr-3912	53	4	is	be	AUX
fsr-3912	53	5	that	that	SCONJ
fsr-3912	53	6	with	with	ADP
fsr-3912	53	7	an	an	DET
fsr-3912	53	8	increase	increase	NOUN
fsr-3912	53	9	in	in	ADP
fsr-3912	53	10	the	the	DET
fsr-3912	53	11	interest	interest	NOUN
fsr-3912	53	12	rates	rate	NOUN
fsr-3912	53	13	on	on	ADP
fsr-3912	53	14	government	government	NOUN
fsr-3912	53	15	debt	debt	NOUN
fsr-3912	53	16	,	,	PUNCT
fsr-3912	53	17	income	income	NOUN
fsr-3912	53	18	taxes	taxis	NOUN
fsr-3912	53	19	must	must	AUX
fsr-3912	53	20	be	be	AUX
fsr-3912	53	21	raised	raise	VERB
fsr-3912	53	22	to	to	PART
fsr-3912	53	23	pay	pay	VERB
fsr-3912	53	24	the	the	DET
fsr-3912	53	25	higher	high	ADJ
fsr-3912	53	26	interest	interest	NOUN
fsr-3912	53	27	on	on	ADP
fsr-3912	53	28	the	the	DET
fsr-3912	53	29	national	national	ADJ
fsr-3912	53	30	debt	debt	NOUN
fsr-3912	53	31	in	in	ADP
fsr-3912	53	32	order	order	NOUN
fsr-3912	53	33	to	to	PART
fsr-3912	53	34	maintain	maintain	VERB
fsr-3912	53	35	the	the	DET
fsr-3912	53	36	same	same	ADJ
fsr-3912	53	37	budget	budget	NOUN
fsr-3912	53	38	deficit	deficit	NOUN
fsr-3912	53	39	position	position	NOUN
fsr-3912	53	40	as	as	ADP
fsr-3912	53	41	prereform	prereform	NOUN
fsr-3912	53	42	.	.	PUNCT
fsr-3912	54	1	thus	thus	ADV
fsr-3912	54	2	,	,	PUNCT
fsr-3912	54	3	investing	invest	VERB
fsr-3912	54	4	social	social	ADJ
fsr-3912	54	5	security	security	NOUN
fsr-3912	54	6	funds	fund	NOUN
fsr-3912	54	7	in	in	ADP
fsr-3912	54	8	equities	equity	NOUN
fsr-3912	54	9	to	to	ADP
fsr-3912	54	10	some	some	DET
fsr-3912	54	11	extent	extent	NOUN
fsr-3912	54	12	simply	simply	ADV
fsr-3912	54	13	shifts	shift	VERB
fsr-3912	54	14	a	a	DET
fsr-3912	54	15	potential	potential	ADJ
fsr-3912	54	16	increase	increase	NOUN
fsr-3912	54	17	in	in	ADP
fsr-3912	54	18	social	social	ADJ
fsr-3912	54	19	security	security	NOUN
fsr-3912	54	20	taxes	taxis	NOUN
fsr-3912	54	21	to	to	ADP
fsr-3912	54	22	an	an	DET
fsr-3912	54	23	increase	increase	NOUN
fsr-3912	54	24	in	in	ADP
fsr-3912	54	25	general	general	ADJ
fsr-3912	54	26	income	income	NOUN
fsr-3912	54	27	taxes	taxis	NOUN
fsr-3912	54	28	.	.	PUNCT
fsr-3912	55	1	this	this	DET
fsr-3912	55	2	impact	impact	NOUN
fsr-3912	55	3	is	be	AUX
fsr-3912	55	4	of	of	ADP
fsr-3912	55	5	immense	immense	ADJ
fsr-3912	55	6	importance	importance	NOUN
fsr-3912	55	7	when	when	SCONJ
fsr-3912	55	8	discussing	discuss	VERB
fsr-3912	55	9	potential	potential	ADJ
fsr-3912	55	10	reform	reform	NOUN
fsr-3912	55	11	because	because	SCONJ
fsr-3912	55	12	it	it	PRON
fsr-3912	55	13	significantly	significantly	ADV
fsr-3912	55	14	alters	alter	VERB
fsr-3912	55	15	the	the	DET
fsr-3912	55	16	merits	merit	NOUN
fsr-3912	55	17	of	of	ADP
fsr-3912	55	18	the	the	DET
fsr-3912	55	19	potential	potential	ADJ
fsr-3912	55	20	reform	reform	NOUN
fsr-3912	55	21	plans	plan	NOUN
fsr-3912	55	22	.	.	PUNCT
fsr-3912	56	1	in	in	ADP
fsr-3912	56	2	section	section	NOUN
fsr-3912	56	3	2	2	NUM
fsr-3912	56	4	,	,	PUNCT
fsr-3912	56	5	we	we	PRON
fsr-3912	56	6	first	first	ADV
fsr-3912	56	7	construct	construct	VERB
fsr-3912	56	8	a	a	DET
fsr-3912	56	9	model	model	NOUN
fsr-3912	56	10	in	in	ADP
fsr-3912	56	11	which	which	PRON
fsr-3912	56	12	there	there	PRON
fsr-3912	56	13	are	be	VERB
fsr-3912	56	14	constrained	constrained	ADJ
fsr-3912	56	15	individuals	individual	NOUN
fsr-3912	56	16	.	.	PUNCT
fsr-3912	57	1	we	we	PRON
fsr-3912	57	2	then	then	ADV
fsr-3912	57	3	analyze	analyze	VERB
fsr-3912	57	4	in	in	ADP
fsr-3912	57	5	section	section	NOUN
fsr-3912	57	6	3	3	NUM
fsr-3912	57	7	the	the	DET
fsr-3912	57	8	qualitative	qualitative	ADJ
fsr-3912	57	9	impact	impact	NOUN
fsr-3912	57	10	on	on	ADP
fsr-3912	57	11	asset	asset	NOUN
fsr-3912	57	12	returns	return	NOUN
fsr-3912	57	13	from	from	ADP
fsr-3912	57	14	shifting	shift	VERB
fsr-3912	57	15	social	social	ADJ
fsr-3912	57	16	security	security	NOUN
fsr-3912	57	17	funds	fund	NOUN
fsr-3912	57	18	to	to	ADP
fsr-3912	57	19	the	the	DET
fsr-3912	57	20	equities	equity	NOUN
fsr-3912	57	21	market	market	NOUN
fsr-3912	57	22	and	and	CCONJ
fsr-3912	57	23	briefly	briefly	ADV
fsr-3912	57	24	report	report	VERB
fsr-3912	57	25	examples	example	NOUN
fsr-3912	57	26	of	of	ADP
fsr-3912	57	27	the	the	DET
fsr-3912	57	28	potential	potential	ADJ
fsr-3912	57	29	magnitude	magnitude	NOUN
fsr-3912	57	30	of	of	ADP
fsr-3912	57	31	the	the	DET
fsr-3912	57	32	effects	effect	NOUN
fsr-3912	57	33	this	this	DET
fsr-3912	57	34	reform	reform	NOUN
fsr-3912	57	35	may	may	AUX
fsr-3912	57	36	have	have	VERB
fsr-3912	57	37	on	on	ADP
fsr-3912	57	38	bond	bond	NOUN
fsr-3912	57	39	and	and	CCONJ
fsr-3912	57	40	equity	equity	NOUN
fsr-3912	57	41	returns	return	NOUN
fsr-3912	57	42	.	.	PUNCT
fsr-3912	58	1	in	in	ADP
fsr-3912	58	2	section	section	NOUN
fsr-3912	58	3	4	4	NUM
fsr-3912	58	4	,	,	PUNCT
fsr-3912	58	5	we	we	PRON
fsr-3912	58	6	explore	explore	VERB
fsr-3912	58	7	comparative	comparative	ADJ
fsr-3912	58	8	statics	static	NOUN
fsr-3912	58	9	to	to	PART
fsr-3912	58	10	determine	determine	VERB
fsr-3912	58	11	the	the	DET
fsr-3912	58	12	impact	impact	NOUN
fsr-3912	58	13	of	of	ADP
fsr-3912	58	14	various	various	ADJ
fsr-3912	58	15	other	other	ADJ
fsr-3912	58	16	parameter	parameter	NOUN
fsr-3912	58	17	values	value	NOUN
fsr-3912	58	18	.	.	PUNCT
fsr-3912	59	1	we	we	PRON
fsr-3912	59	2	present	present	VERB
fsr-3912	59	3	extensions	extension	NOUN
fsr-3912	59	4	of	of	ADP
fsr-3912	59	5	the	the	DET
fsr-3912	59	6	model	model	NOUN
fsr-3912	59	7	in	in	ADP
fsr-3912	59	8	section	section	NOUN
fsr-3912	59	9	5	5	NUM
fsr-3912	59	10	to	to	PART
fsr-3912	59	11	include	include	VERB
fsr-3912	59	12	income	income	NOUN
fsr-3912	59	13	taxes	taxis	NOUN
fsr-3912	59	14	and	and	CCONJ
fsr-3912	59	15	show	show	VERB
fsr-3912	59	16	why	why	SCONJ
fsr-3912	59	17	income	income	NOUN
fsr-3912	59	18	taxes	taxis	NOUN
fsr-3912	59	19	would	would	AUX
fsr-3912	59	20	increase	increase	VERB
fsr-3912	59	21	if	if	SCONJ
fsr-3912	59	22	social	social	ADJ
fsr-3912	59	23	security	security	NOUN
fsr-3912	59	24	funds	fund	NOUN
fsr-3912	59	25	are	be	AUX
fsr-3912	59	26	invested	invest	VERB
fsr-3912	59	27	in	in	ADP
fsr-3912	59	28	equities	equity	NOUN
fsr-3912	59	29	.	.	PUNCT
fsr-3912	60	1	we	we	PRON
fsr-3912	60	2	also	also	ADV
fsr-3912	60	3	briefly	briefly	ADV
fsr-3912	60	4	explore	explore	VERB
fsr-3912	60	5	the	the	DET
fsr-3912	60	6	potential	potential	ADJ
fsr-3912	60	7	implications	implication	NOUN
fsr-3912	60	8	of	of	ADP
fsr-3912	60	9	increasing	increase	VERB
fsr-3912	60	10	the	the	DET
fsr-3912	60	11	payroll	payroll	NOUN
fsr-3912	60	12	taxes	taxis	NOUN
fsr-3912	60	13	in	in	ADP
fsr-3912	60	14	section	section	NOUN
fsr-3912	60	15	6	6	NUM
fsr-3912	60	16	.	.	PUNCT
fsr-3912	61	1	finally	finally	ADV
fsr-3912	61	2	,	,	PUNCT
fsr-3912	61	3	section	section	NOUN
fsr-3912	61	4	7	7	NUM
fsr-3912	61	5	concludes	conclude	VERB
fsr-3912	61	6	the	the	DET
fsr-3912	61	7	paper	paper	NOUN
fsr-3912	61	8	,	,	PUNCT
fsr-3912	61	9	providing	provide	VERB
fsr-3912	61	10	a	a	DET
fsr-3912	61	11	summary	summary	NOUN
fsr-3912	61	12	and	and	CCONJ
fsr-3912	61	13	possible	possible	ADJ
fsr-3912	61	14	extensions	extension	NOUN
fsr-3912	61	15	of	of	ADP
fsr-3912	61	16	our	our	PRON
fsr-3912	61	17	research	research	NOUN
fsr-3912	61	18	.	.	PUNCT
fsr-3912	62	1	2	2	X
fsr-3912	62	2	.	.	X
fsr-3912	62	3	the	the	DET
fsr-3912	62	4	model	model	NOUN
fsr-3912	62	5	the	the	DET
fsr-3912	62	6	model	model	NOUN
fsr-3912	62	7	in	in	ADP
fsr-3912	62	8	this	this	DET
fsr-3912	62	9	section	section	NOUN
fsr-3912	62	10	assumes	assume	VERB
fsr-3912	62	11	that	that	SCONJ
fsr-3912	62	12	individuals	individual	NOUN
fsr-3912	62	13	consider	consider	VERB
fsr-3912	62	14	social	social	ADJ
fsr-3912	62	15	security	security	NOUN
fsr-3912	62	16	as	as	ADP
fsr-3912	62	17	part	part	NOUN
fsr-3912	62	18	of	of	ADP
fsr-3912	62	19	their	their	PRON
fsr-3912	62	20	savings	saving	NOUN
fsr-3912	62	21	and	and	CCONJ
fsr-3912	62	22	therefore	therefore	ADV
fsr-3912	62	23	take	take	VERB
fsr-3912	62	24	into	into	ADP
fsr-3912	62	25	account	account	NOUN
fsr-3912	62	26	the	the	DET
fsr-3912	62	27	allocation	allocation	NOUN
fsr-3912	62	28	decisions	decision	NOUN
fsr-3912	62	29	of	of	ADP
fsr-3912	62	30	the	the	DET
fsr-3912	62	31	social	social	ADJ
fsr-3912	62	32	security	security	NOUN
fsr-3912	62	33	trust	trust	NOUN
fsr-3912	62	34	fund	fund	NOUN
fsr-3912	62	35	when	when	SCONJ
fsr-3912	62	36	making	make	VERB
fsr-3912	62	37	their	their	PRON
fsr-3912	62	38	own	own	ADJ
fsr-3912	62	39	allocation	allocation	NOUN
fsr-3912	62	40	decisions	decision	NOUN
fsr-3912	62	41	.	.	PUNCT
fsr-3912	63	1	following	follow	VERB
fsr-3912	63	2	merton	merton	PROPN
fsr-3912	63	3	(	(	PUNCT
fsr-3912	63	4	1969	1969	NUM
fsr-3912	63	5	)	)	PUNCT
fsr-3912	63	6	,	,	PUNCT
fsr-3912	63	7	there	there	PRON
fsr-3912	63	8	is	be	VERB
fsr-3912	63	9	one	one	NUM
fsr-3912	63	10	risk	risk	NOUN
fsr-3912	63	11	-	-	PUNCT
fsr-3912	63	12	free	free	ADJ
fsr-3912	63	13	asset	asset	NOUN
fsr-3912	63	14	(	(	PUNCT
fsr-3912	63	15	bonds	bond	NOUN
fsr-3912	63	16	)	)	PUNCT
fsr-3912	63	17	and	and	CCONJ
fsr-3912	63	18	one	one	NUM
fsr-3912	63	19	risky	risky	ADJ
fsr-3912	63	20	asset	asset	NOUN
fsr-3912	63	21	(	(	PUNCT
fsr-3912	63	22	equities	equity	NOUN
fsr-3912	63	23	)	)	PUNCT
fsr-3912	63	24	.	.	PUNCT
fsr-3912	64	1	bonds	bond	NOUN
fsr-3912	64	2	return	return	VERB
fsr-3912	64	3	a	a	DET
fsr-3912	64	4	real	real	ADJ
fsr-3912	64	5	risk	risk	NOUN
fsr-3912	64	6	-	-	PUNCT
fsr-3912	64	7	free	free	ADJ
fsr-3912	64	8	rate	rate	NOUN
fsr-3912	64	9	,	,	PUNCT
fsr-3912	64	10	rb	rb	NOUN
fsr-3912	64	11	.	.	PUNCT
fsr-3912	64	12	0	0	NUM
fsr-3912	64	13	,	,	PUNCT
fsr-3912	64	14	while	while	SCONJ
fsr-3912	64	15	the	the	DET
fsr-3912	64	16	return	return	NOUN
fsr-3912	64	17	on	on	ADP
fsr-3912	64	18	equities	equity	NOUN
fsr-3912	64	19	is	be	AUX
fsr-3912	64	20	normally	normally	ADV
fsr-3912	64	21	distributed	distribute	VERB
fsr-3912	64	22	with	with	ADP
fsr-3912	64	23	mean	mean	NOUN
fsr-3912	64	24	re	re	ADP
fsr-3912	64	25	and	and	CCONJ
fsr-3912	64	26	variances2	variances2	PROPN
fsr-3912	64	27	.	.	PUNCT
fsr-3912	65	1	suppose	suppose	VERB
fsr-3912	65	2	95e	95e	NOUN
fsr-3912	65	3	.	.	PUNCT
fsr-3912	66	1	elder	elder	NOUN
fsr-3912	66	2	,	,	PUNCT
fsr-3912	66	3	l.	l.	PROPN
fsr-3912	66	4	holland	holland	PROPN
fsr-3912	66	5	/	/	SYM
fsr-3912	66	6	financial	financial	ADJ
fsr-3912	66	7	services	service	NOUN
fsr-3912	66	8	review	review	VERB
fsr-3912	66	9	9	9	NUM
fsr-3912	66	10	(	(	PUNCT
fsr-3912	66	11	2000	2000	NUM
fsr-3912	66	12	)	)	PUNCT
fsr-3912	67	1	93–106	93–106	NUM
fsr-3912	67	2	that	that	SCONJ
fsr-3912	67	3	there	there	PRON
fsr-3912	67	4	arem	arem	VERB
fsr-3912	67	5	different	different	ADJ
fsr-3912	67	6	types	type	NOUN
fsr-3912	67	7	of	of	ADP
fsr-3912	67	8	individuals	individual	NOUN
fsr-3912	67	9	where	where	SCONJ
fsr-3912	67	10	each	each	DET
fsr-3912	67	11	individuali	individuali	ADJ
fsr-3912	67	12	maximizes	maximize	VERB
fsr-3912	67	13	his	his	PRON
fsr-3912	67	14	utility	utility	NOUN
fsr-3912	67	15	using	use	VERB
fsr-3912	67	16	a	a	DET
fsr-3912	67	17	power	power	NOUN
fsr-3912	67	18	utility	utility	NOUN
fsr-3912	67	19	function	function	NOUN
fsr-3912	67	20	of	of	ADP
fsr-3912	67	21	the	the	DET
fsr-3912	67	22	type	type	NOUN
fsr-3912	67	23	u(ci)5ci	u(ci)5ci	PROPN
fsr-3912	67	24	gi	gi	PROPN
fsr-3912	67	25	/	/	SYM
fsr-3912	67	26	gi	gi	PROPN
fsr-3912	67	27	,	,	PUNCT
fsr-3912	67	28	wheregi	wheregi	NOUN
fsr-3912	67	29	,	,	PUNCT
fsr-3912	67	30	1	1	NUM
fsr-3912	67	31	for	for	ADP
fsr-3912	67	32	all	all	PRON
fsr-3912	67	33	i	i	PRON
fsr-3912	67	34	(	(	PUNCT
fsr-3912	67	35	this	this	PRON
fsr-3912	67	36	precludes	preclude	VERB
fsr-3912	67	37	the	the	DET
fsr-3912	67	38	possibility	possibility	NOUN
fsr-3912	67	39	of	of	ADP
fsr-3912	67	40	a	a	DET
fsr-3912	67	41	risk	risk	NOUN
fsr-3912	67	42	-	-	PUNCT
fsr-3912	67	43	loving	love	VERB
fsr-3912	67	44	individual	individual	NOUN
fsr-3912	67	45	)	)	PUNCT
fsr-3912	67	46	.	.	PUNCT
fsr-3912	68	1	the	the	DET
fsr-3912	68	2	widely	widely	ADV
fsr-3912	68	3	used	use	VERB
fsr-3912	68	4	power	power	NOUN
fsr-3912	68	5	utility	utility	NOUN
fsr-3912	68	6	function	function	NOUN
fsr-3912	68	7	is	be	AUX
fsr-3912	68	8	not	not	PART
fsr-3912	68	9	necessary	necessary	ADJ
fsr-3912	68	10	for	for	ADP
fsr-3912	68	11	the	the	DET
fsr-3912	68	12	qualitative	qualitative	ADJ
fsr-3912	68	13	results	result	NOUN
fsr-3912	68	14	of	of	ADP
fsr-3912	68	15	this	this	DET
fsr-3912	68	16	paper	paper	NOUN
fsr-3912	68	17	,	,	PUNCT
fsr-3912	68	18	but	but	CCONJ
fsr-3912	68	19	it	it	PRON
fsr-3912	68	20	is	be	AUX
fsr-3912	68	21	convenient	convenient	ADJ
fsr-3912	68	22	because	because	SCONJ
fsr-3912	68	23	it	it	PRON
fsr-3912	68	24	offers	offer	VERB
fsr-3912	68	25	an	an	DET
fsr-3912	68	26	explicit	explicit	ADJ
fsr-3912	68	27	solution	solution	NOUN
fsr-3912	68	28	to	to	ADP
fsr-3912	68	29	the	the	DET
fsr-3912	68	30	optimal	optimal	ADJ
fsr-3912	68	31	portfolio	portfolio	NOUN
fsr-3912	68	32	rule	rule	NOUN
fsr-3912	68	33	.	.	PUNCT
fsr-3912	69	1	furthermore	furthermore	ADV
fsr-3912	69	2	,	,	PUNCT
fsr-3912	69	3	the	the	DET
fsr-3912	69	4	power	power	NOUN
fsr-3912	69	5	utility	utility	NOUN
fsr-3912	69	6	function	function	NOUN
fsr-3912	69	7	is	be	AUX
fsr-3912	69	8	consistent	consistent	ADJ
fsr-3912	69	9	with	with	ADP
fsr-3912	69	10	the	the	DET
fsr-3912	69	11	empirical	empirical	ADJ
fsr-3912	69	12	results	result	NOUN
fsr-3912	69	13	of	of	ADP
fsr-3912	69	14	friend	friend	NOUN
fsr-3912	69	15	and	and	CCONJ
fsr-3912	69	16	blume	blume	PROPN
fsr-3912	69	17	(	(	PUNCT
fsr-3912	69	18	1975	1975	NUM
fsr-3912	69	19	)	)	PUNCT
fsr-3912	69	20	.	.	PUNCT
fsr-3912	70	1	this	this	DET
fsr-3912	70	2	type	type	NOUN
fsr-3912	70	3	of	of	ADP
fsr-3912	70	4	utility	utility	NOUN
fsr-3912	70	5	function	function	NOUN
fsr-3912	70	6	exhibits	exhibit	VERB
fsr-3912	70	7	constant	constant	ADJ
fsr-3912	70	8	relative	relative	ADJ
fsr-3912	70	9	risk	risk	NOUN
fsr-3912	70	10	aversion	aversion	NOUN
fsr-3912	70	11	with	with	ADP
fsr-3912	70	12	a	a	DET
fsr-3912	70	13	coefficient	coefficient	NOUN
fsr-3912	70	14	of	of	ADP
fsr-3912	70	15	relative	relative	ADJ
fsr-3912	70	16	risk	risk	NOUN
fsr-3912	70	17	aversion	aversion	NOUN
fsr-3912	70	18	of	of	ADP
fsr-3912	70	19	1	1	NUM
fsr-3912	70	20	-	-	PUNCT
fsr-3912	70	21	gi	gi	NOUN
fsr-3912	70	22	.	.	PUNCT
fsr-3912	71	1	individuals	individual	NOUN
fsr-3912	71	2	are	be	AUX
fsr-3912	71	3	ordered	order	VERB
fsr-3912	71	4	on	on	ADP
fsr-3912	71	5	the	the	DET
fsr-3912	71	6	interval	interval	NOUN
fsr-3912	71	7	[	[	X
fsr-3912	71	8	1,m	1,m	X
fsr-3912	71	9	]	]	PUNCT
fsr-3912	71	10	by	by	ADP
fsr-3912	71	11	their	their	PRON
fsr-3912	71	12	degree	degree	NOUN
fsr-3912	71	13	of	of	ADP
fsr-3912	71	14	risk	risk	NOUN
fsr-3912	71	15	aversion	aversion	NOUN
fsr-3912	71	16	where	where	SCONJ
fsr-3912	71	17	individual	individual	ADJ
fsr-3912	71	18	1	1	NUM
fsr-3912	71	19	is	be	AUX
fsr-3912	71	20	the	the	DET
fsr-3912	71	21	most	most	ADV
fsr-3912	71	22	risk	risk	NOUN
fsr-3912	71	23	-	-	PUNCT
fsr-3912	71	24	averse	averse	ADJ
fsr-3912	71	25	and	and	CCONJ
fsr-3912	71	26	individualm	individualm	NOUN
fsr-3912	71	27	is	be	AUX
fsr-3912	71	28	the	the	DET
fsr-3912	71	29	least	least	ADJ
fsr-3912	71	30	risk	risk	NOUN
fsr-3912	71	31	-	-	PUNCT
fsr-3912	71	32	averse	averse	ADJ
fsr-3912	71	33	(	(	PUNCT
fsr-3912	71	34	gm	gm	PROPN
fsr-3912	71	35	.	.	PUNCT
fsr-3912	72	1	gi	gi	INTJ
fsr-3912	72	2	)	)	PUNCT
fsr-3912	72	3	.	.	PUNCT
fsr-3912	73	1	in	in	ADP
fsr-3912	73	2	addition	addition	NOUN
fsr-3912	73	3	,	,	PUNCT
fsr-3912	73	4	each	each	DET
fsr-3912	73	5	individual	individual	NOUN
fsr-3912	73	6	is	be	AUX
fsr-3912	73	7	assumed	assume	VERB
fsr-3912	73	8	to	to	PART
fsr-3912	73	9	have	have	VERB
fsr-3912	73	10	a	a	DET
fsr-3912	73	11	wealth	wealth	NOUN
fsr-3912	73	12	level	level	NOUN
fsr-3912	73	13	ofwi	ofwi	NOUN
fsr-3912	73	14	.	.	PUNCT
fsr-3912	74	1	maximizing	maximize	VERB
fsr-3912	74	2	utility	utility	NOUN
fsr-3912	74	3	entails	entail	VERB
fsr-3912	74	4	choosing	choose	VERB
fsr-3912	74	5	optimal	optimal	ADJ
fsr-3912	74	6	consumption	consumption	NOUN
fsr-3912	74	7	levels	level	NOUN
fsr-3912	74	8	as	as	ADV
fsr-3912	74	9	well	well	ADV
fsr-3912	74	10	as	as	ADP
fsr-3912	74	11	an	an	DET
fsr-3912	74	12	optimal	optimal	ADJ
fsr-3912	74	13	allocation	allocation	NOUN
fsr-3912	74	14	of	of	ADP
fsr-3912	74	15	wealth	wealth	NOUN
fsr-3912	74	16	between	between	ADP
fsr-3912	74	17	the	the	DET
fsr-3912	74	18	risk	risk	NOUN
fsr-3912	74	19	-	-	PUNCT
fsr-3912	74	20	free	free	ADJ
fsr-3912	74	21	and	and	CCONJ
fsr-3912	74	22	risky	risky	ADJ
fsr-3912	74	23	asset	asset	NOUN
fsr-3912	74	24	.	.	PUNCT
fsr-3912	75	1	it	it	PRON
fsr-3912	75	2	can	can	AUX
fsr-3912	75	3	be	be	AUX
fsr-3912	75	4	shown	show	VERB
fsr-3912	75	5	that	that	SCONJ
fsr-3912	75	6	each	each	DET
fsr-3912	75	7	individuali	individuali	PROPN
fsr-3912	75	8	would	would	AUX
fsr-3912	75	9	optimally	optimally	ADV
fsr-3912	75	10	like	like	VERB
fsr-3912	75	11	to	to	PART
fsr-3912	75	12	allocate	allocate	VERB
fsr-3912	75	13	a	a	DET
fsr-3912	75	14	fraction	fraction	NOUN
fsr-3912	75	15	of	of	ADP
fsr-3912	75	16	his	his	PRON
fsr-3912	75	17	wealth	wealth	NOUN
fsr-3912	75	18	,	,	PUNCT
fsr-3912	75	19	vi	vi	PROPN
fsr-3912	75	20	to	to	ADP
fsr-3912	75	21	equities	equity	NOUN
fsr-3912	75	22	and	and	CCONJ
fsr-3912	75	23	1	1	NUM
fsr-3912	75	24	-	-	PUNCT
fsr-3912	75	25	vi	vi	NOUN
fsr-3912	75	26	of	of	ADP
fsr-3912	75	27	his	his	PRON
fsr-3912	75	28	wealth	wealth	NOUN
fsr-3912	75	29	,	,	PUNCT
fsr-3912	75	30	wi	wi	PROPN
fsr-3912	75	31	,	,	PUNCT
fsr-3912	75	32	to	to	ADP
fsr-3912	75	33	holding	hold	VERB
fsr-3912	75	34	bonds	bond	NOUN
fsr-3912	75	35	where	where	SCONJ
fsr-3912	75	36	vi	vi	PROPN
fsr-3912	75	37	5	5	NUM
fsr-3912	75	38	re	re	NOUN
fsr-3912	75	39	2	2	NUM
fsr-3912	75	40	rb	rb	NOUN
fsr-3912	75	41	~l	~l	NUM
fsr-3912	75	42	2	2	NUM
fsr-3912	75	43	gi!s2	gi!s2	PROPN
fsr-3912	75	44	(	(	PUNCT
fsr-3912	75	45	1	1	NUM
fsr-3912	75	46	)	)	PUNCT
fsr-3912	75	47	(	(	PUNCT
fsr-3912	75	48	see	see	VERB
fsr-3912	75	49	merton	merton	NOUN
fsr-3912	75	50	,	,	PUNCT
fsr-3912	75	51	1969	1969	NUM
fsr-3912	75	52	,	,	PUNCT
fsr-3912	75	53	page	page	NOUN
fsr-3912	75	54	250	250	NUM
fsr-3912	75	55	or	or	CCONJ
fsr-3912	75	56	ingersoll	ingersoll	PROPN
fsr-3912	75	57	,	,	PUNCT
fsr-3912	75	58	1987	1987	NUM
fsr-3912	75	59	,	,	PUNCT
fsr-3912	75	60	page	page	NOUN
fsr-3912	75	61	275	275	NUM
fsr-3912	75	62	for	for	ADP
fsr-3912	75	63	a	a	DET
fsr-3912	75	64	derivation	derivation	NOUN
fsr-3912	75	65	of	of	ADP
fsr-3912	75	66	the	the	DET
fsr-3912	75	67	optimal	optimal	ADJ
fsr-3912	75	68	portfolio	portfolio	NOUN
fsr-3912	75	69	allocation	allocation	NOUN
fsr-3912	75	70	.	.	PUNCT
fsr-3912	75	71	)	)	PUNCT
fsr-3912	76	1	individuals	individual	NOUN
fsr-3912	76	2	are	be	AUX
fsr-3912	76	3	forced	force	VERB
fsr-3912	76	4	to	to	PART
fsr-3912	76	5	contribute	contribute	VERB
fsr-3912	76	6	to	to	ADP
fsr-3912	76	7	social	social	ADJ
fsr-3912	76	8	security	security	NOUN
fsr-3912	76	9	,	,	PUNCT
fsr-3912	76	10	and	and	CCONJ
fsr-3912	76	11	the	the	DET
fsr-3912	76	12	accumulated	accumulate	VERB
fsr-3912	76	13	funds	fund	NOUN
fsr-3912	76	14	in	in	ADP
fsr-3912	76	15	the	the	DET
fsr-3912	76	16	social	social	ADJ
fsr-3912	76	17	security	security	NOUN
fsr-3912	76	18	trust	trust	NOUN
fsr-3912	76	19	fund	fund	NOUN
fsr-3912	76	20	are	be	AUX
fsr-3912	76	21	allocated	allocate	VERB
fsr-3912	76	22	without	without	ADP
fsr-3912	76	23	any	any	DET
fsr-3912	76	24	consideration	consideration	NOUN
fsr-3912	76	25	for	for	ADP
fsr-3912	76	26	individuals	individual	NOUN
fsr-3912	76	27	’	'	PUNCT
fsr-3912	76	28	wishes	wish	NOUN
fsr-3912	76	29	.	.	PUNCT
fsr-3912	77	1	letn	letn	VERB
fsr-3912	77	2	$	$	SYM
fsr-3912	77	3	0	0	NUM
fsr-3912	77	4	be	be	AUX
fsr-3912	77	5	the	the	DET
fsr-3912	77	6	prereform	prereform	NOUN
fsr-3912	77	7	fraction	fraction	NOUN
fsr-3912	77	8	of	of	ADP
fsr-3912	77	9	social	social	ADJ
fsr-3912	77	10	security	security	NOUN
fsr-3912	77	11	funds	fund	NOUN
fsr-3912	77	12	allocated	allocate	VERB
fsr-3912	77	13	to	to	ADP
fsr-3912	77	14	equities	equity	NOUN
fsr-3912	77	15	(	(	PUNCT
fsr-3912	77	16	note	note	VERB
fsr-3912	77	17	that	that	SCONJ
fsr-3912	77	18	this	this	PRON
fsr-3912	77	19	is	be	AUX
fsr-3912	77	20	the	the	DET
fsr-3912	77	21	same	same	ADJ
fsr-3912	77	22	for	for	ADP
fsr-3912	77	23	everyone	everyone	PRON
fsr-3912	77	24	and	and	CCONJ
fsr-3912	77	25	under	under	ADP
fsr-3912	77	26	the	the	DET
fsr-3912	77	27	current	current	ADJ
fsr-3912	77	28	regime	regime	NOUN
fsr-3912	77	29	isn	isn	VERB
fsr-3912	77	30	5	5	NUM
fsr-3912	77	31	0	0	NUM
fsr-3912	77	32	)	)	PUNCT
fsr-3912	77	33	and	and	CCONJ
fsr-3912	77	34	n9	n9	PROPN
fsr-3912	77	35	is	be	AUX
fsr-3912	77	36	the	the	DET
fsr-3912	77	37	post	post	NOUN
fsr-3912	77	38	reform	reform	NOUN
fsr-3912	77	39	fraction	fraction	NOUN
fsr-3912	77	40	(	(	PUNCT
fsr-3912	77	41	where	where	SCONJ
fsr-3912	77	42	future	future	ADJ
fsr-3912	77	43	values	value	NOUN
fsr-3912	77	44	are	be	AUX
fsr-3912	77	45	denoted	denote	VERB
fsr-3912	77	46	by	by	ADP
fsr-3912	77	47	a9	a9	NOUN
fsr-3912	77	48	)	)	PUNCT
fsr-3912	77	49	.	.	PUNCT
fsr-3912	78	1	finally	finally	ADV
fsr-3912	78	2	,	,	PUNCT
fsr-3912	78	3	let	let	VERB
fsr-3912	78	4	hi	hi	INTJ
fsr-3912	78	5	be	be	AUX
fsr-3912	78	6	the	the	DET
fsr-3912	78	7	fraction	fraction	NOUN
fsr-3912	78	8	of	of	ADP
fsr-3912	78	9	an	an	DET
fsr-3912	78	10	individual	individual	NOUN
fsr-3912	78	11	’s	’s	PART
fsr-3912	78	12	wealth	wealth	NOUN
fsr-3912	78	13	controlled	control	VERB
fsr-3912	78	14	by	by	ADP
fsr-3912	78	15	social	social	ADJ
fsr-3912	78	16	security	security	NOUN
fsr-3912	78	17	.	.	PUNCT
fsr-3912	79	1	therefore	therefore	ADV
fsr-3912	79	2	,	,	PUNCT
fsr-3912	79	3	social	social	ADJ
fsr-3912	79	4	security	security	NOUN
fsr-3912	79	5	allocates	allocate	NOUN
fsr-3912	79	6	(	(	PUNCT
fsr-3912	79	7	1	1	NUM
fsr-3912	79	8	-	-	PUNCT
fsr-3912	79	9	n	n	CCONJ
fsr-3912	79	10	)	)	PUNCT
fsr-3912	79	11	hi	hi	INTJ
fsr-3912	79	12	fraction	fraction	NOUN
fsr-3912	79	13	of	of	ADP
fsr-3912	79	14	an	an	DET
fsr-3912	79	15	individual	individual	NOUN
fsr-3912	79	16	’s	’s	PART
fsr-3912	79	17	wealth	wealth	NOUN
fsr-3912	79	18	to	to	ADP
fsr-3912	79	19	the	the	DET
fsr-3912	79	20	bond	bond	NOUN
fsr-3912	79	21	market	market	NOUN
fsr-3912	79	22	andnhi	andnhi	NOUN
fsr-3912	79	23	fraction	fraction	NOUN
fsr-3912	79	24	of	of	ADP
fsr-3912	79	25	an	an	DET
fsr-3912	79	26	individual	individual	NOUN
fsr-3912	79	27	’s	’s	PART
fsr-3912	79	28	wealth	wealth	NOUN
fsr-3912	79	29	to	to	ADP
fsr-3912	79	30	the	the	DET
fsr-3912	79	31	equities	equity	NOUN
fsr-3912	79	32	market	market	NOUN
fsr-3912	79	33	.	.	PUNCT
fsr-3912	80	1	furthermore	furthermore	ADV
fsr-3912	80	2	,	,	PUNCT
fsr-3912	80	3	it	it	PRON
fsr-3912	80	4	is	be	AUX
fsr-3912	80	5	also	also	ADV
fsr-3912	80	6	assumed	assume	VERB
fsr-3912	80	7	that	that	SCONJ
fsr-3912	80	8	individuals	individual	NOUN
fsr-3912	80	9	can	can	AUX
fsr-3912	80	10	not	not	PART
fsr-3912	80	11	sell	sell	VERB
fsr-3912	80	12	stock	stock	NOUN
fsr-3912	80	13	short	short	ADJ
fsr-3912	80	14	.	.	PUNCT
fsr-3912	81	1	therefore	therefore	ADV
fsr-3912	81	2	,	,	PUNCT
fsr-3912	81	3	some	some	DET
fsr-3912	81	4	individuals	individual	NOUN
fsr-3912	81	5	may	may	AUX
fsr-3912	81	6	be	be	AUX
fsr-3912	81	7	unable	unable	ADJ
fsr-3912	81	8	to	to	PART
fsr-3912	81	9	achieve	achieve	VERB
fsr-3912	81	10	their	their	PRON
fsr-3912	81	11	optimal	optimal	ADJ
fsr-3912	81	12	allocation	allocation	NOUN
fsr-3912	81	13	.	.	PUNCT
fsr-3912	82	1	for	for	ADP
fsr-3912	82	2	any	any	DET
fsr-3912	82	3	given	give	VERB
fsr-3912	82	4	return	return	NOUN
fsr-3912	82	5	pair	pair	NOUN
fsr-3912	82	6	,	,	PUNCT
fsr-3912	82	7	(	(	PUNCT
fsr-3912	82	8	re	re	NOUN
fsr-3912	82	9	,	,	PUNCT
fsr-3912	82	10	rb	rb	NOUN
fsr-3912	82	11	)	)	PUNCT
fsr-3912	82	12	,	,	PUNCT
fsr-3912	82	13	individuals	individual	NOUN
fsr-3912	82	14	can	can	AUX
fsr-3912	82	15	be	be	AUX
fsr-3912	82	16	grouped	group	VERB
fsr-3912	82	17	into	into	ADP
fsr-3912	82	18	three	three	NUM
fsr-3912	82	19	categories	category	NOUN
fsr-3912	82	20	when	when	SCONJ
fsr-3912	82	21	0	0	NUM
fsr-3912	82	22	#	#	NOUN
fsr-3912	82	23	n	n	NUM
fsr-3912	82	24	#	#	NOUN
fsr-3912	82	25	1	1	NUM
fsr-3912	82	26	:	:	PUNCT
fsr-3912	82	27	the	the	DET
fsr-3912	82	28	most	most	ADV
fsr-3912	82	29	risk	risk	NOUN
fsr-3912	82	30	-	-	PUNCT
fsr-3912	82	31	averse	averse	ADJ
fsr-3912	82	32	individuals	individual	NOUN
fsr-3912	82	33	will	will	AUX
fsr-3912	82	34	be	be	AUX
fsr-3912	82	35	constrained	constrain	VERB
fsr-3912	82	36	to	to	PART
fsr-3912	82	37	hold	hold	VERB
fsr-3912	82	38	funds	fund	NOUN
fsr-3912	82	39	in	in	ADP
fsr-3912	82	40	excess	excess	NOUN
fsr-3912	82	41	of	of	ADP
fsr-3912	82	42	their	their	PRON
fsr-3912	82	43	optimal	optimal	ADJ
fsr-3912	82	44	allocation	allocation	NOUN
fsr-3912	82	45	in	in	ADP
fsr-3912	82	46	the	the	DET
fsr-3912	82	47	equities	equity	NOUN
fsr-3912	82	48	market	market	NOUN
fsr-3912	82	49	,	,	PUNCT
fsr-3912	82	50	the	the	DET
fsr-3912	82	51	least	least	ADJ
fsr-3912	82	52	risk	risk	NOUN
fsr-3912	82	53	-	-	PUNCT
fsr-3912	82	54	averse	averse	ADJ
fsr-3912	82	55	individuals	individual	NOUN
fsr-3912	82	56	will	will	AUX
fsr-3912	82	57	be	be	AUX
fsr-3912	82	58	constrained	constrain	VERB
fsr-3912	82	59	to	to	PART
fsr-3912	82	60	hold	hold	VERB
fsr-3912	82	61	funds	fund	NOUN
fsr-3912	82	62	in	in	ADP
fsr-3912	82	63	excess	excess	NOUN
fsr-3912	82	64	of	of	ADP
fsr-3912	82	65	their	their	PRON
fsr-3912	82	66	optimal	optimal	ADJ
fsr-3912	82	67	allocation	allocation	NOUN
fsr-3912	82	68	in	in	ADP
fsr-3912	82	69	the	the	DET
fsr-3912	82	70	bond	bond	NOUN
fsr-3912	82	71	market	market	NOUN
fsr-3912	82	72	,	,	PUNCT
fsr-3912	82	73	and	and	CCONJ
fsr-3912	82	74	the	the	DET
fsr-3912	82	75	remaining	remain	VERB
fsr-3912	82	76	individuals	individual	NOUN
fsr-3912	82	77	will	will	AUX
fsr-3912	82	78	not	not	PART
fsr-3912	82	79	be	be	AUX
fsr-3912	82	80	constrained	constrain	VERB
fsr-3912	82	81	in	in	ADP
fsr-3912	82	82	either	either	DET
fsr-3912	82	83	market	market	NOUN
fsr-3912	82	84	.	.	PUNCT
fsr-3912	83	1	we	we	PRON
fsr-3912	83	2	will	will	AUX
fsr-3912	83	3	treat	treat	VERB
fsr-3912	83	4	each	each	PRON
fsr-3912	83	5	of	of	ADP
fsr-3912	83	6	the	the	DET
fsr-3912	83	7	three	three	NUM
fsr-3912	83	8	different	different	ADJ
fsr-3912	83	9	categories	category	NOUN
fsr-3912	83	10	of	of	ADP
fsr-3912	83	11	individuals	individual	NOUN
fsr-3912	83	12	in	in	ADP
fsr-3912	83	13	turn	turn	NOUN
fsr-3912	83	14	.	.	PUNCT
fsr-3912	84	1	given	give	VERB
fsr-3912	84	2	this	this	DET
fsr-3912	84	3	ordering	ordering	NOUN
fsr-3912	84	4	of	of	ADP
fsr-3912	84	5	individuals	individual	NOUN
fsr-3912	84	6	,	,	PUNCT
fsr-3912	84	7	there	there	PRON
fsr-3912	84	8	exists	exist	VERB
fsr-3912	84	9	a	a	DET
fsr-3912	84	10	marginal	marginal	ADJ
fsr-3912	84	11	investor	investor	NOUN
fsr-3912	84	12	,	,	PUNCT
fsr-3912	84	13	represented	represent	VERB
fsr-3912	84	14	byie	byie	PROPN
fsr-3912	84	15	,	,	PUNCT
fsr-3912	84	16	such	such	ADJ
fsr-3912	84	17	thatvie	thatvie	PROPN
fsr-3912	84	18	5	5	NUM
fsr-3912	84	19	nhie	nhie	NOUN
fsr-3912	84	20	(	(	PUNCT
fsr-3912	84	21	individual	individual	ADJ
fsr-3912	84	22	ie	ie	X
fsr-3912	84	23	’s	’s	PART
fsr-3912	84	24	optimal	optimal	ADJ
fsr-3912	84	25	allocation	allocation	NOUN
fsr-3912	84	26	to	to	ADP
fsr-3912	84	27	the	the	DET
fsr-3912	84	28	equities	equity	NOUN
fsr-3912	84	29	market	market	NOUN
fsr-3912	84	30	is	be	AUX
fsr-3912	84	31	exactly	exactly	ADV
fsr-3912	84	32	equal	equal	ADJ
fsr-3912	84	33	to	to	ADP
fsr-3912	84	34	the	the	DET
fsr-3912	84	35	amount	amount	NOUN
fsr-3912	84	36	social	social	ADJ
fsr-3912	84	37	security	security	NOUN
fsr-3912	84	38	allocates	allocate	NOUN
fsr-3912	84	39	to	to	ADP
fsr-3912	84	40	the	the	DET
fsr-3912	84	41	equities	equity	NOUN
fsr-3912	84	42	and	and	CCONJ
fsr-3912	84	43	bond	bond	NOUN
fsr-3912	84	44	markets	market	NOUN
fsr-3912	84	45	)	)	PUNCT
fsr-3912	84	46	.	.	PUNCT
fsr-3912	85	1	individuals	individual	NOUN
fsr-3912	85	2	of	of	ADP
fsr-3912	85	3	typex	typex	NOUN
fsr-3912	85	4	,	,	PUNCT
fsr-3912	85	5	ie	ie	X
fsr-3912	85	6	(	(	PUNCT
fsr-3912	85	7	or	or	CCONJ
fsr-3912	85	8	equivalently	equivalently	ADV
fsr-3912	85	9	,	,	PUNCT
fsr-3912	85	10	all	all	DET
fsr-3912	85	11	investors	investor	NOUN
fsr-3912	85	12	more	more	ADJ
fsr-3912	85	13	risk	risk	NOUN
fsr-3912	85	14	averse	averse	ADJ
fsr-3912	85	15	thanie	thanie	NOUN
fsr-3912	85	16	)	)	PUNCT
fsr-3912	85	17	are	be	AUX
fsr-3912	85	18	constrained	constrain	VERB
fsr-3912	85	19	to	to	PART
fsr-3912	85	20	hold	hold	VERB
fsr-3912	85	21	more	more	ADJ
fsr-3912	85	22	funds	fund	NOUN
fsr-3912	85	23	in	in	ADP
fsr-3912	85	24	the	the	DET
fsr-3912	85	25	equities	equity	NOUN
fsr-3912	85	26	market	market	NOUN
fsr-3912	85	27	than	than	SCONJ
fsr-3912	85	28	they	they	PRON
fsr-3912	85	29	desire	desire	VERB
fsr-3912	85	30	,	,	PUNCT
fsr-3912	85	31	that	that	ADV
fsr-3912	85	32	is	is	ADV
fsr-3912	85	33	,	,	PUNCT
fsr-3912	85	34	nhx	nhx	PROPN
fsr-3912	85	35	.	.	PUNCT
fsr-3912	86	1	vx	vx	INTJ
fsr-3912	86	2	but	but	CCONJ
fsr-3912	86	3	(	(	PUNCT
fsr-3912	86	4	1	1	NUM
fsr-3912	86	5	-	-	PUNCT
fsr-3912	86	6	n)hx	n)hx	ADJ
fsr-3912	86	7	,	,	PUNCT
fsr-3912	86	8	1	1	NUM
fsr-3912	86	9	-	-	SYM
fsr-3912	86	10	vx	vx	NOUN
fsr-3912	86	11	.	.	NOUN
fsr-3912	87	1	these	these	DET
fsr-3912	87	2	individuals	individual	NOUN
fsr-3912	87	3	will	will	AUX
fsr-3912	87	4	allocate	allocate	VERB
fsr-3912	87	5	a	a	DET
fsr-3912	87	6	total	total	ADJ
fsr-3912	87	7	ofnhxwx	ofnhxwx	NOUN
fsr-3912	87	8	to	to	ADP
fsr-3912	87	9	the	the	DET
fsr-3912	87	10	equities	equity	NOUN
fsr-3912	87	11	market	market	NOUN
fsr-3912	87	12	and	and	CCONJ
fsr-3912	87	13	their	their	PRON
fsr-3912	87	14	remaining	remain	VERB
fsr-3912	87	15	funds	fund	NOUN
fsr-3912	87	16	,	,	PUNCT
fsr-3912	87	17	(	(	PUNCT
fsr-3912	87	18	1	1	NUM
fsr-3912	87	19	-	-	PUNCT
fsr-3912	87	20	nhx)wx	nhx)wx	NOUN
fsr-3912	87	21	,	,	PUNCT
fsr-3912	87	22	to	to	ADP
fsr-3912	87	23	the	the	DET
fsr-3912	87	24	bond	bond	NOUN
fsr-3912	87	25	market	market	NOUN
fsr-3912	87	26	.	.	PUNCT
fsr-3912	88	1	furthermore	furthermore	ADV
fsr-3912	88	2	,	,	PUNCT
fsr-3912	88	3	there	there	PRON
fsr-3912	88	4	is	be	VERB
fsr-3912	88	5	also	also	ADV
fsr-3912	88	6	a	a	DET
fsr-3912	88	7	marginal	marginal	ADJ
fsr-3912	88	8	investor	investor	NOUN
fsr-3912	88	9	,	,	PUNCT
fsr-3912	88	10	ib	ib	INTJ
fsr-3912	88	11	,	,	PUNCT
fsr-3912	88	12	such	such	ADJ
fsr-3912	88	13	that	that	SCONJ
fsr-3912	88	14	12vib	12vib	ADJ
fsr-3912	88	15	5	5	NUM
fsr-3912	88	16	(	(	PUNCT
fsr-3912	88	17	1	1	NUM
fsr-3912	88	18	2n)hib	2n)hib	PROPN
fsr-3912	88	19	(	(	PUNCT
fsr-3912	88	20	individual	individual	NOUN
fsr-3912	88	21	ib	ib	X
fsr-3912	88	22	’s	’s	PART
fsr-3912	88	23	optimal	optimal	ADJ
fsr-3912	88	24	allocation	allocation	NOUN
fsr-3912	88	25	to	to	ADP
fsr-3912	88	26	the	the	DET
fsr-3912	88	27	bond	bond	NOUN
fsr-3912	88	28	market	market	NOUN
fsr-3912	88	29	is	be	AUX
fsr-3912	88	30	exactly	exactly	ADV
fsr-3912	88	31	equal	equal	ADJ
fsr-3912	88	32	to	to	ADP
fsr-3912	88	33	the	the	DET
fsr-3912	88	34	amount	amount	NOUN
fsr-3912	88	35	social	social	ADJ
fsr-3912	88	36	security	security	NOUN
fsr-3912	88	37	allocates	allocate	NOUN
fsr-3912	88	38	to	to	ADP
fsr-3912	88	39	the	the	DET
fsr-3912	88	40	equities	equity	NOUN
fsr-3912	88	41	and	and	CCONJ
fsr-3912	88	42	bond	bond	NOUN
fsr-3912	88	43	markets	market	NOUN
fsr-3912	88	44	)	)	PUNCT
fsr-3912	88	45	.	.	PUNCT
fsr-3912	89	1	individuals	individual	NOUN
fsr-3912	89	2	of	of	ADP
fsr-3912	89	3	typez	typez	NOUN
fsr-3912	89	4	.	.	PUNCT
fsr-3912	90	1	ib	ib	NOUN
fsr-3912	90	2	(	(	PUNCT
fsr-3912	90	3	or	or	CCONJ
fsr-3912	90	4	equivalently	equivalently	ADV
fsr-3912	90	5	,	,	PUNCT
fsr-3912	90	6	all	all	DET
fsr-3912	90	7	investors	investor	NOUN
fsr-3912	90	8	less	less	ADJ
fsr-3912	90	9	risk	risk	VERB
fsr-3912	90	10	averse	averse	ADJ
fsr-3912	90	11	than	than	ADP
fsr-3912	90	12	ib	ib	NOUN
fsr-3912	90	13	)	)	PUNCT
fsr-3912	90	14	are	be	AUX
fsr-3912	90	15	constrained	constrain	VERB
fsr-3912	90	16	to	to	PART
fsr-3912	90	17	hold	hold	VERB
fsr-3912	90	18	more	more	ADJ
fsr-3912	90	19	funds	fund	NOUN
fsr-3912	90	20	in	in	ADP
fsr-3912	90	21	the	the	DET
fsr-3912	90	22	bond	bond	NOUN
fsr-3912	90	23	market	market	NOUN
fsr-3912	90	24	than	than	SCONJ
fsr-3912	90	25	they	they	PRON
fsr-3912	90	26	desire	desire	VERB
fsr-3912	90	27	,	,	PUNCT
fsr-3912	90	28	that	that	ADV
fsr-3912	90	29	is	is	ADV
fsr-3912	90	30	,	,	PUNCT
fsr-3912	90	31	(	(	PUNCT
fsr-3912	90	32	1	1	NUM
fsr-3912	90	33	-	-	PUNCT
fsr-3912	90	34	n)hz	n)hz	PROPN
fsr-3912	90	35	.	.	PUNCT
fsr-3912	91	1	1	1	NUM
fsr-3912	91	2	-	-	NUM
fsr-3912	91	3	vz	vz	NOUN
fsr-3912	91	4	but	but	CCONJ
fsr-3912	91	5	nhz	nhz	PROPN
fsr-3912	91	6	,	,	PUNCT
fsr-3912	91	7	vz	vz	PROPN
fsr-3912	91	8	.	.	PUNCT
fsr-3912	92	1	individuals	individual	NOUN
fsr-3912	92	2	in	in	ADP
fsr-3912	92	3	this	this	DET
fsr-3912	92	4	group	group	NOUN
fsr-3912	92	5	will	will	AUX
fsr-3912	92	6	allocate	allocate	VERB
fsr-3912	92	7	(	(	PUNCT
fsr-3912	92	8	1	1	NUM
fsr-3912	92	9	-	-	PUNCT
fsr-3912	92	10	n)hzwz	n)hzwz	NOUN
fsr-3912	92	11	to	to	ADP
fsr-3912	92	12	bonds	bond	NOUN
fsr-3912	92	13	and	and	CCONJ
fsr-3912	92	14	(	(	PUNCT
fsr-3912	92	15	1-(1	1-(1	NOUN
fsr-3912	92	16	-	-	ADJ
fsr-3912	92	17	n)hz)wz	n)hz)wz	ADJ
fsr-3912	92	18	96	96	NUM
fsr-3912	92	19	e.	e.	PROPN
fsr-3912	92	20	elder	elder	PROPN
fsr-3912	92	21	,	,	PUNCT
fsr-3912	92	22	l.	l.	PROPN
fsr-3912	92	23	holland	holland	PROPN
fsr-3912	92	24	/	/	SYM
fsr-3912	92	25	financial	financial	ADJ
fsr-3912	92	26	services	service	NOUN
fsr-3912	92	27	review	review	VERB
fsr-3912	92	28	9	9	NUM
fsr-3912	92	29	(	(	PUNCT
fsr-3912	92	30	2000	2000	NUM
fsr-3912	92	31	)	)	PUNCT
fsr-3912	92	32	93–106	93–106	NOUN
fsr-3912	92	33	to	to	ADP
fsr-3912	92	34	equities	equity	NOUN
fsr-3912	92	35	.	.	PUNCT
fsr-3912	93	1	finally	finally	ADV
fsr-3912	93	2	,	,	PUNCT
fsr-3912	93	3	there	there	PRON
fsr-3912	93	4	is	be	VERB
fsr-3912	93	5	also	also	ADV
fsr-3912	93	6	a	a	DET
fsr-3912	93	7	group	group	NOUN
fsr-3912	93	8	of	of	ADP
fsr-3912	93	9	individuals	individual	NOUN
fsr-3912	93	10	,	,	PUNCT
fsr-3912	93	11	y	y	PROPN
fsr-3912	93	12	@	@	ADP
fsr-3912	94	1	[	[	X
fsr-3912	94	2	i	i	X
fsr-3912	94	3	e	e	NOUN
fsr-3912	94	4	,	,	PUNCT
fsr-3912	94	5	ib	ib	X
fsr-3912	94	6	]	]	PUNCT
fsr-3912	94	7	which	which	PRON
fsr-3912	94	8	are	be	AUX
fsr-3912	94	9	not	not	PART
fsr-3912	94	10	constrained	constrain	VERB
fsr-3912	94	11	to	to	PART
fsr-3912	94	12	be	be	AUX
fsr-3912	94	13	in	in	ADP
fsr-3912	94	14	either	either	DET
fsr-3912	94	15	market	market	NOUN
fsr-3912	94	16	,	,	PUNCT
fsr-3912	94	17	that	that	ADV
fsr-3912	94	18	is	is	ADV
fsr-3912	94	19	,	,	PUNCT
fsr-3912	94	20	(	(	PUNCT
fsr-3912	94	21	1	1	NUM
fsr-3912	94	22	-	-	PUNCT
fsr-3912	94	23	n)hy	n)hy	PROPN
fsr-3912	94	24	#	#	NOUN
fsr-3912	94	25	1	1	NUM
fsr-3912	94	26	-	-	PUNCT
fsr-3912	94	27	vy	vy	NOUN
fsr-3912	94	28	andnhy	andnhy	NOUN
fsr-3912	94	29	#	#	NOUN
fsr-3912	94	30	vy	vy	NOUN
fsr-3912	94	31	.	.	PUNCT
fsr-3912	95	1	individuals	individual	NOUN
fsr-3912	95	2	in	in	ADP
fsr-3912	95	3	this	this	DET
fsr-3912	95	4	group	group	NOUN
fsr-3912	95	5	will	will	AUX
fsr-3912	95	6	allocatevywy	allocatevywy	VERB
fsr-3912	95	7	to	to	ADP
fsr-3912	95	8	the	the	DET
fsr-3912	95	9	equities	equity	NOUN
fsr-3912	95	10	market	market	NOUN
fsr-3912	95	11	and	and	CCONJ
fsr-3912	95	12	(	(	PUNCT
fsr-3912	95	13	1	1	NUM
fsr-3912	95	14	-	-	SYM
fsr-3912	95	15	vy)wy	vy)wy	NOUN
fsr-3912	95	16	to	to	ADP
fsr-3912	95	17	the	the	DET
fsr-3912	95	18	bond	bond	NOUN
fsr-3912	95	19	market	market	NOUN
fsr-3912	95	20	.	.	PUNCT
fsr-3912	96	1	it	it	PRON
fsr-3912	96	2	is	be	AUX
fsr-3912	96	3	assumed	assume	VERB
fsr-3912	96	4	that	that	SCONJ
fsr-3912	96	5	there	there	PRON
fsr-3912	96	6	is	be	VERB
fsr-3912	96	7	a	a	DET
fsr-3912	96	8	fixed	fix	VERB
fsr-3912	96	9	quantity	quantity	NOUN
fsr-3912	96	10	of	of	ADP
fsr-3912	96	11	bonds	bond	NOUN
fsr-3912	96	12	and	and	CCONJ
fsr-3912	96	13	stocks	stock	NOUN
fsr-3912	96	14	,	,	PUNCT
fsr-3912	96	15	qb	qb	PROPN
fsr-3912	96	16	and	and	CCONJ
fsr-3912	96	17	qe	qe	PROPN
fsr-3912	96	18	respectively	respectively	ADV
fsr-3912	96	19	,	,	PUNCT
fsr-3912	96	20	and	and	CCONJ
fsr-3912	96	21	changes	change	NOUN
fsr-3912	96	22	in	in	ADP
fsr-3912	96	23	the	the	DET
fsr-3912	96	24	return	return	NOUN
fsr-3912	96	25	of	of	ADP
fsr-3912	96	26	a	a	DET
fsr-3912	96	27	given	give	VERB
fsr-3912	96	28	asset	asset	NOUN
fsr-3912	96	29	are	be	AUX
fsr-3912	96	30	determined	determine	VERB
fsr-3912	96	31	by	by	ADP
fsr-3912	96	32	the	the	DET
fsr-3912	96	33	current	current	ADJ
fsr-3912	96	34	prices	price	NOUN
fsr-3912	96	35	,	,	PUNCT
fsr-3912	96	36	pb	pb	ADV
fsr-3912	96	37	and	and	CCONJ
fsr-3912	96	38	pe	pe	X
fsr-3912	96	39	respectively	respectively	ADV
fsr-3912	96	40	.	.	PUNCT
fsr-3912	97	1	also	also	ADV
fsr-3912	97	2	by	by	ADP
fsr-3912	97	3	assumption	assumption	NOUN
fsr-3912	97	4	,	,	PUNCT
fsr-3912	97	5	there	there	PRON
fsr-3912	97	6	is	be	VERB
fsr-3912	97	7	general	general	ADJ
fsr-3912	97	8	agreement	agreement	NOUN
fsr-3912	97	9	(	(	PUNCT
fsr-3912	97	10	i.e.	i.e.	X
fsr-3912	97	11	,	,	PUNCT
fsr-3912	97	12	homogeneous	homogeneous	ADJ
fsr-3912	97	13	expectations	expectation	NOUN
fsr-3912	97	14	)	)	PUNCT
fsr-3912	97	15	on	on	ADP
fsr-3912	97	16	the	the	DET
fsr-3912	97	17	expected	expect	VERB
fsr-3912	97	18	future	future	ADJ
fsr-3912	97	19	prices	price	NOUN
fsr-3912	97	20	of	of	ADP
fsr-3912	97	21	bonds	bond	NOUN
fsr-3912	97	22	and	and	CCONJ
fsr-3912	97	23	stocks	stock	NOUN
fsr-3912	97	24	,	,	PUNCT
fsr-3912	97	25	e[pb9	e[pb9	PROPN
fsr-3912	97	26	]	]	PUNCT
fsr-3912	97	27	and	and	CCONJ
fsr-3912	97	28	e[pe9	e[pe9	PROPN
fsr-3912	97	29	]	]	X
fsr-3912	97	30	,	,	PUNCT
fsr-3912	97	31	based	base	VERB
fsr-3912	97	32	on	on	ADP
fsr-3912	97	33	the	the	DET
fsr-3912	97	34	expected	expect	VERB
fsr-3912	97	35	growth	growth	NOUN
fsr-3912	97	36	in	in	ADP
fsr-3912	97	37	the	the	DET
fsr-3912	97	38	real	real	ADJ
fsr-3912	97	39	assets	asset	NOUN
fsr-3912	97	40	of	of	ADP
fsr-3912	97	41	the	the	DET
fsr-3912	97	42	economy	economy	NOUN
fsr-3912	97	43	,	,	PUNCT
fsr-3912	97	44	which	which	PRON
fsr-3912	97	45	means	mean	VERB
fsr-3912	97	46	that	that	SCONJ
fsr-3912	97	47	the	the	DET
fsr-3912	97	48	expected	expect	VERB
fsr-3912	97	49	-	-	PUNCT
fsr-3912	97	50	future	future	NOUN
fsr-3912	97	51	prices	price	NOUN
fsr-3912	97	52	are	be	AUX
fsr-3912	97	53	constants	constant	NOUN
fsr-3912	97	54	.	.	PUNCT
fsr-3912	98	1	conceptually	conceptually	ADV
fsr-3912	98	2	,	,	PUNCT
fsr-3912	98	3	one	one	PRON
fsr-3912	98	4	can	can	AUX
fsr-3912	98	5	think	think	VERB
fsr-3912	98	6	of	of	ADP
fsr-3912	98	7	bonds	bond	NOUN
fsr-3912	98	8	being	be	AUX
fsr-3912	98	9	paid	pay	VERB
fsr-3912	98	10	off	off	ADP
fsr-3912	98	11	with	with	ADP
fsr-3912	98	12	certainty	certainty	NOUN
fsr-3912	98	13	at	at	ADP
fsr-3912	98	14	face	face	NOUN
fsr-3912	98	15	value	value	NOUN
fsr-3912	98	16	at	at	ADP
fsr-3912	98	17	maturity	maturity	NOUN
fsr-3912	98	18	and	and	CCONJ
fsr-3912	98	19	the	the	DET
fsr-3912	98	20	real	real	ADJ
fsr-3912	98	21	assets	asset	NOUN
fsr-3912	98	22	of	of	ADP
fsr-3912	98	23	each	each	DET
fsr-3912	98	24	firm	firm	NOUN
fsr-3912	98	25	being	be	AUX
fsr-3912	98	26	liquidated	liquidate	VERB
fsr-3912	98	27	to	to	PART
fsr-3912	98	28	pay	pay	VERB
fsr-3912	98	29	off	off	ADP
fsr-3912	98	30	the	the	DET
fsr-3912	98	31	stockholders	stockholder	NOUN
fsr-3912	98	32	at	at	ADP
fsr-3912	98	33	a	a	DET
fsr-3912	98	34	known	know	VERB
fsr-3912	98	35	expected	expect	VERB
fsr-3912	98	36	value	value	NOUN
fsr-3912	98	37	.	.	PUNCT
fsr-3912	99	1	therefore	therefore	ADV
fsr-3912	99	2	,	,	PUNCT
fsr-3912	99	3	forn	forn	PROPN
fsr-3912	99	4	.	.	PROPN
fsr-3912	99	5	0	0	NUM
fsr-3912	99	6	,	,	PUNCT
fsr-3912	99	7	the	the	DET
fsr-3912	99	8	market	market	NOUN
fsr-3912	99	9	clearing	clearing	NOUN
fsr-3912	99	10	conditions	condition	NOUN
fsr-3912	99	11	for	for	ADP
fsr-3912	99	12	the	the	DET
fsr-3912	99	13	bond	bond	NOUN
fsr-3912	99	14	and	and	CCONJ
fsr-3912	99	15	equity	equity	NOUN
fsr-3912	99	16	market	market	NOUN
fsr-3912	99	17	are	be	AUX
fsr-3912	99	18	respectively	respectively	ADV
fsr-3912	99	19	given	give	VERB
fsr-3912	99	20	by	by	ADP
fsr-3912	99	21	o	o	PROPN
fsr-3912	99	22	x51	x51	PROPN
fsr-3912	99	23	ie21	ie21	PROPN
fsr-3912	99	24	nx~1	nx~1	NOUN
fsr-3912	99	25	2	2	NUM
fsr-3912	99	26	nhx!wx	nhx!wx	NOUN
fsr-3912	99	27	1	1	NUM
fsr-3912	99	28	o	o	NOUN
fsr-3912	99	29	y5ie	y5ie	NOUN
fsr-3912	99	30	ib	ib	X
fsr-3912	99	31	ny~1	ny~1	ADJ
fsr-3912	99	32	2	2	NUM
fsr-3912	99	33	vy!wy	vy!wy	PROPN
fsr-3912	99	34	1	1	NUM
fsr-3912	99	35	o	o	NOUN
fsr-3912	99	36	z5ib11	z5ib11	NUM
fsr-3912	99	37	m	m	VERB
fsr-3912	99	38	nz~1	nz~1	ADJ
fsr-3912	99	39	2	2	NUM
fsr-3912	99	40	n!hzwz	n!hzwz	NUM
fsr-3912	99	41	5	5	NUM
fsr-3912	99	42	qbpb	qbpb	NOUN
fsr-3912	99	43	(	(	PUNCT
fsr-3912	99	44	2	2	NUM
fsr-3912	99	45	)	)	PUNCT
fsr-3912	99	46	o	o	NOUN
fsr-3912	99	47	x51	x51	PROPN
fsr-3912	99	48	ie21	ie21	PROPN
fsr-3912	99	49	nxnhxwx	nxnhxwx	NOUN
fsr-3912	99	50	1	1	NUM
fsr-3912	99	51	o	o	NOUN
fsr-3912	99	52	y5ie	y5ie	NOUN
fsr-3912	99	53	ib	ib	PROPN
fsr-3912	99	54	nyvywy	nyvywy	ADJ
fsr-3912	99	55	1	1	NUM
fsr-3912	99	56	o	o	NOUN
fsr-3912	99	57	z5ib11	z5ib11	NUM
fsr-3912	99	58	m	m	VERB
fsr-3912	99	59	nz~1	nz~1	ADJ
fsr-3912	99	60	2	2	NUM
fsr-3912	99	61	~1	~1	ADV
fsr-3912	99	62	2	2	NUM
fsr-3912	99	63	n!hz!wz	n!hz!wz	NOUN
fsr-3912	99	64	5	5	NUM
fsr-3912	99	65	qepe	qepe	NOUN
fsr-3912	99	66	(	(	PUNCT
fsr-3912	99	67	3	3	X
fsr-3912	99	68	)	)	PUNCT
fsr-3912	99	69	note	note	NOUN
fsr-3912	99	70	that	that	SCONJ
fsr-3912	99	71	pe	pe	PROPN
fsr-3912	99	72	5	5	NUM
fsr-3912	99	73	e[pe9	e[pe9	PROPN
fsr-3912	99	74	]	]	PUNCT
fsr-3912	99	75	exp(-re	exp(-re	NOUN
fsr-3912	99	76	)	)	PUNCT
fsr-3912	99	77	and	and	CCONJ
fsr-3912	99	78	pb	pb	ADP
fsr-3912	99	79	5	5	NUM
fsr-3912	99	80	e[pb9	e[pb9	NOUN
fsr-3912	99	81	]	]	PUNCT
fsr-3912	99	82	exp(-re	exp(-re	PROPN
fsr-3912	99	83	)	)	PUNCT
fsr-3912	99	84	,	,	PUNCT
fsr-3912	99	85	where	where	SCONJ
fsr-3912	99	86	exp(-r	exp(-r	NOUN
fsr-3912	99	87	)	)	PUNCT
fsr-3912	99	88	represents	represent	VERB
fsr-3912	99	89	the	the	DET
fsr-3912	99	90	exponential	exponential	ADJ
fsr-3912	99	91	function	function	NOUN
fsr-3912	99	92	raised	raise	VERB
fsr-3912	99	93	to	to	ADP
fsr-3912	99	94	the	the	DET
fsr-3912	99	95	-r	-r	NOUN
fsr-3912	99	96	power	power	NOUN
fsr-3912	99	97	,	,	PUNCT
fsr-3912	99	98	which	which	PRON
fsr-3912	99	99	is	be	AUX
fsr-3912	99	100	the	the	DET
fsr-3912	99	101	present	present	ADJ
fsr-3912	99	102	value	value	NOUN
fsr-3912	99	103	factor	factor	NOUN
fsr-3912	99	104	using	use	VERB
fsr-3912	99	105	continuous	continuous	ADJ
fsr-3912	99	106	discounting	discounting	NOUN
fsr-3912	99	107	.	.	PUNCT
fsr-3912	100	1	substituting	substitute	VERB
fsr-3912	100	2	in	in	ADP
fsr-3912	100	3	(	(	PUNCT
fsr-3912	100	4	2	2	NUM
fsr-3912	100	5	)	)	PUNCT
fsr-3912	100	6	and	and	CCONJ
fsr-3912	100	7	(	(	PUNCT
fsr-3912	100	8	3	3	X
fsr-3912	100	9	)	)	PUNCT
fsr-3912	100	10	yields	yield	NOUN
fsr-3912	100	11	o	o	NOUN
fsr-3912	100	12	x51	x51	PROPN
fsr-3912	100	13	ie21	ie21	PROPN
fsr-3912	100	14	nx~1	nx~1	NOUN
fsr-3912	100	15	2	2	NUM
fsr-3912	100	16	nhx!wx	nhx!wx	NOUN
fsr-3912	100	17	1	1	NUM
fsr-3912	100	18	o	o	NOUN
fsr-3912	100	19	y5ie	y5ie	NOUN
fsr-3912	101	1	ib	ib	X
fsr-3912	101	2	ny~1	ny~1	ADJ
fsr-3912	101	3	2	2	NUM
fsr-3912	101	4	vy!wy	vy!wy	PROPN
fsr-3912	101	5	1	1	NUM
fsr-3912	101	6	o	o	NOUN
fsr-3912	101	7	z5ib11	z5ib11	NUM
fsr-3912	101	8	m	m	VERB
fsr-3912	101	9	nz~1	nz~1	ADJ
fsr-3912	101	10	2	2	NUM
fsr-3912	101	11	n!hzwz	n!hzwz	NUM
fsr-3912	101	12	5	5	NUM
fsr-3912	101	13	qbe@p9b	qbe@p9b	NOUN
fsr-3912	101	14	#	#	NOUN
fsr-3912	101	15	exp	exp	NOUN
fsr-3912	101	16	~	~	SYM
fsr-3912	101	17	rb	rb	NOUN
fsr-3912	101	18	!	!	PUNCT
fsr-3912	102	1	(	(	PUNCT
fsr-3912	102	2	4	4	X
fsr-3912	102	3	)	)	PUNCT
fsr-3912	102	4	o	o	NOUN
fsr-3912	102	5	x51	x51	PROPN
fsr-3912	102	6	ie21	ie21	PROPN
fsr-3912	102	7	nxnhxwx	nxnhxwx	NOUN
fsr-3912	102	8	1	1	NUM
fsr-3912	102	9	o	o	NOUN
fsr-3912	102	10	y5ie	y5ie	NOUN
fsr-3912	102	11	ib	ib	PROPN
fsr-3912	102	12	nyvywy	nyvywy	ADJ
fsr-3912	103	1	1	1	NUM
fsr-3912	103	2	o	o	NOUN
fsr-3912	103	3	z5ib11	z5ib11	NUM
fsr-3912	103	4	m	m	VERB
fsr-3912	103	5	nz~1	nz~1	ADJ
fsr-3912	103	6	2	2	NUM
fsr-3912	103	7	~1	~1	ADV
fsr-3912	103	8	2	2	NUM
fsr-3912	103	9	n!hz!wz	n!hz!wz	NOUN
fsr-3912	103	10	5	5	NUM
fsr-3912	103	11	qee@p9e	qee@p9e	PROPN
fsr-3912	103	12	#	#	NOUN
fsr-3912	103	13	exp	exp	NOUN
fsr-3912	103	14	~	~	SYM
fsr-3912	103	15	re	re	NOUN
fsr-3912	103	16	!	!	PUNCT
fsr-3912	104	1	(	(	PUNCT
fsr-3912	104	2	5	5	X
fsr-3912	104	3	)	)	PUNCT
fsr-3912	104	4	this	this	PRON
fsr-3912	104	5	is	be	AUX
fsr-3912	104	6	the	the	DET
fsr-3912	104	7	most	most	ADV
fsr-3912	104	8	general	general	ADJ
fsr-3912	104	9	form	form	NOUN
fsr-3912	104	10	of	of	ADP
fsr-3912	104	11	the	the	DET
fsr-3912	104	12	model	model	NOUN
fsr-3912	104	13	.	.	PUNCT
fsr-3912	105	1	however	however	ADV
fsr-3912	105	2	,	,	PUNCT
fsr-3912	105	3	the	the	DET
fsr-3912	105	4	model	model	NOUN
fsr-3912	105	5	can	can	AUX
fsr-3912	105	6	be	be	AUX
fsr-3912	105	7	simplified	simplify	VERB
fsr-3912	105	8	by	by	ADP
fsr-3912	105	9	assuming	assume	VERB
fsr-3912	105	10	there	there	PRON
fsr-3912	105	11	are	be	VERB
fsr-3912	105	12	only	only	ADV
fsr-3912	105	13	3	3	NUM
fsr-3912	105	14	categories	category	NOUN
fsr-3912	105	15	of	of	ADP
fsr-3912	105	16	individuals	individual	NOUN
fsr-3912	105	17	rather	rather	ADV
fsr-3912	105	18	thanm	thanm	VERB
fsr-3912	105	19	.	.	PUNCT
fsr-3912	106	1	with	with	ADP
fsr-3912	106	2	this	this	DET
fsr-3912	106	3	simplification	simplification	NOUN
fsr-3912	106	4	,	,	PUNCT
fsr-3912	106	5	it	it	PRON
fsr-3912	106	6	is	be	AUX
fsr-3912	106	7	easier	easy	ADJ
fsr-3912	106	8	to	to	PART
fsr-3912	106	9	demonstrate	demonstrate	VERB
fsr-3912	106	10	the	the	DET
fsr-3912	106	11	effects	effect	NOUN
fsr-3912	106	12	on	on	ADP
fsr-3912	106	13	bond	bond	NOUN
fsr-3912	106	14	and	and	CCONJ
fsr-3912	106	15	equity	equity	NOUN
fsr-3912	106	16	returns	return	NOUN
fsr-3912	106	17	.	.	PUNCT
fsr-3912	107	1	suppose	suppose	VERB
fsr-3912	107	2	,	,	PUNCT
fsr-3912	107	3	for	for	ADP
fsr-3912	107	4	example	example	NOUN
fsr-3912	107	5	,	,	PUNCT
fsr-3912	107	6	that	that	SCONJ
fsr-3912	107	7	each	each	DET
fsr-3912	107	8	category	category	NOUN
fsr-3912	107	9	of	of	ADP
fsr-3912	107	10	individuals	individual	NOUN
fsr-3912	107	11	discussed	discuss	VERB
fsr-3912	107	12	above	above	ADV
fsr-3912	107	13	is	be	AUX
fsr-3912	107	14	represented	represent	VERB
fsr-3912	107	15	by	by	ADP
fsr-3912	107	16	a	a	DET
fsr-3912	107	17	single	single	ADJ
fsr-3912	107	18	type	type	NOUN
fsr-3912	107	19	of	of	ADP
fsr-3912	107	20	individual	individual	NOUN
fsr-3912	107	21	,	,	PUNCT
fsr-3912	107	22	that	that	ADV
fsr-3912	107	23	is	is	ADV
fsr-3912	107	24	,	,	PUNCT
fsr-3912	107	25	nx	nx	NUM
fsr-3912	107	26	individuals	individual	NOUN
fsr-3912	107	27	with	with	ADP
fsr-3912	107	28	the	the	DET
fsr-3912	107	29	samegx	samegx	NOUN
fsr-3912	107	30	are	be	AUX
fsr-3912	107	31	constrained	constrain	VERB
fsr-3912	107	32	to	to	PART
fsr-3912	107	33	hold	hold	VERB
fsr-3912	107	34	excess	excess	ADJ
fsr-3912	107	35	funds	fund	NOUN
fsr-3912	107	36	in	in	ADP
fsr-3912	107	37	the	the	DET
fsr-3912	107	38	equities	equity	NOUN
fsr-3912	107	39	market	market	NOUN
fsr-3912	107	40	,	,	PUNCT
fsr-3912	107	41	ny	ny	PROPN
fsr-3912	107	42	individuals	individual	NOUN
fsr-3912	107	43	with	with	ADP
fsr-3912	107	44	the	the	DET
fsr-3912	107	45	samegy	samegy	NOUN
fsr-3912	107	46	are	be	AUX
fsr-3912	107	47	not	not	PART
fsr-3912	107	48	constrained	constrain	VERB
fsr-3912	107	49	to	to	PART
fsr-3912	107	50	hold	hold	VERB
fsr-3912	107	51	excess	excess	ADJ
fsr-3912	107	52	funds	fund	NOUN
fsr-3912	107	53	in	in	ADP
fsr-3912	107	54	either	either	DET
fsr-3912	107	55	market	market	NOUN
fsr-3912	107	56	,	,	PUNCT
fsr-3912	107	57	and	and	CCONJ
fsr-3912	107	58	nz	nz	ADJ
fsr-3912	107	59	individuals	individual	NOUN
fsr-3912	107	60	with	with	ADP
fsr-3912	107	61	the	the	DET
fsr-3912	107	62	samegz	samegz	NOUN
fsr-3912	107	63	are	be	AUX
fsr-3912	107	64	constrained	constrain	VERB
fsr-3912	107	65	to	to	PART
fsr-3912	107	66	hold	hold	VERB
fsr-3912	107	67	excess	excess	ADJ
fsr-3912	107	68	funds	fund	NOUN
fsr-3912	107	69	in	in	ADP
fsr-3912	107	70	the	the	DET
fsr-3912	107	71	bond	bond	NOUN
fsr-3912	107	72	market	market	NOUN
fsr-3912	107	73	.	.	PUNCT
fsr-3912	108	1	thus	thus	ADV
fsr-3912	108	2	,	,	PUNCT
fsr-3912	108	3	the	the	DET
fsr-3912	108	4	total	total	ADJ
fsr-3912	108	5	number	number	NOUN
fsr-3912	108	6	of	of	ADP
fsr-3912	108	7	individuals	individual	NOUN
fsr-3912	108	8	is	be	AUX
fsr-3912	108	9	nx	nx	PROPN
fsr-3912	108	10	1	1	NUM
fsr-3912	108	11	ny	ny	PROPN
fsr-3912	108	12	1	1	NUM
fsr-3912	108	13	nz	nz	PROPN
fsr-3912	108	14	5	5	NUM
fsr-3912	108	15	n.	n.	NOUN
fsr-3912	108	16	for	for	ADP
fsr-3912	108	17	simplicity	simplicity	NOUN
fsr-3912	108	18	assume	assume	VERB
fsr-3912	108	19	that	that	SCONJ
fsr-3912	108	20	wx	wx	PROPN
fsr-3912	108	21	5	5	NUM
fsr-3912	108	22	wy	wy	PROPN
fsr-3912	108	23	5	5	NUM
fsr-3912	108	24	wz	wz	PROPN
fsr-3912	108	25	5	5	NUM
fsr-3912	108	26	w	w	NOUN
fsr-3912	108	27	andhx	andhx	ADJ
fsr-3912	108	28	5	5	NUM
fsr-3912	108	29	hy	hy	NOUN
fsr-3912	108	30	5	5	NUM
fsr-3912	108	31	hz	hz	VERB
fsr-3912	108	32	5	5	NUM
fsr-3912	108	33	h.	h.	NOUN
fsr-3912	108	34	then	then	ADV
fsr-3912	108	35	the	the	DET
fsr-3912	108	36	market	market	NOUN
fsr-3912	108	37	clearing	clearing	NOUN
fsr-3912	108	38	conditions	condition	NOUN
fsr-3912	108	39	for	for	ADP
fsr-3912	108	40	the	the	DET
fsr-3912	108	41	bond	bond	NOUN
fsr-3912	108	42	and	and	CCONJ
fsr-3912	108	43	equity	equity	NOUN
fsr-3912	108	44	markets	market	NOUN
fsr-3912	108	45	,	,	PUNCT
fsr-3912	108	46	(	(	PUNCT
fsr-3912	108	47	4	4	NUM
fsr-3912	108	48	)	)	PUNCT
fsr-3912	108	49	and	and	CCONJ
fsr-3912	108	50	(	(	PUNCT
fsr-3912	108	51	5	5	NUM
fsr-3912	108	52	)	)	PUNCT
fsr-3912	108	53	,	,	PUNCT
fsr-3912	108	54	can	can	AUX
fsr-3912	108	55	be	be	AUX
fsr-3912	108	56	rewritten	rewrite	VERB
fsr-3912	108	57	as	as	ADP
fsr-3912	108	58	nx~1	nx~1	NOUN
fsr-3912	108	59	2	2	NUM
fsr-3912	108	60	nh	nh	NOUN
fsr-3912	108	61	!	!	PROPN
fsr-3912	108	62	1	1	NUM
fsr-3912	108	63	ny~1	ny~1	NOUN
fsr-3912	108	64	2	2	NUM
fsr-3912	108	65	vy	vy	NOUN
fsr-3912	108	66	!	!	PROPN
fsr-3912	108	67	1	1	NUM
fsr-3912	108	68	nz~1	nz~1	ADP
fsr-3912	108	69	2	2	NUM
fsr-3912	108	70	n!h	n!h	SYM
fsr-3912	108	71	5	5	NUM
fsr-3912	108	72	b	b	NOUN
fsr-3912	108	73	exp	exp	NOUN
fsr-3912	108	74	~	~	SYM
fsr-3912	108	75	rb	rb	NOUN
fsr-3912	108	76	!	!	PUNCT
fsr-3912	109	1	(	(	PUNCT
fsr-3912	109	2	6	6	NUM
fsr-3912	109	3	)	)	PUNCT
fsr-3912	109	4	97e	97e	NUM
fsr-3912	109	5	.	.	PUNCT
fsr-3912	110	1	elder	elder	NOUN
fsr-3912	110	2	,	,	PUNCT
fsr-3912	110	3	l.	l.	PROPN
fsr-3912	110	4	holland	holland	PROPN
fsr-3912	110	5	/	/	SYM
fsr-3912	110	6	financial	financial	ADJ
fsr-3912	110	7	services	service	NOUN
fsr-3912	110	8	review	review	VERB
fsr-3912	110	9	9	9	NUM
fsr-3912	110	10	(	(	PUNCT
fsr-3912	110	11	2000	2000	NUM
fsr-3912	110	12	)	)	PUNCT
fsr-3912	111	1	93–106	93–106	NUM
fsr-3912	111	2	nxnh	nxnh	ADJ
fsr-3912	111	3	1	1	NUM
fsr-3912	111	4	nyvy	nyvy	NOUN
fsr-3912	111	5	1	1	NUM
fsr-3912	111	6	nz~1	nz~1	ADP
fsr-3912	111	7	2	2	NUM
fsr-3912	111	8	~1	~1	ADV
fsr-3912	111	9	2	2	NUM
fsr-3912	111	10	n!h	n!h	NUM
fsr-3912	111	11	!	!	NOUN
fsr-3912	111	12	5	5	NUM
fsr-3912	111	13	e	e	NOUN
fsr-3912	111	14	exp	exp	NOUN
fsr-3912	111	15	~	~	X
fsr-3912	111	16	re	re	NOUN
fsr-3912	111	17	!	!	PUNCT
fsr-3912	111	18	(	(	PUNCT
fsr-3912	111	19	7	7	X
fsr-3912	111	20	)	)	PUNCT
fsr-3912	111	21	where	where	SCONJ
fsr-3912	111	22	b5	b5	PROPN
fsr-3912	111	23	qb	qb	PROPN
fsr-3912	111	24	e[pb9]/w	e[pb9]/w	VERB
fsr-3912	111	25	and	and	CCONJ
fsr-3912	111	26	e5	e5	PROPN
fsr-3912	111	27	qe	qe	PROPN
fsr-3912	111	28	e[pe9]/w	e[pe9]/w	VERB
fsr-3912	111	29	are	be	AUX
fsr-3912	111	30	standardized	standardized	ADJ
fsr-3912	111	31	values	value	NOUN
fsr-3912	111	32	for	for	ADP
fsr-3912	111	33	bonds	bond	NOUN
fsr-3912	111	34	and	and	CCONJ
fsr-3912	111	35	equities	equity	NOUN
fsr-3912	111	36	(	(	PUNCT
fsr-3912	111	37	relative	relative	ADJ
fsr-3912	111	38	to	to	ADP
fsr-3912	111	39	total	total	ADJ
fsr-3912	111	40	wealth	wealth	NOUN
fsr-3912	111	41	)	)	PUNCT
fsr-3912	111	42	,	,	PUNCT
fsr-3912	111	43	respectively	respectively	ADV
fsr-3912	111	44	.	.	PUNCT
fsr-3912	112	1	eqs	eqs	PROPN
fsr-3912	112	2	.	.	PUNCT
fsr-3912	113	1	(	(	PUNCT
fsr-3912	113	2	6	6	NUM
fsr-3912	113	3	)	)	PUNCT
fsr-3912	113	4	and	and	CCONJ
fsr-3912	113	5	(	(	PUNCT
fsr-3912	113	6	7	7	X
fsr-3912	113	7	)	)	PUNCT
fsr-3912	113	8	can	can	AUX
fsr-3912	113	9	be	be	AUX
fsr-3912	113	10	solved	solve	VERB
fsr-3912	113	11	for	for	ADP
fsr-3912	113	12	rb	rb	NOUN
fsr-3912	113	13	and	and	CCONJ
fsr-3912	113	14	re	re	NOUN
fsr-3912	113	15	,	,	PUNCT
fsr-3912	113	16	the	the	DET
fsr-3912	113	17	bond	bond	NOUN
fsr-3912	113	18	and	and	CCONJ
fsr-3912	113	19	equity	equity	NOUN
fsr-3912	113	20	returns	return	NOUN
fsr-3912	113	21	,	,	PUNCT
fsr-3912	113	22	by	by	ADP
fsr-3912	113	23	substituting	substitute	VERB
fsr-3912	113	24	eq	eq	ADP
fsr-3912	113	25	.	.	PUNCT
fsr-3912	114	1	(	(	PUNCT
fsr-3912	114	2	1	1	NUM
fsr-3912	114	3	)	)	PUNCT
fsr-3912	114	4	for	for	ADP
fsr-3912	114	5	the	the	DET
fsr-3912	114	6	optimal	optimal	ADJ
fsr-3912	114	7	portfolio	portfolio	NOUN
fsr-3912	114	8	allocation	allocation	NOUN
fsr-3912	114	9	,	,	PUNCT
fsr-3912	114	10	vy	vy	NOUN
fsr-3912	114	11	.	.	PROPN
fsr-3912	114	12	3	3	X
fsr-3912	114	13	.	.	PUNCT
fsr-3912	114	14	qualitative	qualitative	ADJ
fsr-3912	114	15	effects	effect	NOUN
fsr-3912	114	16	of	of	ADP
fsr-3912	114	17	shifting	shift	VERB
fsr-3912	114	18	funds	fund	NOUN
fsr-3912	114	19	on	on	ADP
fsr-3912	114	20	asset	asset	NOUN
fsr-3912	114	21	returns	return	NOUN
fsr-3912	114	22	using	use	VERB
fsr-3912	114	23	eqs	eqs	PROPN
fsr-3912	114	24	.	.	PUNCT
fsr-3912	115	1	(	(	PUNCT
fsr-3912	115	2	6	6	NUM
fsr-3912	115	3	)	)	PUNCT
fsr-3912	115	4	and	and	CCONJ
fsr-3912	115	5	(	(	PUNCT
fsr-3912	115	6	7	7	NUM
fsr-3912	115	7	)	)	PUNCT
fsr-3912	115	8	,	,	PUNCT
fsr-3912	115	9	it	it	PRON
fsr-3912	115	10	is	be	AUX
fsr-3912	115	11	possible	possible	ADJ
fsr-3912	115	12	to	to	PART
fsr-3912	115	13	analyze	analyze	VERB
fsr-3912	115	14	the	the	DET
fsr-3912	115	15	qualitative	qualitative	ADJ
fsr-3912	115	16	impact	impact	NOUN
fsr-3912	115	17	of	of	ADP
fsr-3912	115	18	shifting	shift	VERB
fsr-3912	115	19	social	social	ADJ
fsr-3912	115	20	security	security	NOUN
fsr-3912	115	21	funds	fund	NOUN
fsr-3912	115	22	on	on	ADP
fsr-3912	115	23	asset	asset	NOUN
fsr-3912	115	24	returns	return	NOUN
fsr-3912	115	25	.	.	PUNCT
fsr-3912	116	1	eqs	eqs	PROPN
fsr-3912	116	2	.	.	PUNCT
fsr-3912	117	1	(	(	PUNCT
fsr-3912	117	2	6	6	NUM
fsr-3912	117	3	)	)	PUNCT
fsr-3912	117	4	and	and	CCONJ
fsr-3912	117	5	(	(	PUNCT
fsr-3912	117	6	7	7	X
fsr-3912	117	7	)	)	PUNCT
fsr-3912	117	8	can	can	AUX
fsr-3912	117	9	be	be	AUX
fsr-3912	117	10	rearranged	rearrange	VERB
fsr-3912	117	11	to	to	PART
fsr-3912	117	12	show	show	VERB
fsr-3912	117	13	that	that	SCONJ
fsr-3912	117	14	re	re	NOUN
fsr-3912	117	15	is	be	AUX
fsr-3912	117	16	a	a	DET
fsr-3912	117	17	function	function	NOUN
fsr-3912	117	18	of	of	ADP
fsr-3912	117	19	rb	rb	NOUN
fsr-3912	117	20	andn	andn	ADJ
fsr-3912	117	21	and	and	CCONJ
fsr-3912	117	22	that	that	DET
fsr-3912	117	23	rb	rb	NOUN
fsr-3912	117	24	is	be	AUX
fsr-3912	117	25	a	a	DET
fsr-3912	117	26	function	function	NOUN
fsr-3912	117	27	of	of	ADP
fsr-3912	117	28	re	re	NOUN
fsr-3912	117	29	andn	andn	ADJ
fsr-3912	117	30	.	.	PUNCT
fsr-3912	118	1	re	re	PROPN
fsr-3912	118	2	5	5	NUM
fsr-3912	118	3	f	f	X
fsr-3912	118	4	~	~	SYM
fsr-3912	118	5	rb	rb	X
fsr-3912	118	6	,	,	PUNCT
fsr-3912	118	7	n	n	X
fsr-3912	118	8	!	!	PUNCT
fsr-3912	119	1	(	(	PUNCT
fsr-3912	119	2	8)	8)	NUM
fsr-3912	119	3	rb	rb	NOUN
fsr-3912	119	4	5	5	NUM
fsr-3912	119	5	g	g	NOUN
fsr-3912	119	6	~	~	X
fsr-3912	119	7	re	re	NOUN
fsr-3912	119	8	,	,	PUNCT
fsr-3912	119	9	n	n	CCONJ
fsr-3912	119	10	!	!	PUNCT
fsr-3912	120	1	(	(	PUNCT
fsr-3912	120	2	9	9	X
fsr-3912	120	3	)	)	PUNCT
fsr-3912	120	4	taking	take	VERB
fsr-3912	120	5	the	the	DET
fsr-3912	120	6	total	total	ADJ
fsr-3912	120	7	derivative	derivative	NOUN
fsr-3912	120	8	of	of	ADP
fsr-3912	120	9	(	(	PUNCT
fsr-3912	120	10	8)	8)	NUM
fsr-3912	120	11	and	and	CCONJ
fsr-3912	120	12	(	(	PUNCT
fsr-3912	120	13	9	9	NUM
fsr-3912	120	14	)	)	PUNCT
fsr-3912	120	15	with	with	ADP
fsr-3912	120	16	respect	respect	NOUN
fsr-3912	120	17	ton	ton	NOUN
fsr-3912	120	18	results	result	NOUN
fsr-3912	120	19	in	in	ADP
fsr-3912	120	20	dre	dre	PROPN
fsr-3912	120	21	dn	dn	PROPN
fsr-3912	120	22	5	5	NUM
fsr-3912	120	23	frb	frb	NOUN
fsr-3912	120	24	drb	drb	PROPN
fsr-3912	120	25	dn	dn	PROPN
fsr-3912	120	26	1	1	NUM
fsr-3912	120	27	fn	fn	NOUN
fsr-3912	120	28	(	(	PUNCT
fsr-3912	120	29	10	10	NUM
fsr-3912	120	30	)	)	PUNCT
fsr-3912	120	31	drb	drb	PROPN
fsr-3912	120	32	dv	dv	PROPN
fsr-3912	120	33	5	5	NUM
fsr-3912	120	34	gre	gre	PROPN
fsr-3912	120	35	dre	dre	PROPN
fsr-3912	120	36	dv	dv	PROPN
fsr-3912	120	37	gv	gv	X
fsr-3912	120	38	(	(	PUNCT
fsr-3912	120	39	11	11	NUM
fsr-3912	120	40	)	)	PUNCT
fsr-3912	120	41	from	from	ADP
fsr-3912	120	42	which	which	PRON
fsr-3912	120	43	it	it	PRON
fsr-3912	120	44	is	be	AUX
fsr-3912	120	45	possible	possible	ADJ
fsr-3912	120	46	to	to	PART
fsr-3912	120	47	show	show	VERB
fsr-3912	120	48	that	that	SCONJ
fsr-3912	120	49	dre	dre	PROPN
fsr-3912	120	50	dv	dv	PROPN
fsr-3912	120	51	5	5	PROPN
fsr-3912	121	1	gv~	gv~	PROPN
fsr-3912	121	2	frb	frb	NOUN
fsr-3912	121	3	2	2	NUM
fsr-3912	121	4	l	l	NOUN
fsr-3912	121	5	!	!	PUNCT
fsr-3912	122	1	l	l	NOUN
fsr-3912	122	2	2	2	NUM
fsr-3912	122	3	frb	frb	NOUN
fsr-3912	122	4	gre	gre	NOUN
fsr-3912	122	5	,	,	PUNCT
fsr-3912	122	6	0	0	NUM
fsr-3912	122	7	(	(	PUNCT
fsr-3912	122	8	12	12	NUM
fsr-3912	122	9	)	)	PUNCT
fsr-3912	122	10	dre	dre	PROPN
fsr-3912	122	11	dv	dv	PROPN
fsr-3912	122	12	5	5	NUM
fsr-3912	122	13	2	2	X
fsr-3912	123	1	gv~	gv~	PROPN
fsr-3912	123	2	g	g	NOUN
fsr-3912	123	3	2	2	NUM
fsr-3912	123	4	l	l	NOUN
fsr-3912	123	5	!	!	PUNCT
fsr-3912	124	1	l	l	NOUN
fsr-3912	124	2	2	2	NUM
fsr-3912	124	3	frb	frb	NOUN
fsr-3912	124	4	gre	gre	NOUN
fsr-3912	124	5	.	.	PUNCT
fsr-3912	124	6	0	0	PUNCT
fsr-3912	125	1	(	(	PUNCT
fsr-3912	125	2	13	13	NUM
fsr-3912	125	3	)	)	PUNCT
fsr-3912	125	4	where	where	SCONJ
fsr-3912	125	5	frb	frb	NOUN
fsr-3912	125	6	5	5	NUM
fsr-3912	125	7	1	1	NUM
fsr-3912	125	8	1	1	NUM
fsr-3912	125	9	(	(	PUNCT
fsr-3912	125	10	b(1	b(1	PROPN
fsr-3912	125	11	2	2	NUM
fsr-3912	125	12	gy)s	gy)s	PROPN
fsr-3912	125	13	2)/(ny	2)/(ny	NUM
fsr-3912	125	14	exp(rb	exp(rb	NOUN
fsr-3912	125	15	)	)	PUNCT
fsr-3912	125	16	)	)	PUNCT
fsr-3912	125	17	.	.	PUNCT
fsr-3912	126	1	1	1	X
fsr-3912	126	2	,	,	PUNCT
fsr-3912	126	3	gre	gre	VERB
fsr-3912	126	4	5	5	NUM
fsr-3912	126	5	1	1	NUM
fsr-3912	126	6	1	1	NUM
fsr-3912	126	7	(	(	PUNCT
fsr-3912	126	8	e(1	e(1	PROPN
fsr-3912	126	9	2	2	NUM
fsr-3912	126	10	gy)s	gy)s	PROPN
fsr-3912	126	11	2)/(ny	2)/(ny	NUM
fsr-3912	126	12	exp(re	exp(re	NOUN
fsr-3912	126	13	)	)	PUNCT
fsr-3912	126	14	)	)	PUNCT
fsr-3912	126	15	.	.	PUNCT
fsr-3912	127	1	1	1	NUM
fsr-3912	127	2	,	,	PUNCT
fsr-3912	127	3	and	and	CCONJ
fsr-3912	127	4	gn	gn	PROPN
fsr-3912	127	5	5	5	NUM
fsr-3912	127	6	(	(	PUNCT
fsr-3912	127	7	nxh	nxh	VERB
fsr-3912	127	8	1	1	NUM
fsr-3912	127	9	nzh)(1	nzh)(1	NOUN
fsr-3912	127	10	2	2	NUM
fsr-3912	127	11	gy)s	gy)s	PROPN
fsr-3912	127	12	2)/ny	2)/ny	NUM
fsr-3912	127	13	.	.	PUNCT
fsr-3912	128	1	0	0	X
fsr-3912	128	2	.	.	PUNCT
fsr-3912	129	1	(	(	PUNCT
fsr-3912	129	2	see	see	VERB
fsr-3912	129	3	appendix	appendix	VERB
fsr-3912	129	4	a	a	PRON
fsr-3912	129	5	for	for	ADP
fsr-3912	129	6	complete	complete	ADJ
fsr-3912	129	7	details	detail	NOUN
fsr-3912	129	8	of	of	ADP
fsr-3912	129	9	the	the	DET
fsr-3912	129	10	proof	proof	NOUN
fsr-3912	129	11	.	.	PUNCT
fsr-3912	129	12	)	)	PUNCT
fsr-3912	130	1	thus	thus	ADV
fsr-3912	130	2	,	,	PUNCT
fsr-3912	130	3	as	as	ADP
fsr-3912	130	4	the	the	DET
fsr-3912	130	5	social	social	ADJ
fsr-3912	130	6	security	security	NOUN
fsr-3912	130	7	trust	trust	NOUN
fsr-3912	130	8	fund	fund	NOUN
fsr-3912	130	9	shifts	shift	NOUN
fsr-3912	130	10	its	its	PRON
fsr-3912	130	11	investment	investment	NOUN
fsr-3912	130	12	from	from	ADP
fsr-3912	130	13	government	government	NOUN
fsr-3912	130	14	securities	security	NOUN
fsr-3912	130	15	to	to	ADP
fsr-3912	130	16	equities	equity	NOUN
fsr-3912	130	17	,	,	PUNCT
fsr-3912	130	18	re	re	VERB
fsr-3912	130	19	decreases	decrease	NOUN
fsr-3912	130	20	and	and	CCONJ
fsr-3912	130	21	rb	rb	NOUN
fsr-3912	130	22	increases	increase	NOUN
fsr-3912	130	23	.	.	PUNCT
fsr-3912	131	1	it	it	PRON
fsr-3912	131	2	is	be	AUX
fsr-3912	131	3	possible	possible	ADJ
fsr-3912	131	4	to	to	PART
fsr-3912	131	5	think	think	VERB
fsr-3912	131	6	of	of	ADP
fsr-3912	131	7	the	the	DET
fsr-3912	131	8	chain	chain	NOUN
fsr-3912	131	9	of	of	ADP
fsr-3912	131	10	events	event	NOUN
fsr-3912	131	11	following	follow	VERB
fsr-3912	131	12	reform	reform	NOUN
fsr-3912	131	13	as	as	ADP
fsr-3912	131	14	(	(	PUNCT
fsr-3912	131	15	1	1	X
fsr-3912	131	16	)	)	PUNCT
fsr-3912	131	17	social	social	ADJ
fsr-3912	131	18	security	security	NOUN
fsr-3912	131	19	reallocates	reallocate	VERB
fsr-3912	131	20	some	some	PRON
fsr-3912	131	21	of	of	ADP
fsr-3912	131	22	the	the	DET
fsr-3912	131	23	trust	trust	NOUN
fsr-3912	131	24	fund	fund	NOUN
fsr-3912	131	25	to	to	ADP
fsr-3912	131	26	the	the	DET
fsr-3912	131	27	equities	equity	NOUN
fsr-3912	131	28	market	market	NOUN
fsr-3912	131	29	,	,	PUNCT
fsr-3912	131	30	(	(	PUNCT
fsr-3912	131	31	2	2	X
fsr-3912	131	32	)	)	PUNCT
fsr-3912	131	33	unconstrained	unconstraine	VERB
fsr-3912	131	34	,	,	PUNCT
fsr-3912	131	35	typey	typey	NOUN
fsr-3912	131	36	individuals	individual	NOUN
fsr-3912	131	37	reallocate	reallocate	VERB
fsr-3912	131	38	their	their	PRON
fsr-3912	131	39	portfolio	portfolio	NOUN
fsr-3912	131	40	in	in	ADP
fsr-3912	131	41	order	order	NOUN
fsr-3912	131	42	to	to	PART
fsr-3912	131	43	maintain	maintain	VERB
fsr-3912	131	44	their	their	PRON
fsr-3912	131	45	prereform	prereform	NOUN
fsr-3912	131	46	allocation	allocation	NOUN
fsr-3912	131	47	,	,	PUNCT
fsr-3912	131	48	(	(	PUNCT
fsr-3912	131	49	3	3	X
fsr-3912	131	50	)	)	PUNCT
fsr-3912	131	51	constrained	constrain	VERB
fsr-3912	131	52	individuals	individual	NOUN
fsr-3912	131	53	now	now	ADV
fsr-3912	131	54	have	have	VERB
fsr-3912	131	55	more	more	ADJ
fsr-3912	131	56	funds	fund	NOUN
fsr-3912	131	57	in	in	ADP
fsr-3912	131	58	the	the	DET
fsr-3912	131	59	equities	equity	NOUN
fsr-3912	131	60	market	market	NOUN
fsr-3912	131	61	(	(	PUNCT
fsr-3912	131	62	and	and	CCONJ
fsr-3912	131	63	fewer	few	ADJ
fsr-3912	131	64	in	in	ADP
fsr-3912	131	65	the	the	DET
fsr-3912	131	66	bond	bond	NOUN
fsr-3912	131	67	market	market	NOUN
fsr-3912	131	68	)	)	PUNCT
fsr-3912	131	69	and	and	CCONJ
fsr-3912	131	70	therefore	therefore	ADV
fsr-3912	131	71	the	the	DET
fsr-3912	131	72	equity	equity	NOUN
fsr-3912	131	73	return	return	NOUN
fsr-3912	131	74	falls	fall	VERB
fsr-3912	131	75	and	and	CCONJ
fsr-3912	131	76	the	the	DET
fsr-3912	131	77	bond	bond	NOUN
fsr-3912	131	78	return	return	NOUN
fsr-3912	131	79	rises	rise	NOUN
fsr-3912	131	80	,	,	PUNCT
fsr-3912	131	81	(	(	PUNCT
fsr-3912	131	82	4	4	X
fsr-3912	131	83	)	)	PUNCT
fsr-3912	131	84	typey	typey	NOUN
fsr-3912	131	85	individuals	individual	NOUN
fsr-3912	131	86	then	then	ADV
fsr-3912	131	87	reallocate	reallocate	VERB
fsr-3912	131	88	their	their	PRON
fsr-3912	131	89	portfolio	portfolio	NOUN
fsr-3912	131	90	(	(	PUNCT
fsr-3912	131	91	moving	move	VERB
fsr-3912	131	92	some	some	DET
fsr-3912	131	93	funds	fund	NOUN
fsr-3912	131	94	back	back	ADV
fsr-3912	131	95	to	to	ADP
fsr-3912	131	96	the	the	DET
fsr-3912	131	97	bond	bond	NOUN
fsr-3912	131	98	market	market	NOUN
fsr-3912	131	99	because	because	SCONJ
fsr-3912	131	100	re	re	VERB
fsr-3912	131	101	-	-	VERB
fsr-3912	131	102	rb	rb	NOUN
fsr-3912	131	103	has	have	AUX
fsr-3912	131	104	decreased	decrease	VERB
fsr-3912	131	105	)	)	PUNCT
fsr-3912	131	106	which	which	PRON
fsr-3912	131	107	offsets	offset	VERB
fsr-3912	131	108	some	some	PRON
fsr-3912	131	109	of	of	ADP
fsr-3912	131	110	the	the	DET
fsr-3912	131	111	changes	change	NOUN
fsr-3912	131	112	in	in	ADP
fsr-3912	131	113	re	re	ADP
fsr-3912	131	114	and	and	CCONJ
fsr-3912	131	115	rb	rb	X
fsr-3912	131	116	in	in	ADP
fsr-3912	131	117	step	step	NOUN
fsr-3912	131	118	3	3	NUM
fsr-3912	131	119	,	,	PUNCT
fsr-3912	131	120	and	and	CCONJ
fsr-3912	131	121	finally	finally	ADV
fsr-3912	131	122	(	(	PUNCT
fsr-3912	131	123	5	5	X
fsr-3912	131	124	)	)	PUNCT
fsr-3912	131	125	steps	step	NOUN
fsr-3912	131	126	3	3	NUM
fsr-3912	131	127	and	and	CCONJ
fsr-3912	131	128	4	4	NUM
fsr-3912	131	129	are	be	AUX
fsr-3912	131	130	repeated	repeat	VERB
fsr-3912	131	131	until	until	SCONJ
fsr-3912	131	132	a	a	DET
fsr-3912	131	133	new	new	ADJ
fsr-3912	131	134	equilibrium	equilibrium	NOUN
fsr-3912	131	135	is	be	AUX
fsr-3912	131	136	achieved	achieve	VERB
fsr-3912	131	137	.	.	PUNCT
fsr-3912	132	1	98	98	NUM
fsr-3912	132	2	e.	e.	PROPN
fsr-3912	132	3	elder	elder	PROPN
fsr-3912	132	4	,	,	PUNCT
fsr-3912	132	5	l.	l.	PROPN
fsr-3912	132	6	holland	holland	PROPN
fsr-3912	132	7	/	/	SYM
fsr-3912	132	8	financial	financial	ADJ
fsr-3912	132	9	services	service	NOUN
fsr-3912	132	10	review	review	VERB
fsr-3912	132	11	9	9	NUM
fsr-3912	132	12	(	(	PUNCT
fsr-3912	132	13	2000	2000	NUM
fsr-3912	132	14	)	)	PUNCT
fsr-3912	133	1	93–106	93–106	NOUN
fsr-3912	133	2	it	it	PRON
fsr-3912	133	3	is	be	AUX
fsr-3912	133	4	interesting	interesting	ADJ
fsr-3912	133	5	that	that	SCONJ
fsr-3912	133	6	the	the	DET
fsr-3912	133	7	change	change	NOUN
fsr-3912	133	8	in	in	ADP
fsr-3912	133	9	re	re	ADP
fsr-3912	133	10	and	and	CCONJ
fsr-3912	133	11	rb	rb	X
fsr-3912	133	12	following	follow	VERB
fsr-3912	133	13	social	social	ADJ
fsr-3912	133	14	security	security	NOUN
fsr-3912	133	15	reform	reform	NOUN
fsr-3912	133	16	is	be	AUX
fsr-3912	133	17	not	not	PART
fsr-3912	133	18	dependent	dependent	ADJ
fsr-3912	133	19	upon	upon	SCONJ
fsr-3912	133	20	the	the	DET
fsr-3912	133	21	level	level	NOUN
fsr-3912	133	22	of	of	ADP
fsr-3912	133	23	risk	risk	NOUN
fsr-3912	133	24	aversion	aversion	NOUN
fsr-3912	133	25	of	of	ADP
fsr-3912	133	26	the	the	DET
fsr-3912	133	27	constrained	constrain	VERB
fsr-3912	133	28	individuals	individual	NOUN
fsr-3912	133	29	.	.	PUNCT
fsr-3912	134	1	the	the	DET
fsr-3912	134	2	intuition	intuition	NOUN
fsr-3912	134	3	is	be	AUX
fsr-3912	134	4	straightforward	straightforward	ADJ
fsr-3912	134	5	.	.	PUNCT
fsr-3912	135	1	it	it	PRON
fsr-3912	135	2	is	be	AUX
fsr-3912	135	3	assumed	assume	VERB
fsr-3912	135	4	that	that	SCONJ
fsr-3912	135	5	individuals	individual	NOUN
fsr-3912	135	6	that	that	PRON
fsr-3912	135	7	are	be	AUX
fsr-3912	135	8	constrained	constrain	VERB
fsr-3912	135	9	in	in	ADP
fsr-3912	135	10	a	a	DET
fsr-3912	135	11	given	give	VERB
fsr-3912	135	12	market	market	NOUN
fsr-3912	135	13	prior	prior	ADV
fsr-3912	135	14	to	to	ADP
fsr-3912	135	15	reform	reform	NOUN
fsr-3912	135	16	remain	remain	VERB
fsr-3912	135	17	constrained	constrained	ADJ
fsr-3912	135	18	following	follow	VERB
fsr-3912	135	19	reform	reform	NOUN
fsr-3912	135	20	.	.	PUNCT
fsr-3912	136	1	whether	whether	SCONJ
fsr-3912	136	2	an	an	DET
fsr-3912	136	3	individual	individual	NOUN
fsr-3912	136	4	is	be	AUX
fsr-3912	136	5	constrained	constrain	VERB
fsr-3912	136	6	is	be	AUX
fsr-3912	136	7	dependent	dependent	ADJ
fsr-3912	136	8	upon	upon	SCONJ
fsr-3912	136	9	his	his	PRON
fsr-3912	136	10	risk	risk	NOUN
fsr-3912	136	11	aversion	aversion	NOUN
fsr-3912	136	12	(	(	PUNCT
fsr-3912	136	13	as	as	SCONJ
fsr-3912	136	14	shown	show	VERB
fsr-3912	136	15	in	in	ADP
fsr-3912	136	16	appendix	appendix	ADJ
fsr-3912	136	17	b	b	NOUN
fsr-3912	136	18	)	)	PUNCT
fsr-3912	136	19	.	.	PUNCT
fsr-3912	137	1	the	the	DET
fsr-3912	137	2	amount	amount	NOUN
fsr-3912	137	3	of	of	ADP
fsr-3912	137	4	funds	fund	NOUN
fsr-3912	137	5	that	that	PRON
fsr-3912	137	6	a	a	DET
fsr-3912	137	7	constrained	constrain	VERB
fsr-3912	137	8	individual	individual	ADJ
fsr-3912	137	9	invests	invest	NOUN
fsr-3912	137	10	in	in	ADP
fsr-3912	137	11	a	a	DET
fsr-3912	137	12	given	give	VERB
fsr-3912	137	13	market	market	NOUN
fsr-3912	137	14	is	be	AUX
fsr-3912	137	15	by	by	ADP
fsr-3912	137	16	definition	definition	NOUN
fsr-3912	137	17	fixed	fix	VERB
fsr-3912	137	18	by	by	ADP
fsr-3912	137	19	the	the	DET
fsr-3912	137	20	constraint	constraint	NOUN
fsr-3912	137	21	,	,	PUNCT
fsr-3912	137	22	regardless	regardless	ADV
fsr-3912	137	23	of	of	ADP
fsr-3912	137	24	the	the	DET
fsr-3912	137	25	degree	degree	NOUN
fsr-3912	137	26	of	of	ADP
fsr-3912	137	27	constraint	constraint	NOUN
fsr-3912	137	28	.	.	PUNCT
fsr-3912	138	1	therefore	therefore	ADV
fsr-3912	138	2	all	all	DET
fsr-3912	138	3	individuals	individual	NOUN
fsr-3912	138	4	constrained	constrain	VERB
fsr-3912	138	5	to	to	PART
fsr-3912	138	6	hold	hold	VERB
fsr-3912	138	7	funds	fund	NOUN
fsr-3912	138	8	in	in	ADP
fsr-3912	138	9	the	the	DET
fsr-3912	138	10	bond	bond	NOUN
fsr-3912	138	11	(	(	PUNCT
fsr-3912	138	12	equities	equity	NOUN
fsr-3912	138	13	)	)	PUNCT
fsr-3912	138	14	market	market	NOUN
fsr-3912	138	15	will	will	AUX
fsr-3912	138	16	invest	invest	VERB
fsr-3912	138	17	the	the	DET
fsr-3912	138	18	same	same	ADJ
fsr-3912	138	19	amount	amount	NOUN
fsr-3912	138	20	of	of	ADP
fsr-3912	138	21	funds	fund	NOUN
fsr-3912	138	22	regardless	regardless	ADV
fsr-3912	138	23	of	of	ADP
fsr-3912	138	24	the	the	DET
fsr-3912	138	25	degree	degree	NOUN
fsr-3912	138	26	of	of	ADP
fsr-3912	138	27	risk	risk	NOUN
fsr-3912	138	28	aversion	aversion	NOUN
fsr-3912	138	29	.	.	PUNCT
fsr-3912	139	1	it	it	PRON
fsr-3912	139	2	is	be	AUX
fsr-3912	139	3	also	also	ADV
fsr-3912	139	4	straightforward	straightforward	ADJ
fsr-3912	139	5	to	to	PART
fsr-3912	139	6	understand	understand	VERB
fsr-3912	139	7	why	why	SCONJ
fsr-3912	139	8	there	there	PRON
fsr-3912	139	9	are	be	VERB
fsr-3912	139	10	no	no	DET
fsr-3912	139	11	effects	effect	NOUN
fsr-3912	139	12	on	on	ADP
fsr-3912	139	13	re	re	ADP
fsr-3912	139	14	or	or	CCONJ
fsr-3912	139	15	rb	rb	NOUN
fsr-3912	139	16	if	if	SCONJ
fsr-3912	139	17	no	no	DET
fsr-3912	139	18	one	one	NOUN
fsr-3912	139	19	is	be	AUX
fsr-3912	139	20	constrained	constrain	VERB
fsr-3912	139	21	.	.	PUNCT
fsr-3912	140	1	this	this	PRON
fsr-3912	140	2	can	can	AUX
fsr-3912	140	3	be	be	AUX
fsr-3912	140	4	shown	show	VERB
fsr-3912	140	5	by	by	ADP
fsr-3912	140	6	noting	note	VERB
fsr-3912	140	7	the	the	DET
fsr-3912	140	8	bond	bond	NOUN
fsr-3912	140	9	and	and	CCONJ
fsr-3912	140	10	equity	equity	NOUN
fsr-3912	140	11	market	market	NOUN
fsr-3912	140	12	-	-	PUNCT
fsr-3912	140	13	clearing	clear	VERB
fsr-3912	140	14	conditions	condition	NOUN
fsr-3912	140	15	under	under	ADP
fsr-3912	140	16	the	the	DET
fsr-3912	140	17	situation	situation	NOUN
fsr-3912	140	18	in	in	ADP
fsr-3912	140	19	which	which	PRON
fsr-3912	140	20	no	no	DET
fsr-3912	140	21	one	one	NOUN
fsr-3912	140	22	is	be	AUX
fsr-3912	140	23	constrained	constrain	VERB
fsr-3912	140	24	.	.	PUNCT
fsr-3912	141	1	prereform	prereform	NOUN
fsr-3912	141	2	,	,	PUNCT
fsr-3912	141	3	these	these	DET
fsr-3912	141	4	conditions	condition	NOUN
fsr-3912	141	5	are	be	AUX
fsr-3912	141	6	respectively	respectively	ADV
fsr-3912	141	7	o	o	NOUN
fsr-3912	141	8	i51	i51	NOUN
fsr-3912	141	9	m	m	PROPN
fsr-3912	141	10	vi	vi	NOUN
fsr-3912	141	11	5	5	NUM
fsr-3912	141	12	e	e	NOUN
fsr-3912	141	13	exp	exp	NOUN
fsr-3912	141	14	~	~	X
fsr-3912	141	15	re	re	X
fsr-3912	141	16	!	!	PUNCT
fsr-3912	142	1	(	(	PUNCT
fsr-3912	142	2	14	14	NUM
fsr-3912	142	3	)	)	PUNCT
fsr-3912	142	4	o	o	NOUN
fsr-3912	142	5	i51	i51	NOUN
fsr-3912	142	6	m	m	PROPN
fsr-3912	142	7	~l	~l	NUM
fsr-3912	142	8	2	2	NUM
fsr-3912	142	9	vi	vi	NOUN
fsr-3912	142	10	!	!	NOUN
fsr-3912	142	11	5	5	NUM
fsr-3912	142	12	b	b	NOUN
fsr-3912	142	13	exp	exp	NOUN
fsr-3912	142	14	~	~	SYM
fsr-3912	142	15	rb	rb	NOUN
fsr-3912	142	16	!	!	PUNCT
fsr-3912	143	1	(	(	PUNCT
fsr-3912	143	2	15	15	NUM
fsr-3912	143	3	)	)	PUNCT
fsr-3912	143	4	which	which	PRON
fsr-3912	143	5	is	be	AUX
fsr-3912	143	6	exactly	exactly	ADV
fsr-3912	143	7	the	the	DET
fsr-3912	143	8	same	same	ADJ
fsr-3912	143	9	as	as	ADP
fsr-3912	143	10	the	the	DET
fsr-3912	143	11	post	post	NOUN
fsr-3912	143	12	reform	reform	NOUN
fsr-3912	143	13	conditions	condition	NOUN
fsr-3912	143	14	,	,	PUNCT
fsr-3912	143	15	indicating	indicate	VERB
fsr-3912	143	16	that	that	SCONJ
fsr-3912	143	17	no	no	DET
fsr-3912	143	18	change	change	NOUN
fsr-3912	143	19	in	in	ADP
fsr-3912	143	20	either	either	CCONJ
fsr-3912	143	21	re	re	NOUN
fsr-3912	143	22	or	or	CCONJ
fsr-3912	143	23	rb	rb	PROPN
fsr-3912	143	24	occurs	occur	VERB
fsr-3912	143	25	following	follow	VERB
fsr-3912	143	26	reform	reform	NOUN
fsr-3912	143	27	.	.	PUNCT
fsr-3912	144	1	if	if	SCONJ
fsr-3912	144	2	no	no	DET
fsr-3912	144	3	one	one	NOUN
fsr-3912	144	4	is	be	AUX
fsr-3912	144	5	constrained	constrain	VERB
fsr-3912	144	6	,	,	PUNCT
fsr-3912	144	7	then	then	ADV
fsr-3912	144	8	all	all	DET
fsr-3912	144	9	individuals	individual	NOUN
fsr-3912	144	10	can	can	AUX
fsr-3912	144	11	simply	simply	ADV
fsr-3912	144	12	reallocate	reallocate	VERB
fsr-3912	144	13	the	the	DET
fsr-3912	144	14	fraction	fraction	NOUN
fsr-3912	144	15	of	of	ADP
fsr-3912	144	16	their	their	PRON
fsr-3912	144	17	wealth	wealth	NOUN
fsr-3912	144	18	which	which	PRON
fsr-3912	144	19	they	they	PRON
fsr-3912	144	20	have	have	VERB
fsr-3912	144	21	control	control	NOUN
fsr-3912	144	22	over	over	ADP
fsr-3912	144	23	in	in	ADP
fsr-3912	144	24	order	order	NOUN
fsr-3912	144	25	to	to	PART
fsr-3912	144	26	fully	fully	ADV
fsr-3912	144	27	achieve	achieve	VERB
fsr-3912	144	28	their	their	PRON
fsr-3912	144	29	prereform	prereform	NOUN
fsr-3912	144	30	allocation	allocation	NOUN
fsr-3912	144	31	(	(	PUNCT
fsr-3912	144	32	hence	hence	ADV
fsr-3912	144	33	leaving	leave	VERB
fsr-3912	144	34	returns	return	NOUN
fsr-3912	144	35	unchanged	unchanged	ADJ
fsr-3912	144	36	)	)	PUNCT
fsr-3912	144	37	.	.	PUNCT
fsr-3912	145	1	therefore	therefore	ADV
fsr-3912	145	2	,	,	PUNCT
fsr-3912	145	3	effects	effect	NOUN
fsr-3912	145	4	on	on	ADP
fsr-3912	145	5	re	re	NOUN
fsr-3912	145	6	and	and	CCONJ
fsr-3912	145	7	rb	rb	NOUN
fsr-3912	145	8	occur	occur	VERB
fsr-3912	145	9	only	only	ADV
fsr-3912	145	10	if	if	SCONJ
fsr-3912	145	11	there	there	PRON
fsr-3912	145	12	are	be	VERB
fsr-3912	145	13	individuals	individual	NOUN
fsr-3912	145	14	who	who	PRON
fsr-3912	145	15	are	be	AUX
fsr-3912	145	16	constrained	constrain	VERB
fsr-3912	145	17	.	.	PUNCT
fsr-3912	146	1	if	if	SCONJ
fsr-3912	146	2	individuals	individual	NOUN
fsr-3912	146	3	become	become	VERB
fsr-3912	146	4	unconstrained	unconstrained	ADJ
fsr-3912	146	5	then	then	ADV
fsr-3912	146	6	that	that	SCONJ
fsr-3912	146	7	individual	individual	NOUN
fsr-3912	146	8	’s	’s	PART
fsr-3912	146	9	action	action	NOUN
fsr-3912	146	10	no	no	ADV
fsr-3912	146	11	longer	long	ADV
fsr-3912	146	12	has	have	VERB
fsr-3912	146	13	an	an	DET
fsr-3912	146	14	effect	effect	NOUN
fsr-3912	146	15	on	on	ADP
fsr-3912	146	16	re	re	ADP
fsr-3912	146	17	and	and	CCONJ
fsr-3912	146	18	rb	rb	X
fsr-3912	146	19	(	(	PUNCT
fsr-3912	146	20	but	but	CCONJ
fsr-3912	146	21	re	re	X
fsr-3912	146	22	and	and	CCONJ
fsr-3912	146	23	rb	rb	NOUN
fsr-3912	146	24	could	could	AUX
fsr-3912	146	25	still	still	ADV
fsr-3912	146	26	be	be	AUX
fsr-3912	146	27	changing	change	VERB
fsr-3912	146	28	if	if	SCONJ
fsr-3912	146	29	others	other	NOUN
fsr-3912	146	30	continue	continue	VERB
fsr-3912	146	31	to	to	PART
fsr-3912	146	32	be	be	AUX
fsr-3912	146	33	constrained	constrain	VERB
fsr-3912	146	34	or	or	CCONJ
fsr-3912	146	35	if	if	SCONJ
fsr-3912	146	36	new	new	ADJ
fsr-3912	146	37	individuals	individual	NOUN
fsr-3912	146	38	become	become	VERB
fsr-3912	146	39	constrained	constrained	ADJ
fsr-3912	146	40	)	)	PUNCT
fsr-3912	146	41	.	.	PUNCT
fsr-3912	147	1	this	this	PRON
fsr-3912	147	2	is	be	AUX
fsr-3912	147	3	consistent	consistent	ADJ
fsr-3912	147	4	with	with	ADP
fsr-3912	147	5	the	the	DET
fsr-3912	147	6	results	result	NOUN
fsr-3912	147	7	given	give	VERB
fsr-3912	147	8	in	in	ADP
fsr-3912	147	9	(	(	PUNCT
fsr-3912	147	10	12	12	NUM
fsr-3912	147	11	)	)	PUNCT
fsr-3912	147	12	and	and	CCONJ
fsr-3912	147	13	(	(	PUNCT
fsr-3912	147	14	13	13	NUM
fsr-3912	147	15	)	)	PUNCT
fsr-3912	147	16	by	by	ADP
fsr-3912	147	17	noting	note	VERB
fsr-3912	147	18	that	that	SCONJ
fsr-3912	147	19	the	the	DET
fsr-3912	147	20	“	"	PUNCT
fsr-3912	147	21	no	no	DET
fsr-3912	147	22	constrained	constrained	ADJ
fsr-3912	147	23	individuals	individual	NOUN
fsr-3912	147	24	”	"	PUNCT
fsr-3912	147	25	case	case	NOUN
fsr-3912	147	26	is	be	AUX
fsr-3912	147	27	equivalent	equivalent	ADJ
fsr-3912	147	28	to	to	ADP
fsr-3912	147	29	nx	nx	PROPN
fsr-3912	147	30	5	5	NUM
fsr-3912	147	31	nz	nz	PROPN
fsr-3912	147	32	5	5	NUM
fsr-3912	147	33	0	0	NUM
fsr-3912	147	34	(	(	PUNCT
fsr-3912	147	35	in	in	ADP
fsr-3912	147	36	which	which	DET
fsr-3912	147	37	case	case	NOUN
fsr-3912	147	38	gn	gn	PROPN
fsr-3912	147	39	5	5	NUM
fsr-3912	147	40	0	0	NUM
fsr-3912	147	41	and	and	CCONJ
fsr-3912	147	42	dre	dre	PROPN
fsr-3912	147	43	/	/	SYM
fsr-3912	147	44	dn	dn	PROPN
fsr-3912	147	45	5	5	NUM
fsr-3912	147	46	0	0	NUM
fsr-3912	147	47	and	and	CCONJ
fsr-3912	147	48	drb	drb	PROPN
fsr-3912	147	49	/	/	SYM
fsr-3912	147	50	dn	dn	PROPN
fsr-3912	147	51	5	5	NUM
fsr-3912	147	52	0	0	NUM
fsr-3912	147	53	)	)	PUNCT
fsr-3912	147	54	.	.	PUNCT
fsr-3912	148	1	the	the	DET
fsr-3912	148	2	actual	actual	ADJ
fsr-3912	148	3	magnitude	magnitude	NOUN
fsr-3912	148	4	of	of	ADP
fsr-3912	148	5	these	these	DET
fsr-3912	148	6	effects	effect	NOUN
fsr-3912	148	7	is	be	AUX
fsr-3912	148	8	an	an	DET
fsr-3912	148	9	empirical	empirical	ADJ
fsr-3912	148	10	question	question	NOUN
fsr-3912	148	11	.	.	PUNCT
fsr-3912	149	1	however	however	ADV
fsr-3912	149	2	,	,	PUNCT
fsr-3912	149	3	we	we	PRON
fsr-3912	149	4	can	can	AUX
fsr-3912	149	5	use	use	VERB
fsr-3912	149	6	eqs	eqs	PROPN
fsr-3912	149	7	.	.	PUNCT
fsr-3912	150	1	(	(	PUNCT
fsr-3912	150	2	6	6	NUM
fsr-3912	150	3	)	)	PUNCT
fsr-3912	150	4	,	,	PUNCT
fsr-3912	150	5	(	(	PUNCT
fsr-3912	150	6	7	7	NUM
fsr-3912	150	7	)	)	PUNCT
fsr-3912	150	8	,	,	PUNCT
fsr-3912	150	9	(	(	PUNCT
fsr-3912	150	10	12	12	NUM
fsr-3912	150	11	)	)	PUNCT
fsr-3912	150	12	,	,	PUNCT
fsr-3912	150	13	and	and	CCONJ
fsr-3912	150	14	(	(	PUNCT
fsr-3912	150	15	13	13	NUM
fsr-3912	150	16	)	)	PUNCT
fsr-3912	150	17	to	to	PART
fsr-3912	150	18	calculate	calculate	VERB
fsr-3912	150	19	the	the	DET
fsr-3912	150	20	potential	potential	ADJ
fsr-3912	150	21	magnitude	magnitude	NOUN
fsr-3912	150	22	of	of	ADP
fsr-3912	150	23	changes	change	NOUN
fsr-3912	150	24	in	in	ADP
fsr-3912	150	25	interest	interest	NOUN
fsr-3912	150	26	rates	rate	NOUN
fsr-3912	150	27	and	and	CCONJ
fsr-3912	150	28	equity	equity	NOUN
fsr-3912	150	29	returns	return	NOUN
fsr-3912	150	30	for	for	ADP
fsr-3912	150	31	a	a	DET
fsr-3912	150	32	wide	wide	ADJ
fsr-3912	150	33	range	range	NOUN
fsr-3912	150	34	of	of	ADP
fsr-3912	150	35	parameter	parameter	NOUN
fsr-3912	150	36	values	value	NOUN
fsr-3912	150	37	forn	forn	PROPN
fsr-3912	150	38	,	,	PUNCT
fsr-3912	150	39	ny	ny	PROPN
fsr-3912	150	40	,	,	PUNCT
fsr-3912	150	41	nz	nz	PROPN
fsr-3912	150	42	.	.	PUNCT
fsr-3912	151	1	the	the	DET
fsr-3912	151	2	changes	change	NOUN
fsr-3912	151	3	in	in	ADP
fsr-3912	151	4	rb	rb	NOUN
fsr-3912	151	5	and	and	CCONJ
fsr-3912	151	6	re	re	NOUN
fsr-3912	151	7	,	,	PUNCT
fsr-3912	151	8	following	follow	VERB
fsr-3912	151	9	a	a	DET
fsr-3912	151	10	shift	shift	NOUN
fsr-3912	151	11	of	of	ADP
fsr-3912	151	12	forty	forty	NUM
fsr-3912	151	13	percentage	percentage	NOUN
fsr-3912	151	14	of	of	ADP
fsr-3912	151	15	the	the	DET
fsr-3912	151	16	trust	trust	NOUN
fsr-3912	151	17	fund	fund	NOUN
fsr-3912	151	18	into	into	ADP
fsr-3912	151	19	the	the	DET
fsr-3912	151	20	equities	equity	NOUN
fsr-3912	151	21	market	market	NOUN
fsr-3912	151	22	,	,	PUNCT
fsr-3912	151	23	range	range	VERB
fsr-3912	151	24	from	from	ADP
fsr-3912	151	25	dre	dre	PROPN
fsr-3912	151	26	/	/	SYM
fsr-3912	151	27	dn	dn	PROPN
fsr-3912	151	28	5	5	NUM
fsr-3912	151	29	21.21	21.21	NUM
fsr-3912	151	30	%	%	NOUN
fsr-3912	151	31	,	,	PUNCT
fsr-3912	151	32	drb	drb	PROPN
fsr-3912	151	33	/	/	SYM
fsr-3912	151	34	dn	dn	NOUN
fsr-3912	151	35	51.30	51.30	NUM
fsr-3912	151	36	%	%	NOUN
fsr-3912	151	37	(	(	PUNCT
fsr-3912	151	38	ny	ny	NOUN
fsr-3912	151	39	5	5	NUM
fsr-3912	151	40	1	1	NUM
fsr-3912	151	41	,	,	PUNCT
fsr-3912	151	42	nz	nz	NOUN
fsr-3912	151	43	5	5	NUM
fsr-3912	151	44	1	1	NUM
fsr-3912	151	45	,	,	PUNCT
fsr-3912	151	46	n	n	ADV
fsr-3912	151	47	5	5	NUM
fsr-3912	151	48	0.4	0.4	NUM
fsr-3912	151	49	)	)	PUNCT
fsr-3912	151	50	to	to	PART
fsr-3912	151	51	dre	dre	PROPN
fsr-3912	151	52	/	/	SYM
fsr-3912	151	53	dn	dn	PROPN
fsr-3912	151	54	5	5	NUM
fsr-3912	151	55	20.03	20.03	NUM
fsr-3912	151	56	%	%	NOUN
fsr-3912	151	57	,	,	PUNCT
fsr-3912	151	58	drb	drb	PROPN
fsr-3912	151	59	/	/	SYM
fsr-3912	151	60	dn	dn	PROPN
fsr-3912	151	61	5	5	NUM
fsr-3912	151	62	0.03	0.03	NUM
fsr-3912	151	63	%	%	NOUN
fsr-3912	151	64	(	(	PUNCT
fsr-3912	151	65	ny	ny	PROPN
fsr-3912	151	66	5	5	NUM
fsr-3912	151	67	10	10	NUM
fsr-3912	151	68	,	,	PUNCT
fsr-3912	151	69	nz	nz	NOUN
fsr-3912	151	70	5	5	NUM
fsr-3912	151	71	1	1	NUM
fsr-3912	151	72	,	,	PUNCT
fsr-3912	151	73	n	n	ADV
fsr-3912	151	74	5	5	NUM
fsr-3912	151	75	0.1	0.1	NUM
fsr-3912	151	76	)	)	PUNCT
fsr-3912	151	77	.	.	PUNCT
fsr-3912	152	1	this	this	DET
fsr-3912	152	2	range	range	NOUN
fsr-3912	152	3	of	of	ADP
fsr-3912	152	4	estimates	estimate	NOUN
fsr-3912	152	5	is	be	AUX
fsr-3912	152	6	consistent	consistent	ADJ
fsr-3912	152	7	with	with	ADP
fsr-3912	152	8	the	the	DET
fsr-3912	152	9	estimated	estimate	VERB
fsr-3912	152	10	increase	increase	NOUN
fsr-3912	152	11	in	in	ADP
fsr-3912	152	12	interest	interest	NOUN
fsr-3912	152	13	rates	rate	NOUN
fsr-3912	152	14	of	of	ADP
fsr-3912	152	15	1.44	1.44	NUM
fsr-3912	152	16	%	%	NOUN
fsr-3912	152	17	in	in	ADP
fsr-3912	152	18	elder	elder	NOUN
fsr-3912	152	19	and	and	CCONJ
fsr-3912	152	20	holland	holland	PROPN
fsr-3912	152	21	(	(	PUNCT
fsr-3912	152	22	1999	1999	NUM
fsr-3912	152	23	)	)	PUNCT
fsr-3912	152	24	,	,	PUNCT
fsr-3912	152	25	which	which	PRON
fsr-3912	152	26	uses	use	VERB
fsr-3912	152	27	a	a	DET
fsr-3912	152	28	different	different	ADJ
fsr-3912	152	29	approach	approach	NOUN
fsr-3912	152	30	to	to	PART
fsr-3912	152	31	empirically	empirically	ADV
fsr-3912	152	32	estimate	estimate	VERB
fsr-3912	152	33	the	the	DET
fsr-3912	152	34	effects	effect	NOUN
fsr-3912	152	35	on	on	ADP
fsr-3912	152	36	interest	interest	NOUN
fsr-3912	152	37	rates	rate	NOUN
fsr-3912	152	38	.	.	PUNCT
fsr-3912	153	1	the	the	DET
fsr-3912	153	2	estimates	estimate	NOUN
fsr-3912	153	3	from	from	ADP
fsr-3912	153	4	these	these	DET
fsr-3912	153	5	calculations	calculation	NOUN
fsr-3912	153	6	are	be	AUX
fsr-3912	153	7	based	base	VERB
fsr-3912	153	8	on	on	ADP
fsr-3912	153	9	several	several	ADJ
fsr-3912	153	10	assumptions	assumption	NOUN
fsr-3912	153	11	.	.	PUNCT
fsr-3912	154	1	the	the	DET
fsr-3912	154	2	relative	relative	ADJ
fsr-3912	154	3	size	size	NOUN
fsr-3912	154	4	of	of	ADP
fsr-3912	154	5	ny	ny	PROPN
fsr-3912	154	6	and	and	CCONJ
fsr-3912	154	7	nz	nz	PROPN
fsr-3912	154	8	is	be	AUX
fsr-3912	154	9	analogous	analogous	ADJ
fsr-3912	154	10	to	to	ADP
fsr-3912	154	11	the	the	DET
fsr-3912	154	12	size	size	NOUN
fsr-3912	154	13	of	of	ADP
fsr-3912	154	14	the	the	DET
fsr-3912	154	15	population	population	NOUN
fsr-3912	154	16	which	which	PRON
fsr-3912	154	17	is	be	AUX
fsr-3912	154	18	unconstrained	unconstraine	VERB
fsr-3912	154	19	relative	relative	ADJ
fsr-3912	154	20	to	to	ADP
fsr-3912	154	21	the	the	DET
fsr-3912	154	22	amount	amount	NOUN
fsr-3912	154	23	of	of	ADP
fsr-3912	154	24	the	the	DET
fsr-3912	154	25	population	population	NOUN
fsr-3912	154	26	which	which	PRON
fsr-3912	154	27	is	be	AUX
fsr-3912	154	28	constrained	constrain	VERB
fsr-3912	154	29	.	.	PUNCT
fsr-3912	155	1	these	these	DET
fsr-3912	155	2	results	result	NOUN
fsr-3912	155	3	set	set	VERB
fsr-3912	155	4	nx	nx	PROPN
fsr-3912	155	5	5	5	NUM
fsr-3912	155	6	0	0	NUM
fsr-3912	155	7	because	because	SCONJ
fsr-3912	155	8	currently	currently	ADV
fsr-3912	155	9	there	there	PRON
fsr-3912	155	10	are	be	VERB
fsr-3912	155	11	no	no	DET
fsr-3912	155	12	social	social	ADJ
fsr-3912	155	13	security	security	NOUN
fsr-3912	155	14	funds	fund	NOUN
fsr-3912	155	15	invested	invest	VERB
fsr-3912	155	16	in	in	ADP
fsr-3912	155	17	the	the	DET
fsr-3912	155	18	equities	equity	NOUN
fsr-3912	155	19	market	market	NOUN
fsr-3912	155	20	so	so	SCONJ
fsr-3912	155	21	there	there	PRON
fsr-3912	155	22	can	can	AUX
fsr-3912	155	23	not	not	PART
fsr-3912	155	24	be	be	AUX
fsr-3912	155	25	anyone	anyone	PRON
fsr-3912	155	26	constrained	constrain	VERB
fsr-3912	155	27	to	to	PART
fsr-3912	155	28	hold	hold	VERB
fsr-3912	155	29	excess	excess	ADJ
fsr-3912	155	30	funds	fund	NOUN
fsr-3912	155	31	in	in	ADP
fsr-3912	155	32	the	the	DET
fsr-3912	155	33	equities	equity	NOUN
fsr-3912	155	34	market	market	NOUN
fsr-3912	155	35	.	.	PUNCT
fsr-3912	156	1	the	the	DET
fsr-3912	156	2	assumption	assumption	NOUN
fsr-3912	156	3	that	that	SCONJ
fsr-3912	156	4	nx	nx	PROPN
fsr-3912	156	5	remains	remain	VERB
fsr-3912	156	6	equal	equal	ADJ
fsr-3912	156	7	to	to	ADP
fsr-3912	156	8	zero	zero	NUM
fsr-3912	156	9	as	as	SCONJ
fsr-3912	156	10	funds	fund	NOUN
fsr-3912	156	11	are	be	AUX
fsr-3912	156	12	shifted	shift	VERB
fsr-3912	156	13	into	into	ADP
fsr-3912	156	14	the	the	DET
fsr-3912	156	15	equities	equity	NOUN
fsr-3912	156	16	market	market	NOUN
fsr-3912	156	17	is	be	AUX
fsr-3912	156	18	rather	rather	ADV
fsr-3912	156	19	conservative	conservative	ADJ
fsr-3912	156	20	.	.	PUNCT
fsr-3912	157	1	if	if	SCONJ
fsr-3912	157	2	we	we	PRON
fsr-3912	157	3	were	be	AUX
fsr-3912	157	4	to	to	PART
fsr-3912	157	5	allow	allow	VERB
fsr-3912	157	6	99e	99e	NOUN
fsr-3912	157	7	.	.	PUNCT
fsr-3912	158	1	elder	elder	NOUN
fsr-3912	158	2	,	,	PUNCT
fsr-3912	158	3	l.	l.	PROPN
fsr-3912	158	4	holland	holland	PROPN
fsr-3912	158	5	/	/	SYM
fsr-3912	158	6	financial	financial	ADJ
fsr-3912	158	7	services	service	NOUN
fsr-3912	158	8	review	review	VERB
fsr-3912	158	9	9	9	NUM
fsr-3912	158	10	(	(	PUNCT
fsr-3912	158	11	2000	2000	NUM
fsr-3912	158	12	)	)	PUNCT
fsr-3912	159	1	93–106	93–106	PRON
fsr-3912	159	2	initially	initially	ADV
fsr-3912	159	3	unconstrained	unconstraine	VERB
fsr-3912	159	4	individuals	individual	NOUN
fsr-3912	159	5	to	to	PART
fsr-3912	159	6	become	become	VERB
fsr-3912	159	7	nx	nx	NOUN
fsr-3912	159	8	type	type	NOUN
fsr-3912	159	9	individuals	individual	NOUN
fsr-3912	159	10	the	the	DET
fsr-3912	159	11	results	result	NOUN
fsr-3912	159	12	below	below	ADV
fsr-3912	159	13	would	would	AUX
fsr-3912	159	14	be	be	AUX
fsr-3912	159	15	magnified	magnify	VERB
fsr-3912	159	16	.	.	PUNCT
fsr-3912	160	1	the	the	DET
fsr-3912	160	2	calculations	calculation	NOUN
fsr-3912	160	3	set	set	VERB
fsr-3912	160	4	the	the	DET
fsr-3912	160	5	relative	relative	ADJ
fsr-3912	160	6	size	size	NOUN
fsr-3912	160	7	of	of	ADP
fsr-3912	160	8	the	the	DET
fsr-3912	160	9	bond	bond	NOUN
fsr-3912	160	10	and	and	CCONJ
fsr-3912	160	11	equities	equity	NOUN
fsr-3912	160	12	market	market	NOUN
fsr-3912	160	13	to	to	PART
fsr-3912	160	14	match	match	VERB
fsr-3912	160	15	the	the	DET
fsr-3912	160	16	actual	actual	ADJ
fsr-3912	160	17	relationship	relationship	NOUN
fsr-3912	160	18	;	;	PUNCT
fsr-3912	160	19	the	the	DET
fsr-3912	160	20	flow	flow	NOUN
fsr-3912	160	21	of	of	ADP
fsr-3912	160	22	funds	fund	NOUN
fsr-3912	160	23	accounts	account	NOUN
fsr-3912	160	24	of	of	ADP
fsr-3912	160	25	the	the	DET
fsr-3912	160	26	united	united	PROPN
fsr-3912	160	27	states	states	PROPN
fsr-3912	160	28	(	(	PUNCT
fsr-3912	160	29	1999	1999	NUM
fsr-3912	160	30	)	)	PUNCT
fsr-3912	160	31	shows	show	VERB
fsr-3912	160	32	that	that	SCONJ
fsr-3912	160	33	in	in	ADP
fsr-3912	160	34	1998	1998	NUM
fsr-3912	160	35	the	the	DET
fsr-3912	160	36	market	market	NOUN
fsr-3912	160	37	capitalization	capitalization	NOUN
fsr-3912	160	38	of	of	ADP
fsr-3912	160	39	the	the	DET
fsr-3912	160	40	equities	equity	NOUN
fsr-3912	160	41	market	market	NOUN
fsr-3912	160	42	was	be	AUX
fsr-3912	160	43	$	$	SYM
fsr-3912	160	44	15,438	15,438	NUM
fsr-3912	160	45	billion	billion	NUM
fsr-3912	160	46	and	and	CCONJ
fsr-3912	160	47	the	the	DET
fsr-3912	160	48	market	market	NOUN
fsr-3912	160	49	capitalization	capitalization	NOUN
fsr-3912	160	50	of	of	ADP
fsr-3912	160	51	the	the	DET
fsr-3912	160	52	bond	bond	NOUN
fsr-3912	160	53	market	market	NOUN
fsr-3912	160	54	(	(	PUNCT
fsr-3912	160	55	including	include	VERB
fsr-3912	160	56	treasury	treasury	NOUN
fsr-3912	160	57	and	and	CCONJ
fsr-3912	160	58	government	government	NOUN
fsr-3912	160	59	agency	agency	NOUN
fsr-3912	160	60	securities	security	NOUN
fsr-3912	160	61	,	,	PUNCT
fsr-3912	160	62	corporate	corporate	ADJ
fsr-3912	160	63	and	and	CCONJ
fsr-3912	160	64	foreign	foreign	ADJ
fsr-3912	160	65	bonds	bond	NOUN
fsr-3912	160	66	,	,	PUNCT
fsr-3912	160	67	and	and	CCONJ
fsr-3912	160	68	municipal	municipal	ADJ
fsr-3912	160	69	bonds	bond	NOUN
fsr-3912	160	70	)	)	PUNCT
fsr-3912	160	71	was	be	AUX
fsr-3912	160	72	$	$	SYM
fsr-3912	160	73	12,387	12,387	NUM
fsr-3912	160	74	billion	billion	NUM
fsr-3912	160	75	.	.	PUNCT
fsr-3912	161	1	4	4	X
fsr-3912	161	2	.	.	X
fsr-3912	161	3	other	other	ADJ
fsr-3912	161	4	comparative	comparative	ADJ
fsr-3912	161	5	statics	static	NOUN
fsr-3912	161	6	it	it	PRON
fsr-3912	161	7	is	be	AUX
fsr-3912	161	8	also	also	ADV
fsr-3912	161	9	interesting	interesting	ADJ
fsr-3912	161	10	to	to	PART
fsr-3912	161	11	examine	examine	VERB
fsr-3912	161	12	how	how	SCONJ
fsr-3912	161	13	the	the	DET
fsr-3912	161	14	changes	change	NOUN
fsr-3912	161	15	in	in	ADP
fsr-3912	161	16	rb	rb	NOUN
fsr-3912	161	17	and	and	CCONJ
fsr-3912	161	18	re	re	NOUN
fsr-3912	161	19	are	be	AUX
fsr-3912	161	20	affected	affect	VERB
fsr-3912	161	21	by	by	ADP
fsr-3912	161	22	changes	change	NOUN
fsr-3912	161	23	in	in	ADP
fsr-3912	161	24	nx	nx	PROPN
fsr-3912	161	25	,	,	PUNCT
fsr-3912	161	26	nz	nz	PROPN
fsr-3912	161	27	,	,	PUNCT
fsr-3912	161	28	andgy	andgy	PROPN
fsr-3912	161	29	.	.	PUNCT
fsr-3912	162	1	qualitatively	qualitatively	ADV
fsr-3912	162	2	,	,	PUNCT
fsr-3912	162	3	these	these	DET
fsr-3912	162	4	effects	effect	NOUN
fsr-3912	162	5	are	be	AUX
fsr-3912	162	6	found	find	VERB
fsr-3912	162	7	by	by	ADP
fsr-3912	162	8	taking	take	VERB
fsr-3912	162	9	the	the	DET
fsr-3912	162	10	cross	cross	NOUN
fsr-3912	162	11	derivatives	derivative	NOUN
fsr-3912	162	12	of	of	ADP
fsr-3912	162	13	(	(	PUNCT
fsr-3912	162	14	12	12	NUM
fsr-3912	162	15	)	)	PUNCT
fsr-3912	162	16	and	and	CCONJ
fsr-3912	162	17	(	(	PUNCT
fsr-3912	162	18	13	13	NUM
fsr-3912	162	19	)	)	PUNCT
fsr-3912	162	20	.	.	PUNCT
fsr-3912	163	1	first	first	ADV
fsr-3912	163	2	of	of	ADP
fsr-3912	163	3	all	all	PRON
fsr-3912	163	4	,	,	PUNCT
fsr-3912	163	5	it	it	PRON
fsr-3912	163	6	can	can	AUX
fsr-3912	163	7	be	be	AUX
fsr-3912	163	8	shown	show	VERB
fsr-3912	163	9	that	that	SCONJ
fsr-3912	163	10	with	with	ADP
fsr-3912	163	11	respect	respect	NOUN
fsr-3912	163	12	to	to	ADP
fsr-3912	163	13	nx	nx	NUM
fsr-3912	163	14	or	or	CCONJ
fsr-3912	163	15	nz	nz	NOUN
fsr-3912	163	16	that	that	PRON
fsr-3912	163	17	dre/(dndnx)5	dre/(dndnx)5	PROPN
fsr-3912	163	18	dre/(dndnz	dre/(dndnz	PROPN
fsr-3912	163	19	)	)	PUNCT
fsr-3912	163	20	,	,	PUNCT
fsr-3912	163	21	0	0	NUM
fsr-3912	163	22	and	and	CCONJ
fsr-3912	163	23	drb/(dndnx	drb/(dndnx	NOUN
fsr-3912	163	24	)	)	PUNCT
fsr-3912	163	25	5	5	NUM
fsr-3912	163	26	drb/(dndnz	drb/(dndnz	NOUN
fsr-3912	163	27	)	)	PUNCT
fsr-3912	163	28	.	.	PUNCT
fsr-3912	164	1	0	0	NUM
fsr-3912	164	2	,	,	PUNCT
fsr-3912	164	3	meaning	mean	VERB
fsr-3912	164	4	that	that	SCONJ
fsr-3912	164	5	as	as	SCONJ
fsr-3912	164	6	more	more	ADJ
fsr-3912	164	7	individuals	individual	NOUN
fsr-3912	164	8	are	be	AUX
fsr-3912	164	9	constrained	constrain	VERB
fsr-3912	164	10	the	the	DET
fsr-3912	164	11	effects	effect	NOUN
fsr-3912	164	12	of	of	ADP
fsr-3912	164	13	reform	reform	NOUN
fsr-3912	164	14	on	on	ADP
fsr-3912	164	15	re	re	ADP
fsr-3912	164	16	and	and	CCONJ
fsr-3912	164	17	rb	rb	NOUN
fsr-3912	164	18	are	be	AUX
fsr-3912	164	19	magnified	magnify	VERB
fsr-3912	164	20	.	.	PUNCT
fsr-3912	165	1	to	to	PART
fsr-3912	165	2	understand	understand	VERB
fsr-3912	165	3	this	this	PRON
fsr-3912	165	4	,	,	PUNCT
fsr-3912	165	5	note	note	VERB
fsr-3912	165	6	that	that	SCONJ
fsr-3912	165	7	as	as	SCONJ
fsr-3912	165	8	more	more	ADJ
fsr-3912	165	9	individuals	individual	NOUN
fsr-3912	165	10	are	be	AUX
fsr-3912	165	11	constrained	constrain	VERB
fsr-3912	165	12	(	(	PUNCT
fsr-3912	165	13	regardless	regardless	ADV
fsr-3912	165	14	of	of	ADP
fsr-3912	165	15	where	where	SCONJ
fsr-3912	165	16	they	they	PRON
fsr-3912	165	17	are	be	AUX
fsr-3912	165	18	constrained	constrain	VERB
fsr-3912	165	19	)	)	PUNCT
fsr-3912	165	20	,	,	PUNCT
fsr-3912	165	21	a	a	DET
fsr-3912	165	22	larger	large	ADJ
fsr-3912	165	23	amount	amount	NOUN
fsr-3912	165	24	of	of	ADP
fsr-3912	165	25	funds	fund	NOUN
fsr-3912	165	26	is	be	AUX
fsr-3912	165	27	not	not	PART
fsr-3912	165	28	adjusted	adjust	VERB
fsr-3912	165	29	in	in	ADP
fsr-3912	165	30	each	each	DET
fsr-3912	165	31	market	market	NOUN
fsr-3912	165	32	(	(	PUNCT
fsr-3912	165	33	following	follow	VERB
fsr-3912	165	34	the	the	DET
fsr-3912	165	35	reallocation	reallocation	NOUN
fsr-3912	165	36	of	of	ADP
fsr-3912	165	37	they	they	PRON
fsr-3912	165	38	individuals	individual	NOUN
fsr-3912	165	39	in	in	ADP
fsr-3912	165	40	step	step	NOUN
fsr-3912	165	41	2	2	NUM
fsr-3912	165	42	)	)	PUNCT
fsr-3912	165	43	.	.	PUNCT
fsr-3912	166	1	this	this	PRON
fsr-3912	166	2	leads	lead	VERB
fsr-3912	166	3	to	to	ADP
fsr-3912	166	4	a	a	DET
fsr-3912	166	5	larger	large	ADJ
fsr-3912	166	6	initial	initial	ADJ
fsr-3912	166	7	change	change	NOUN
fsr-3912	166	8	in	in	ADP
fsr-3912	166	9	returns	return	NOUN
fsr-3912	166	10	(	(	PUNCT
fsr-3912	166	11	step	step	NOUN
fsr-3912	166	12	3	3	NUM
fsr-3912	166	13	above	above	ADV
fsr-3912	166	14	)	)	PUNCT
fsr-3912	166	15	and	and	CCONJ
fsr-3912	166	16	finally	finally	ADV
fsr-3912	166	17	,	,	PUNCT
fsr-3912	166	18	a	a	DET
fsr-3912	166	19	larger	large	ADJ
fsr-3912	166	20	final	final	ADJ
fsr-3912	166	21	effect	effect	NOUN
fsr-3912	166	22	of	of	ADP
fsr-3912	166	23	reform	reform	NOUN
fsr-3912	166	24	on	on	ADP
fsr-3912	166	25	returns	return	NOUN
fsr-3912	166	26	.	.	PUNCT
fsr-3912	167	1	the	the	DET
fsr-3912	167	2	other	other	ADJ
fsr-3912	167	3	interesting	interesting	ADJ
fsr-3912	167	4	part	part	NOUN
fsr-3912	167	5	of	of	ADP
fsr-3912	167	6	these	these	DET
fsr-3912	167	7	results	result	NOUN
fsr-3912	167	8	is	be	AUX
fsr-3912	167	9	that	that	SCONJ
fsr-3912	167	10	the	the	DET
fsr-3912	167	11	effect	effect	NOUN
fsr-3912	167	12	of	of	ADP
fsr-3912	167	13	reform	reform	NOUN
fsr-3912	167	14	on	on	ADP
fsr-3912	167	15	returns	return	NOUN
fsr-3912	167	16	is	be	AUX
fsr-3912	167	17	not	not	PART
fsr-3912	167	18	dependent	dependent	ADJ
fsr-3912	167	19	upon	upon	SCONJ
fsr-3912	167	20	where	where	SCONJ
fsr-3912	167	21	the	the	DET
fsr-3912	167	22	constrained	constrain	VERB
fsr-3912	167	23	individuals	individual	NOUN
fsr-3912	167	24	are	be	AUX
fsr-3912	167	25	constrained	constrain	VERB
fsr-3912	167	26	,	,	PUNCT
fsr-3912	167	27	but	but	CCONJ
fsr-3912	167	28	just	just	ADV
fsr-3912	167	29	dependent	dependent	ADJ
fsr-3912	167	30	on	on	ADP
fsr-3912	167	31	thetotal	thetotal	ADJ
fsr-3912	167	32	number	number	NOUN
fsr-3912	167	33	of	of	ADP
fsr-3912	167	34	constrained	constrained	ADJ
fsr-3912	167	35	individuals	individual	NOUN
fsr-3912	167	36	.	.	PUNCT
fsr-3912	168	1	for	for	ADP
fsr-3912	168	2	every	every	DET
fsr-3912	168	3	1	1	NUM
fsr-3912	168	4	%	%	NOUN
fsr-3912	168	5	of	of	ADP
fsr-3912	168	6	the	the	DET
fsr-3912	168	7	trust	trust	NOUN
fsr-3912	168	8	fund	fund	NOUN
fsr-3912	168	9	that	that	SCONJ
fsr-3912	168	10	social	social	ADJ
fsr-3912	168	11	security	security	NOUN
fsr-3912	168	12	shifts	shift	NOUN
fsr-3912	168	13	to	to	ADP
fsr-3912	168	14	the	the	DET
fsr-3912	168	15	equities	equity	NOUN
fsr-3912	168	16	market	market	NOUN
fsr-3912	168	17	,	,	PUNCT
fsr-3912	168	18	the	the	DET
fsr-3912	168	19	allocation	allocation	NOUN
fsr-3912	168	20	ofz	ofz	NOUN
fsr-3912	168	21	individuals	individual	NOUN
fsr-3912	168	22	(	(	PUNCT
fsr-3912	168	23	most	most	ADJ
fsr-3912	168	24	risk	risk	NOUN
fsr-3912	168	25	-	-	PUNCT
fsr-3912	168	26	averse	averse	ADJ
fsr-3912	168	27	)	)	PUNCT
fsr-3912	168	28	moves	move	VERB
fsr-3912	168	29	closer	close	ADV
fsr-3912	168	30	to	to	ADP
fsr-3912	168	31	their	their	PRON
fsr-3912	168	32	optimal	optimal	ADJ
fsr-3912	168	33	allocation	allocation	NOUN
fsr-3912	168	34	byh%	byh%	NOUN
fsr-3912	168	35	while	while	SCONJ
fsr-3912	168	36	the	the	DET
fsr-3912	168	37	allocation	allocation	NOUN
fsr-3912	168	38	ofx	ofx	NOUN
fsr-3912	168	39	individuals	individual	NOUN
fsr-3912	168	40	(	(	PUNCT
fsr-3912	168	41	least	least	ADJ
fsr-3912	168	42	risk	risk	NOUN
fsr-3912	168	43	-	-	PUNCT
fsr-3912	168	44	averse	averse	ADJ
fsr-3912	168	45	)	)	PUNCT
fsr-3912	168	46	diverges	diverge	VERB
fsr-3912	168	47	from	from	ADP
fsr-3912	168	48	their	their	PRON
fsr-3912	168	49	optimal	optimal	ADJ
fsr-3912	168	50	allocation	allocation	NOUN
fsr-3912	168	51	byh%	byh%	NOUN
fsr-3912	168	52	.	.	PUNCT
fsr-3912	169	1	regardless	regardless	ADV
fsr-3912	169	2	of	of	ADP
fsr-3912	169	3	whether	whether	SCONJ
fsr-3912	169	4	the	the	DET
fsr-3912	169	5	constrained	constrain	VERB
fsr-3912	169	6	individuals	individual	NOUN
fsr-3912	169	7	are	be	AUX
fsr-3912	169	8	moving	move	VERB
fsr-3912	169	9	closer	close	ADV
fsr-3912	169	10	to	to	ADP
fsr-3912	169	11	their	their	PRON
fsr-3912	169	12	optimal	optimal	ADJ
fsr-3912	169	13	allocation	allocation	NOUN
fsr-3912	169	14	or	or	CCONJ
fsr-3912	169	15	not	not	PART
fsr-3912	169	16	,	,	PUNCT
fsr-3912	169	17	the	the	DET
fsr-3912	169	18	same	same	ADJ
fsr-3912	169	19	amount	amount	NOUN
fsr-3912	169	20	of	of	ADP
fsr-3912	169	21	funds	fund	NOUN
fsr-3912	169	22	are	be	AUX
fsr-3912	169	23	being	be	AUX
fsr-3912	169	24	moved	move	VERB
fsr-3912	169	25	to	to	ADP
fsr-3912	169	26	the	the	DET
fsr-3912	169	27	equities	equity	NOUN
fsr-3912	169	28	market	market	NOUN
fsr-3912	169	29	in	in	ADP
fsr-3912	169	30	step	step	NOUN
fsr-3912	169	31	3	3	NUM
fsr-3912	169	32	above	above	ADV
fsr-3912	169	33	;	;	PUNCT
fsr-3912	169	34	hence	hence	ADV
fsr-3912	169	35	the	the	DET
fsr-3912	169	36	effect	effect	NOUN
fsr-3912	169	37	of	of	ADP
fsr-3912	169	38	reform	reform	NOUN
fsr-3912	169	39	on	on	ADP
fsr-3912	169	40	returns	return	NOUN
fsr-3912	169	41	is	be	AUX
fsr-3912	169	42	only	only	ADV
fsr-3912	169	43	dependent	dependent	ADJ
fsr-3912	169	44	on	on	ADP
fsr-3912	169	45	the	the	DET
fsr-3912	169	46	number	number	NOUN
fsr-3912	169	47	of	of	ADP
fsr-3912	169	48	constrained	constrain	VERB
fsr-3912	169	49	individuals	individual	NOUN
fsr-3912	169	50	and	and	CCONJ
fsr-3912	169	51	not	not	PART
fsr-3912	169	52	where	where	SCONJ
fsr-3912	169	53	they	they	PRON
fsr-3912	169	54	are	be	AUX
fsr-3912	169	55	constrained	constrain	VERB
fsr-3912	169	56	.	.	PUNCT
fsr-3912	170	1	another	another	DET
fsr-3912	170	2	factor	factor	NOUN
fsr-3912	170	3	determining	determine	VERB
fsr-3912	170	4	the	the	DET
fsr-3912	170	5	magnitude	magnitude	NOUN
fsr-3912	170	6	of	of	ADP
fsr-3912	170	7	the	the	DET
fsr-3912	170	8	change	change	NOUN
fsr-3912	170	9	in	in	ADP
fsr-3912	170	10	returns	return	NOUN
fsr-3912	170	11	is	be	AUX
fsr-3912	170	12	the	the	DET
fsr-3912	170	13	level	level	NOUN
fsr-3912	170	14	of	of	ADP
fsr-3912	170	15	risk	risk	NOUN
fsr-3912	170	16	aversion	aversion	NOUN
fsr-3912	170	17	of	of	ADP
fsr-3912	170	18	the	the	DET
fsr-3912	170	19	unconstrained	unconstrained	ADJ
fsr-3912	170	20	individuals	individual	NOUN
fsr-3912	170	21	,	,	PUNCT
fsr-3912	170	22	since	since	SCONJ
fsr-3912	170	23	these	these	DET
fsr-3912	170	24	individuals	individual	NOUN
fsr-3912	170	25	can	can	AUX
fsr-3912	170	26	partially	partially	ADV
fsr-3912	170	27	(	(	PUNCT
fsr-3912	170	28	or	or	CCONJ
fsr-3912	170	29	completely	completely	ADV
fsr-3912	170	30	)	)	PUNCT
fsr-3912	170	31	undo	undo	VERB
fsr-3912	170	32	the	the	DET
fsr-3912	170	33	changes	change	NOUN
fsr-3912	170	34	made	make	VERB
fsr-3912	170	35	by	by	ADP
fsr-3912	170	36	social	social	ADJ
fsr-3912	170	37	security	security	NOUN
fsr-3912	170	38	.	.	PUNCT
fsr-3912	171	1	this	this	DET
fsr-3912	171	2	result	result	NOUN
fsr-3912	171	3	is	be	AUX
fsr-3912	171	4	obtained	obtain	VERB
fsr-3912	171	5	by	by	ADP
fsr-3912	171	6	taking	take	VERB
fsr-3912	171	7	the	the	DET
fsr-3912	171	8	cross	cross	NOUN
fsr-3912	171	9	derivative	derivative	NOUN
fsr-3912	171	10	with	with	ADP
fsr-3912	171	11	respect	respect	NOUN
fsr-3912	171	12	togy	togy	NOUN
fsr-3912	171	13	.	.	PUNCT
fsr-3912	172	1	it	it	PRON
fsr-3912	172	2	can	can	AUX
fsr-3912	172	3	be	be	AUX
fsr-3912	172	4	shown	show	VERB
fsr-3912	172	5	that	that	SCONJ
fsr-3912	172	6	dre	dre	PROPN
fsr-3912	172	7	/	/	SYM
fsr-3912	172	8	dndgy	dndgy	PROPN
fsr-3912	172	9	.	.	PUNCT
fsr-3912	173	1	0	0	PUNCT
fsr-3912	174	1	and	and	CCONJ
fsr-3912	174	2	drb	drb	PROPN
fsr-3912	174	3	/	/	SYM
fsr-3912	174	4	dndgy	dndgy	PROPN
fsr-3912	174	5	,	,	PUNCT
fsr-3912	174	6	0	0	X
fsr-3912	174	7	.	.	PUNCT
fsr-3912	175	1	this	this	PRON
fsr-3912	175	2	means	mean	VERB
fsr-3912	175	3	that	that	SCONJ
fsr-3912	175	4	when	when	SCONJ
fsr-3912	175	5	unconstrained	unconstrained	ADJ
fsr-3912	175	6	individuals	individual	NOUN
fsr-3912	175	7	are	be	AUX
fsr-3912	175	8	more	more	ADJ
fsr-3912	175	9	risk	risk	NOUN
fsr-3912	175	10	-	-	PUNCT
fsr-3912	175	11	averse	averse	ADJ
fsr-3912	175	12	,	,	PUNCT
fsr-3912	175	13	the	the	DET
fsr-3912	175	14	effects	effect	NOUN
fsr-3912	175	15	on	on	ADP
fsr-3912	175	16	rb	rb	NOUN
fsr-3912	175	17	and	and	CCONJ
fsr-3912	175	18	re	re	NOUN
fsr-3912	175	19	will	will	AUX
fsr-3912	175	20	be	be	AUX
fsr-3912	175	21	larger	large	ADJ
fsr-3912	175	22	following	follow	VERB
fsr-3912	175	23	reform	reform	NOUN
fsr-3912	175	24	.	.	PUNCT
fsr-3912	176	1	to	to	PART
fsr-3912	176	2	understand	understand	VERB
fsr-3912	176	3	this	this	PRON
fsr-3912	176	4	,	,	PUNCT
fsr-3912	176	5	first	first	ADV
fsr-3912	176	6	note	note	VERB
fsr-3912	176	7	that	that	SCONJ
fsr-3912	176	8	the	the	DET
fsr-3912	176	9	allocation	allocation	NOUN
fsr-3912	176	10	decision	decision	NOUN
fsr-3912	176	11	of	of	ADP
fsr-3912	176	12	less	less	ADJ
fsr-3912	176	13	risk	risk	NOUN
fsr-3912	176	14	-	-	PUNCT
fsr-3912	176	15	averse	averse	ADJ
fsr-3912	176	16	individuals	individual	NOUN
fsr-3912	176	17	is	be	AUX
fsr-3912	176	18	more	more	ADV
fsr-3912	176	19	sensitive	sensitive	ADJ
fsr-3912	176	20	to	to	ADP
fsr-3912	176	21	changes	change	NOUN
fsr-3912	176	22	in	in	ADP
fsr-3912	176	23	re	re	NOUN
fsr-3912	176	24	-	-	NOUN
fsr-3912	176	25	rb	rb	ADJ
fsr-3912	176	26	.	.	PUNCT
fsr-3912	177	1	if	if	SCONJ
fsr-3912	177	2	the	the	DET
fsr-3912	177	3	risk	risk	NOUN
fsr-3912	177	4	premium	premium	NOUN
fsr-3912	177	5	rises	rise	NOUN
fsr-3912	177	6	,	,	PUNCT
fsr-3912	177	7	then	then	ADV
fsr-3912	177	8	less	less	ADV
fsr-3912	177	9	risk	risk	NOUN
fsr-3912	177	10	-	-	PUNCT
fsr-3912	177	11	averse	averse	ADJ
fsr-3912	177	12	individuals	individual	NOUN
fsr-3912	177	13	increase	increase	VERB
fsr-3912	177	14	their	their	PRON
fsr-3912	177	15	allocation	allocation	NOUN
fsr-3912	177	16	to	to	ADP
fsr-3912	177	17	equities	equity	NOUN
fsr-3912	177	18	much	much	ADV
fsr-3912	177	19	more	more	ADJ
fsr-3912	177	20	than	than	SCONJ
fsr-3912	177	21	do	do	VERB
fsr-3912	177	22	more	more	ADJ
fsr-3912	177	23	risk	risk	NOUN
fsr-3912	177	24	-	-	PUNCT
fsr-3912	177	25	averse	averse	ADJ
fsr-3912	177	26	individuals	individual	NOUN
fsr-3912	177	27	.	.	PUNCT
fsr-3912	178	1	it	it	PRON
fsr-3912	178	2	follows	follow	VERB
fsr-3912	178	3	that	that	SCONJ
fsr-3912	178	4	the	the	DET
fsr-3912	178	5	less	less	ADV
fsr-3912	178	6	risk	risk	NOUN
fsr-3912	178	7	-	-	PUNCT
fsr-3912	178	8	averse	averse	ADJ
fsr-3912	178	9	they	they	PRON
fsr-3912	178	10	individuals	individual	NOUN
fsr-3912	178	11	are	be	AUX
fsr-3912	178	12	in	in	ADP
fsr-3912	178	13	step	step	NOUN
fsr-3912	178	14	4	4	NUM
fsr-3912	178	15	above	above	ADV
fsr-3912	178	16	,	,	PUNCT
fsr-3912	178	17	the	the	DET
fsr-3912	178	18	larger	large	ADJ
fsr-3912	178	19	will	will	AUX
fsr-3912	178	20	be	be	AUX
fsr-3912	178	21	the	the	DET
fsr-3912	178	22	amount	amount	NOUN
fsr-3912	178	23	of	of	ADP
fsr-3912	178	24	funds	fund	NOUN
fsr-3912	178	25	shifted	shift	VERB
fsr-3912	178	26	back	back	ADV
fsr-3912	178	27	to	to	ADP
fsr-3912	178	28	the	the	DET
fsr-3912	178	29	bond	bond	NOUN
fsr-3912	178	30	market	market	NOUN
fsr-3912	178	31	by	by	ADP
fsr-3912	178	32	those	those	DET
fsr-3912	178	33	individuals	individual	NOUN
fsr-3912	178	34	,	,	PUNCT
fsr-3912	178	35	hence	hence	ADV
fsr-3912	178	36	offsetting	offset	VERB
fsr-3912	178	37	more	more	ADJ
fsr-3912	178	38	of	of	ADP
fsr-3912	178	39	the	the	DET
fsr-3912	178	40	initial	initial	ADJ
fsr-3912	178	41	change	change	NOUN
fsr-3912	178	42	in	in	ADP
fsr-3912	178	43	returns	return	NOUN
fsr-3912	178	44	.	.	PUNCT
fsr-3912	179	1	analogous	analogous	ADJ
fsr-3912	179	2	results	result	NOUN
fsr-3912	179	3	obtain	obtain	VERB
fsr-3912	179	4	if	if	SCONJ
fsr-3912	179	5	individuals	individual	NOUN
fsr-3912	179	6	do	do	AUX
fsr-3912	179	7	not	not	PART
fsr-3912	179	8	perceive	perceive	VERB
fsr-3912	179	9	social	social	ADJ
fsr-3912	179	10	security	security	NOUN
fsr-3912	179	11	funds	fund	NOUN
fsr-3912	179	12	as	as	ADP
fsr-3912	179	13	a	a	DET
fsr-3912	179	14	part	part	NOUN
fsr-3912	179	15	of	of	ADP
fsr-3912	179	16	their	their	PRON
fsr-3912	179	17	wealth	wealth	NOUN
fsr-3912	179	18	(	(	PUNCT
fsr-3912	179	19	see	see	VERB
fsr-3912	179	20	appendix	appendix	NOUN
fsr-3912	179	21	c	c	NOUN
fsr-3912	179	22	for	for	ADP
fsr-3912	179	23	details	detail	NOUN
fsr-3912	179	24	)	)	PUNCT
fsr-3912	179	25	which	which	PRON
fsr-3912	179	26	may	may	AUX
fsr-3912	179	27	be	be	AUX
fsr-3912	179	28	relevant	relevant	ADJ
fsr-3912	179	29	if	if	SCONJ
fsr-3912	179	30	individuals	individual	NOUN
fsr-3912	179	31	do	do	AUX
fsr-3912	179	32	not	not	PART
fsr-3912	179	33	expect	expect	VERB
fsr-3912	179	34	to	to	PART
fsr-3912	179	35	receive	receive	VERB
fsr-3912	179	36	any	any	DET
fsr-3912	179	37	benefits	benefit	NOUN
fsr-3912	179	38	from	from	ADP
fsr-3912	179	39	social	social	ADJ
fsr-3912	179	40	security	security	NOUN
fsr-3912	179	41	in	in	ADP
fsr-3912	179	42	the	the	DET
fsr-3912	179	43	future	future	NOUN
fsr-3912	179	44	.	.	PUNCT
fsr-3912	180	1	100	100	NUM
fsr-3912	180	2	e.	e.	PROPN
fsr-3912	180	3	elder	elder	PROPN
fsr-3912	180	4	,	,	PUNCT
fsr-3912	180	5	l.	l.	PROPN
fsr-3912	180	6	holland	holland	PROPN
fsr-3912	180	7	/	/	SYM
fsr-3912	180	8	financial	financial	ADJ
fsr-3912	180	9	services	service	NOUN
fsr-3912	180	10	review	review	VERB
fsr-3912	180	11	9	9	NUM
fsr-3912	180	12	(	(	PUNCT
fsr-3912	180	13	2000	2000	NUM
fsr-3912	180	14	)	)	PUNCT
fsr-3912	181	1	93–106	93–106	NUM
fsr-3912	181	2	5	5	NUM
fsr-3912	181	3	.	.	PUNCT
fsr-3912	181	4	implications	implication	NOUN
fsr-3912	181	5	of	of	ADP
fsr-3912	181	6	changing	change	VERB
fsr-3912	181	7	asset	asset	NOUN
fsr-3912	181	8	returns	return	NOUN
fsr-3912	181	9	some	some	PRON
fsr-3912	181	10	of	of	ADP
fsr-3912	181	11	the	the	DET
fsr-3912	181	12	social	social	ADJ
fsr-3912	181	13	security	security	NOUN
fsr-3912	181	14	reform	reform	NOUN
fsr-3912	181	15	proposals	proposal	NOUN
fsr-3912	181	16	suggest	suggest	VERB
fsr-3912	181	17	that	that	SCONJ
fsr-3912	181	18	it	it	PRON
fsr-3912	181	19	is	be	AUX
fsr-3912	181	20	possible	possible	ADJ
fsr-3912	181	21	to	to	PART
fsr-3912	181	22	avoid	avoid	VERB
fsr-3912	181	23	an	an	DET
fsr-3912	181	24	increase	increase	NOUN
fsr-3912	181	25	in	in	ADP
fsr-3912	181	26	the	the	DET
fsr-3912	181	27	social	social	ADJ
fsr-3912	181	28	security	security	NOUN
fsr-3912	181	29	tax	tax	NOUN
fsr-3912	181	30	rate	rate	NOUN
fsr-3912	181	31	by	by	ADP
fsr-3912	181	32	simply	simply	ADV
fsr-3912	181	33	shifting	shift	VERB
fsr-3912	181	34	trust	trust	NOUN
fsr-3912	181	35	fund	fund	NOUN
fsr-3912	181	36	money	money	NOUN
fsr-3912	181	37	into	into	ADP
fsr-3912	181	38	the	the	DET
fsr-3912	181	39	equities	equity	NOUN
fsr-3912	181	40	market	market	NOUN
fsr-3912	181	41	.	.	PUNCT
fsr-3912	182	1	social	social	ADJ
fsr-3912	182	2	security	security	NOUN
fsr-3912	182	3	investments	investment	NOUN
fsr-3912	182	4	in	in	ADP
fsr-3912	182	5	the	the	DET
fsr-3912	182	6	trust	trust	NOUN
fsr-3912	182	7	fund	fund	NOUN
fsr-3912	182	8	will	will	AUX
fsr-3912	182	9	benefit	benefit	VERB
fsr-3912	182	10	from	from	ADP
fsr-3912	182	11	a	a	DET
fsr-3912	182	12	movement	movement	NOUN
fsr-3912	182	13	of	of	ADP
fsr-3912	182	14	funds	fund	NOUN
fsr-3912	182	15	to	to	ADP
fsr-3912	182	16	the	the	DET
fsr-3912	182	17	equities	equity	NOUN
fsr-3912	182	18	market	market	NOUN
fsr-3912	182	19	in	in	ADP
fsr-3912	182	20	two	two	NUM
fsr-3912	182	21	ways	way	NOUN
fsr-3912	182	22	:	:	PUNCT
fsr-3912	182	23	(	(	PUNCT
fsr-3912	182	24	1	1	X
fsr-3912	182	25	)	)	PUNCT
fsr-3912	182	26	higher	high	ADJ
fsr-3912	182	27	interest	interest	NOUN
fsr-3912	182	28	rates	rate	NOUN
fsr-3912	182	29	will	will	AUX
fsr-3912	182	30	increase	increase	VERB
fsr-3912	182	31	the	the	DET
fsr-3912	182	32	return	return	NOUN
fsr-3912	182	33	on	on	ADP
fsr-3912	182	34	funds	fund	NOUN
fsr-3912	182	35	invested	invest	VERB
fsr-3912	182	36	in	in	ADP
fsr-3912	182	37	the	the	DET
fsr-3912	182	38	bond	bond	NOUN
fsr-3912	182	39	market	market	NOUN
fsr-3912	182	40	,	,	PUNCT
fsr-3912	182	41	and	and	CCONJ
fsr-3912	182	42	(	(	PUNCT
fsr-3912	182	43	2	2	X
fsr-3912	182	44	)	)	PUNCT
fsr-3912	182	45	funds	fund	NOUN
fsr-3912	182	46	moved	move	VERB
fsr-3912	182	47	to	to	ADP
fsr-3912	182	48	the	the	DET
fsr-3912	182	49	equities	equity	NOUN
fsr-3912	182	50	market	market	NOUN
fsr-3912	182	51	will	will	AUX
fsr-3912	182	52	have	have	VERB
fsr-3912	182	53	a	a	DET
fsr-3912	182	54	higher	high	ADJ
fsr-3912	182	55	expected	expect	VERB
fsr-3912	182	56	return	return	NOUN
fsr-3912	182	57	than	than	ADP
fsr-3912	182	58	the	the	DET
fsr-3912	182	59	bond	bond	NOUN
fsr-3912	182	60	market	market	NOUN
fsr-3912	182	61	.	.	PUNCT
fsr-3912	183	1	however	however	ADV
fsr-3912	183	2	,	,	PUNCT
fsr-3912	183	3	this	this	PRON
fsr-3912	183	4	is	be	AUX
fsr-3912	183	5	not	not	PART
fsr-3912	183	6	the	the	DET
fsr-3912	183	7	complete	complete	ADJ
fsr-3912	183	8	story	story	NOUN
fsr-3912	183	9	.	.	PUNCT
fsr-3912	184	1	the	the	DET
fsr-3912	184	2	increase	increase	NOUN
fsr-3912	184	3	in	in	ADP
fsr-3912	184	4	interest	interest	NOUN
fsr-3912	184	5	rates	rate	NOUN
fsr-3912	184	6	also	also	ADV
fsr-3912	184	7	has	have	VERB
fsr-3912	184	8	substantial	substantial	ADJ
fsr-3912	184	9	implications	implication	NOUN
fsr-3912	184	10	for	for	ADP
fsr-3912	184	11	the	the	DET
fsr-3912	184	12	federal	federal	ADJ
fsr-3912	184	13	government	government	NOUN
fsr-3912	184	14	and	and	CCONJ
fsr-3912	184	15	fiscal	fiscal	ADJ
fsr-3912	184	16	policy	policy	NOUN
fsr-3912	184	17	.	.	PUNCT
fsr-3912	185	1	with	with	ADP
fsr-3912	185	2	a	a	DET
fsr-3912	185	3	rise	rise	NOUN
fsr-3912	185	4	in	in	ADP
fsr-3912	185	5	interest	interest	NOUN
fsr-3912	185	6	rates	rate	NOUN
fsr-3912	185	7	,	,	PUNCT
fsr-3912	185	8	the	the	DET
fsr-3912	185	9	cost	cost	NOUN
fsr-3912	185	10	of	of	ADP
fsr-3912	185	11	servicing	service	VERB
fsr-3912	185	12	the	the	DET
fsr-3912	185	13	total	total	ADJ
fsr-3912	185	14	federal	federal	ADJ
fsr-3912	185	15	debt	debt	NOUN
fsr-3912	185	16	will	will	AUX
fsr-3912	185	17	increase	increase	VERB
fsr-3912	185	18	.	.	PUNCT
fsr-3912	186	1	the	the	DET
fsr-3912	186	2	total	total	ADJ
fsr-3912	186	3	government	government	NOUN
fsr-3912	186	4	debt	debt	NOUN
fsr-3912	186	5	in	in	ADP
fsr-3912	186	6	1999	1999	NUM
fsr-3912	186	7	(	(	PUNCT
fsr-3912	186	8	$	$	SYM
fsr-3912	186	9	5,606	5,606	NUM
fsr-3912	186	10	billion	billion	NUM
fsr-3912	186	11	)	)	PUNCT
fsr-3912	186	12	is	be	AUX
fsr-3912	186	13	currently	currently	ADV
fsr-3912	186	14	substantially	substantially	ADV
fsr-3912	186	15	larger	large	ADJ
fsr-3912	186	16	than	than	ADP
fsr-3912	186	17	the	the	DET
fsr-3912	186	18	trust	trust	NOUN
fsr-3912	186	19	fund	fund	NOUN
fsr-3912	186	20	(	(	PUNCT
fsr-3912	186	21	$	$	SYM
fsr-3912	186	22	855	855	NUM
fsr-3912	186	23	billion	billion	NUM
fsr-3912	186	24	)	)	PUNCT
fsr-3912	186	25	and	and	CCONJ
fsr-3912	186	26	is	be	AUX
fsr-3912	186	27	forecasted	forecast	VERB
fsr-3912	186	28	by	by	ADP
fsr-3912	186	29	the	the	DET
fsr-3912	186	30	cbo	cbo	PROPN
fsr-3912	186	31	(	(	PUNCT
fsr-3912	186	32	2000	2000	NUM
fsr-3912	186	33	)	)	PUNCT
fsr-3912	186	34	to	to	PART
fsr-3912	186	35	be	be	AUX
fsr-3912	186	36	about	about	ADV
fsr-3912	186	37	twice	twice	ADV
fsr-3912	186	38	as	as	ADV
fsr-3912	186	39	large	large	ADJ
fsr-3912	186	40	over	over	ADP
fsr-3912	186	41	the	the	DET
fsr-3912	186	42	next	next	ADJ
fsr-3912	186	43	decade	decade	NOUN
fsr-3912	186	44	(	(	PUNCT
fsr-3912	186	45	government	government	NOUN
fsr-3912	186	46	debt	debt	NOUN
fsr-3912	186	47	of	of	ADP
fsr-3912	186	48	$	$	SYM
fsr-3912	186	49	6,300	6,300	NUM
fsr-3912	186	50	billion	billion	NUM
fsr-3912	186	51	and	and	CCONJ
fsr-3912	186	52	trust	trust	NOUN
fsr-3912	186	53	fund	fund	NOUN
fsr-3912	186	54	of	of	ADP
fsr-3912	186	55	$	$	SYM
fsr-3912	186	56	3,325	3,325	NUM
fsr-3912	186	57	billion	billion	NUM
fsr-3912	186	58	in	in	ADP
fsr-3912	186	59	2010	2010	NUM
fsr-3912	186	60	)	)	PUNCT
fsr-3912	186	61	.	.	PUNCT
fsr-3912	187	1	therefore	therefore	ADV
fsr-3912	187	2	,	,	PUNCT
fsr-3912	187	3	the	the	DET
fsr-3912	187	4	cost	cost	NOUN
fsr-3912	187	5	to	to	ADP
fsr-3912	187	6	the	the	DET
fsr-3912	187	7	federal	federal	ADJ
fsr-3912	187	8	government	government	NOUN
fsr-3912	187	9	will	will	AUX
fsr-3912	187	10	outweigh	outweigh	VERB
fsr-3912	187	11	the	the	DET
fsr-3912	187	12	benefits	benefit	NOUN
fsr-3912	187	13	that	that	PRON
fsr-3912	187	14	accrue	accrue	VERB
fsr-3912	187	15	to	to	ADP
fsr-3912	187	16	social	social	ADJ
fsr-3912	187	17	security	security	NOUN
fsr-3912	187	18	because	because	SCONJ
fsr-3912	187	19	higher	high	ADJ
fsr-3912	187	20	interest	interest	NOUN
fsr-3912	187	21	payments	payment	NOUN
fsr-3912	187	22	are	be	AUX
fsr-3912	187	23	made	make	VERB
fsr-3912	187	24	to	to	ADP
fsr-3912	187	25	all	all	DET
fsr-3912	187	26	bondholders	bondholder	NOUN
fsr-3912	187	27	,	,	PUNCT
fsr-3912	187	28	not	not	PART
fsr-3912	187	29	just	just	ADV
fsr-3912	187	30	social	social	ADJ
fsr-3912	187	31	security	security	NOUN
fsr-3912	187	32	.	.	PUNCT
fsr-3912	188	1	this	this	DET
fsr-3912	188	2	increase	increase	NOUN
fsr-3912	188	3	in	in	ADP
fsr-3912	188	4	interest	interest	NOUN
fsr-3912	188	5	costs	cost	NOUN
fsr-3912	188	6	will	will	AUX
fsr-3912	188	7	necessitate	necessitate	VERB
fsr-3912	188	8	an	an	DET
fsr-3912	188	9	increase	increase	NOUN
fsr-3912	188	10	in	in	ADP
fsr-3912	188	11	other	other	ADJ
fsr-3912	188	12	tax	tax	NOUN
fsr-3912	188	13	revenues	revenue	NOUN
fsr-3912	188	14	relative	relative	ADJ
fsr-3912	188	15	to	to	ADP
fsr-3912	188	16	taxes	taxis	NOUN
fsr-3912	188	17	without	without	ADP
fsr-3912	188	18	reform	reform	NOUN
fsr-3912	188	19	.	.	PUNCT
fsr-3912	189	1	one	one	NUM
fsr-3912	189	2	implication	implication	NOUN
fsr-3912	189	3	of	of	ADP
fsr-3912	189	4	a	a	DET
fsr-3912	189	5	change	change	NOUN
fsr-3912	189	6	in	in	ADP
fsr-3912	189	7	interest	interest	NOUN
fsr-3912	189	8	rates	rate	NOUN
fsr-3912	189	9	and	and	CCONJ
fsr-3912	189	10	equity	equity	NOUN
fsr-3912	189	11	returns	return	NOUN
fsr-3912	189	12	is	be	AUX
fsr-3912	189	13	a	a	DET
fsr-3912	189	14	redistribution	redistribution	NOUN
fsr-3912	189	15	of	of	ADP
fsr-3912	189	16	income	income	NOUN
fsr-3912	189	17	that	that	PRON
fsr-3912	189	18	would	would	AUX
fsr-3912	189	19	result	result	VERB
fsr-3912	189	20	depending	depend	VERB
fsr-3912	189	21	on	on	ADP
fsr-3912	189	22	the	the	DET
fsr-3912	189	23	particular	particular	ADJ
fsr-3912	189	24	tax	tax	NOUN
fsr-3912	189	25	system	system	NOUN
fsr-3912	189	26	.	.	PUNCT
fsr-3912	190	1	first	first	ADV
fsr-3912	190	2	of	of	ADP
fsr-3912	190	3	all	all	PRON
fsr-3912	190	4	,	,	PUNCT
fsr-3912	190	5	there	there	PRON
fsr-3912	190	6	would	would	AUX
fsr-3912	190	7	be	be	AUX
fsr-3912	190	8	a	a	DET
fsr-3912	190	9	transfer	transfer	NOUN
fsr-3912	190	10	of	of	ADP
fsr-3912	190	11	income	income	NOUN
fsr-3912	190	12	from	from	ADP
fsr-3912	190	13	equity	equity	NOUN
fsr-3912	190	14	holders	holder	NOUN
fsr-3912	190	15	to	to	PART
fsr-3912	190	16	bond	bond	NOUN
fsr-3912	190	17	holders	holder	NOUN
fsr-3912	190	18	as	as	SCONJ
fsr-3912	190	19	interest	interest	NOUN
fsr-3912	190	20	rates	rate	NOUN
fsr-3912	190	21	increase	increase	VERB
fsr-3912	190	22	.	.	PUNCT
fsr-3912	191	1	secondly	secondly	ADV
fsr-3912	191	2	,	,	PUNCT
fsr-3912	191	3	general	general	ADJ
fsr-3912	191	4	income	income	NOUN
fsr-3912	191	5	taxes	taxis	NOUN
fsr-3912	191	6	would	would	AUX
fsr-3912	191	7	increase	increase	VERB
fsr-3912	191	8	for	for	ADP
fsr-3912	191	9	bond	bond	NOUN
fsr-3912	191	10	holders	holder	NOUN
fsr-3912	191	11	,	,	PUNCT
fsr-3912	191	12	equity	equity	NOUN
fsr-3912	191	13	holders	holder	NOUN
fsr-3912	191	14	,	,	PUNCT
fsr-3912	191	15	and	and	CCONJ
fsr-3912	191	16	wage	wage	VERB
fsr-3912	191	17	earners	earner	NOUN
fsr-3912	191	18	in	in	ADP
fsr-3912	191	19	order	order	NOUN
fsr-3912	191	20	to	to	PART
fsr-3912	191	21	pay	pay	VERB
fsr-3912	191	22	for	for	ADP
fsr-3912	191	23	the	the	DET
fsr-3912	191	24	increasing	increase	VERB
fsr-3912	191	25	cost	cost	NOUN
fsr-3912	191	26	of	of	ADP
fsr-3912	191	27	debt	debt	NOUN
fsr-3912	191	28	service	service	NOUN
fsr-3912	191	29	.	.	PUNCT
fsr-3912	192	1	overall	overall	ADV
fsr-3912	192	2	,	,	PUNCT
fsr-3912	192	3	there	there	PRON
fsr-3912	192	4	would	would	AUX
fsr-3912	192	5	therefore	therefore	ADV
fsr-3912	192	6	be	be	AUX
fsr-3912	192	7	a	a	DET
fsr-3912	192	8	redistribution	redistribution	NOUN
fsr-3912	192	9	of	of	ADP
fsr-3912	192	10	income	income	NOUN
fsr-3912	192	11	from	from	ADP
fsr-3912	192	12	wage	wage	NOUN
fsr-3912	192	13	earners	earner	NOUN
fsr-3912	192	14	and	and	CCONJ
fsr-3912	192	15	equity	equity	NOUN
fsr-3912	192	16	holders	holder	NOUN
fsr-3912	192	17	to	to	ADP
fsr-3912	192	18	bondholders	bondholder	NOUN
fsr-3912	192	19	.	.	PUNCT
fsr-3912	193	1	this	this	PRON
fsr-3912	193	2	is	be	AUX
fsr-3912	193	3	further	far	ADV
fsr-3912	193	4	complicated	complicate	VERB
fsr-3912	193	5	by	by	ADP
fsr-3912	193	6	the	the	DET
fsr-3912	193	7	fact	fact	NOUN
fsr-3912	193	8	that	that	SCONJ
fsr-3912	193	9	a	a	DET
fsr-3912	193	10	substantial	substantial	ADJ
fsr-3912	193	11	portion	portion	NOUN
fsr-3912	193	12	of	of	ADP
fsr-3912	193	13	u.s	u.s	PROPN
fsr-3912	193	14	.	.	PROPN
fsr-3912	193	15	government	government	NOUN
fsr-3912	193	16	debt	debt	NOUN
fsr-3912	193	17	(	(	PUNCT
fsr-3912	193	18	approximately	approximately	ADV
fsr-3912	193	19	one	one	NUM
fsr-3912	193	20	third	third	NOUN
fsr-3912	193	21	of	of	ADP
fsr-3912	193	22	publicly	publicly	ADV
fsr-3912	193	23	held	hold	VERB
fsr-3912	193	24	debt	debt	NOUN
fsr-3912	193	25	)	)	PUNCT
fsr-3912	193	26	is	be	AUX
fsr-3912	193	27	held	hold	VERB
fsr-3912	193	28	by	by	ADP
fsr-3912	193	29	foreigners	foreigner	NOUN
fsr-3912	193	30	.	.	PUNCT
fsr-3912	194	1	this	this	PRON
fsr-3912	194	2	creates	create	VERB
fsr-3912	194	3	a	a	DET
fsr-3912	194	4	political	political	ADJ
fsr-3912	194	5	dilemma	dilemma	NOUN
fsr-3912	194	6	in	in	ADP
fsr-3912	194	7	which	which	PRON
fsr-3912	194	8	there	there	PRON
fsr-3912	194	9	is	be	VERB
fsr-3912	194	10	distribution	distribution	NOUN
fsr-3912	194	11	of	of	ADP
fsr-3912	194	12	income	income	NOUN
fsr-3912	194	13	from	from	ADP
fsr-3912	194	14	american	american	ADJ
fsr-3912	194	15	taxpayers	taxpayer	NOUN
fsr-3912	194	16	(	(	PUNCT
fsr-3912	194	17	u.s	u.s	PROPN
fsr-3912	194	18	.	.	PROPN
fsr-3912	194	19	wage	wage	NOUN
fsr-3912	194	20	earners	earner	NOUN
fsr-3912	194	21	and	and	CCONJ
fsr-3912	194	22	holders	holder	NOUN
fsr-3912	194	23	of	of	ADP
fsr-3912	194	24	capital	capital	NOUN
fsr-3912	194	25	)	)	PUNCT
fsr-3912	194	26	to	to	ADP
fsr-3912	194	27	foreign	foreign	ADJ
fsr-3912	194	28	bondholders	bondholder	NOUN
fsr-3912	194	29	.	.	PUNCT
fsr-3912	195	1	regardless	regardless	ADV
fsr-3912	195	2	of	of	ADP
fsr-3912	195	3	the	the	DET
fsr-3912	195	4	tax	tax	NOUN
fsr-3912	195	5	scheme	scheme	NOUN
fsr-3912	195	6	,	,	PUNCT
fsr-3912	195	7	moving	move	VERB
fsr-3912	195	8	social	social	ADJ
fsr-3912	195	9	security	security	NOUN
fsr-3912	195	10	funds	fund	NOUN
fsr-3912	195	11	to	to	ADP
fsr-3912	195	12	the	the	DET
fsr-3912	195	13	equities	equity	NOUN
fsr-3912	195	14	market	market	NOUN
fsr-3912	195	15	would	would	AUX
fsr-3912	195	16	necessitate	necessitate	VERB
fsr-3912	195	17	higher	high	ADJ
fsr-3912	195	18	income	income	NOUN
fsr-3912	195	19	taxes	taxis	NOUN
fsr-3912	195	20	due	due	ADJ
fsr-3912	195	21	to	to	ADP
fsr-3912	195	22	the	the	DET
fsr-3912	195	23	effect	effect	NOUN
fsr-3912	195	24	this	this	DET
fsr-3912	195	25	type	type	NOUN
fsr-3912	195	26	of	of	ADP
fsr-3912	195	27	reform	reform	NOUN
fsr-3912	195	28	has	have	VERB
fsr-3912	195	29	on	on	ADP
fsr-3912	195	30	interest	interest	NOUN
fsr-3912	195	31	rates	rate	NOUN
fsr-3912	195	32	.	.	PUNCT
fsr-3912	196	1	6	6	X
fsr-3912	196	2	.	.	X
fsr-3912	196	3	increase	increase	VERB
fsr-3912	196	4	the	the	DET
fsr-3912	196	5	payroll	payroll	NOUN
fsr-3912	196	6	tax	tax	NOUN
fsr-3912	196	7	one	one	NUM
fsr-3912	196	8	of	of	ADP
fsr-3912	196	9	the	the	DET
fsr-3912	196	10	major	major	ADJ
fsr-3912	196	11	alternatives	alternative	NOUN
fsr-3912	196	12	to	to	ADP
fsr-3912	196	13	shifting	shift	VERB
fsr-3912	196	14	funds	fund	NOUN
fsr-3912	196	15	is	be	AUX
fsr-3912	196	16	to	to	PART
fsr-3912	196	17	increase	increase	VERB
fsr-3912	196	18	the	the	DET
fsr-3912	196	19	payroll	payroll	NOUN
fsr-3912	196	20	tax	tax	NOUN
fsr-3912	196	21	and	and	CCONJ
fsr-3912	196	22	continue	continue	VERB
fsr-3912	196	23	investing	invest	VERB
fsr-3912	196	24	the	the	DET
fsr-3912	196	25	full	full	ADJ
fsr-3912	196	26	trust	trust	NOUN
fsr-3912	196	27	fund	fund	NOUN
fsr-3912	196	28	in	in	ADP
fsr-3912	196	29	treasury	treasury	PROPN
fsr-3912	196	30	securities	security	NOUN
fsr-3912	196	31	.	.	PUNCT
fsr-3912	197	1	note	note	VERB
fsr-3912	197	2	that	that	SCONJ
fsr-3912	197	3	this	this	PRON
fsr-3912	197	4	would	would	AUX
fsr-3912	197	5	substantially	substantially	ADV
fsr-3912	197	6	increase	increase	VERB
fsr-3912	197	7	the	the	DET
fsr-3912	197	8	size	size	NOUN
fsr-3912	197	9	of	of	ADP
fsr-3912	197	10	the	the	DET
fsr-3912	197	11	trust	trust	NOUN
fsr-3912	197	12	fund	fund	NOUN
fsr-3912	197	13	(	(	PUNCT
fsr-3912	197	14	and	and	CCONJ
fsr-3912	197	15	reduce	reduce	VERB
fsr-3912	197	16	the	the	DET
fsr-3912	197	17	amount	amount	NOUN
fsr-3912	197	18	of	of	ADP
fsr-3912	197	19	publicly	publicly	ADV
fsr-3912	197	20	-	-	PUNCT
fsr-3912	197	21	held	hold	VERB
fsr-3912	197	22	debt	debt	NOUN
fsr-3912	197	23	)	)	PUNCT
fsr-3912	197	24	.	.	PUNCT
fsr-3912	198	1	intuitively	intuitively	ADV
fsr-3912	198	2	,	,	PUNCT
fsr-3912	198	3	we	we	PRON
fsr-3912	198	4	would	would	AUX
fsr-3912	198	5	predict	predict	VERB
fsr-3912	198	6	that	that	SCONJ
fsr-3912	198	7	an	an	DET
fsr-3912	198	8	increase	increase	NOUN
fsr-3912	198	9	in	in	ADP
fsr-3912	198	10	the	the	DET
fsr-3912	198	11	social	social	ADJ
fsr-3912	198	12	security	security	NOUN
fsr-3912	198	13	trust	trust	NOUN
fsr-3912	198	14	fund	fund	NOUN
fsr-3912	198	15	would	would	AUX
fsr-3912	198	16	cause	cause	VERB
fsr-3912	198	17	interest	interest	NOUN
fsr-3912	198	18	rates	rate	NOUN
fsr-3912	198	19	to	to	PART
fsr-3912	198	20	fall	fall	VERB
fsr-3912	198	21	because	because	SCONJ
fsr-3912	198	22	of	of	ADP
fsr-3912	198	23	the	the	DET
fsr-3912	198	24	decreased	decrease	VERB
fsr-3912	198	25	amount	amount	NOUN
fsr-3912	198	26	of	of	ADP
fsr-3912	198	27	debt	debt	NOUN
fsr-3912	198	28	the	the	DET
fsr-3912	198	29	government	government	NOUN
fsr-3912	198	30	must	must	AUX
fsr-3912	198	31	market	market	VERB
fsr-3912	198	32	to	to	ADP
fsr-3912	198	33	the	the	DET
fsr-3912	198	34	public	public	NOUN
fsr-3912	198	35	.	.	PUNCT
fsr-3912	199	1	along	along	ADP
fsr-3912	199	2	a	a	DET
fsr-3912	199	3	similar	similar	ADJ
fsr-3912	199	4	,	,	PUNCT
fsr-3912	199	5	but	but	CCONJ
fsr-3912	199	6	qualitatively	qualitatively	ADV
fsr-3912	199	7	opposite	opposite	ADJ
fsr-3912	199	8	,	,	PUNCT
fsr-3912	199	9	line	line	NOUN
fsr-3912	199	10	of	of	ADP
fsr-3912	199	11	thought	thought	NOUN
fsr-3912	199	12	as	as	ADP
fsr-3912	199	13	above	above	ADV
fsr-3912	199	14	,	,	PUNCT
fsr-3912	199	15	the	the	DET
fsr-3912	199	16	borrowing	borrowing	NOUN
fsr-3912	199	17	costs	cost	NOUN
fsr-3912	199	18	of	of	ADP
fsr-3912	199	19	the	the	DET
fsr-3912	199	20	federal	federal	ADJ
fsr-3912	199	21	government	government	NOUN
fsr-3912	199	22	would	would	AUX
fsr-3912	199	23	fall	fall	VERB
fsr-3912	199	24	which	which	PRON
fsr-3912	199	25	would	would	AUX
fsr-3912	199	26	allow	allow	VERB
fsr-3912	199	27	a	a	DET
fsr-3912	199	28	decrease	decrease	NOUN
fsr-3912	199	29	in	in	ADP
fsr-3912	199	30	overall	overall	ADJ
fsr-3912	199	31	taxes	taxis	NOUN
fsr-3912	199	32	.	.	PUNCT
fsr-3912	200	1	this	this	DET
fsr-3912	200	2	decrease	decrease	NOUN
fsr-3912	200	3	in	in	ADP
fsr-3912	200	4	interest	interest	NOUN
fsr-3912	200	5	costs	cost	NOUN
fsr-3912	200	6	would	would	AUX
fsr-3912	200	7	allow	allow	VERB
fsr-3912	200	8	for	for	ADP
fsr-3912	200	9	a	a	DET
fsr-3912	200	10	tax	tax	NOUN
fsr-3912	200	11	reduction	reduction	NOUN
fsr-3912	200	12	offsetting	offset	VERB
fsr-3912	200	13	some	some	PRON
fsr-3912	200	14	of	of	ADP
fsr-3912	200	15	the	the	DET
fsr-3912	200	16	increase	increase	NOUN
fsr-3912	200	17	in	in	ADP
fsr-3912	200	18	social	social	ADJ
fsr-3912	200	19	security	security	NOUN
fsr-3912	200	20	payroll	payroll	NOUN
fsr-3912	200	21	taxes	taxis	NOUN
fsr-3912	200	22	.	.	PUNCT
fsr-3912	201	1	furthermore	furthermore	ADV
fsr-3912	201	2	,	,	PUNCT
fsr-3912	201	3	in	in	ADP
fsr-3912	201	4	this	this	DET
fsr-3912	201	5	case	case	NOUN
fsr-3912	201	6	there	there	PRON
fsr-3912	201	7	would	would	AUX
fsr-3912	201	8	be	be	AUX
fsr-3912	201	9	a	a	DET
fsr-3912	201	10	transfer	transfer	NOUN
fsr-3912	201	11	of	of	ADP
fsr-3912	201	12	income	income	NOUN
fsr-3912	201	13	from	from	ADP
fsr-3912	201	14	foreign	foreign	ADJ
fsr-3912	201	15	bondholders	bondholder	NOUN
fsr-3912	201	16	to	to	ADP
fsr-3912	201	17	american	american	ADJ
fsr-3912	201	18	taxpayers	taxpayer	NOUN
fsr-3912	201	19	.	.	PUNCT
fsr-3912	202	1	even	even	ADV
fsr-3912	202	2	though	though	SCONJ
fsr-3912	202	3	either	either	PRON
fsr-3912	202	4	reform	reform	NOUN
fsr-3912	202	5	regime	regime	NOUN
fsr-3912	202	6	(	(	PUNCT
fsr-3912	202	7	shifting	shift	VERB
fsr-3912	202	8	funds	fund	NOUN
fsr-3912	202	9	to	to	ADP
fsr-3912	202	10	equities	equity	NOUN
fsr-3912	202	11	or	or	CCONJ
fsr-3912	202	12	increasing	increase	VERB
fsr-3912	202	13	payroll	payroll	NOUN
fsr-3912	202	14	taxes	taxis	NOUN
fsr-3912	202	15	)	)	PUNCT
fsr-3912	202	16	is	be	AUX
fsr-3912	202	17	expected	expect	VERB
fsr-3912	202	18	to	to	PART
fsr-3912	202	19	save	save	VERB
fsr-3912	202	20	the	the	DET
fsr-3912	202	21	social	social	ADJ
fsr-3912	202	22	security	security	NOUN
fsr-3912	202	23	system	system	NOUN
fsr-3912	202	24	,	,	PUNCT
fsr-3912	202	25	101e	101e	PROPN
fsr-3912	202	26	.	.	PUNCT
fsr-3912	202	27	elder	elder	NOUN
fsr-3912	202	28	,	,	PUNCT
fsr-3912	202	29	l.	l.	PROPN
fsr-3912	202	30	holland	holland	PROPN
fsr-3912	202	31	/	/	SYM
fsr-3912	202	32	financial	financial	ADJ
fsr-3912	202	33	services	service	NOUN
fsr-3912	202	34	review	review	VERB
fsr-3912	202	35	9	9	NUM
fsr-3912	202	36	(	(	PUNCT
fsr-3912	202	37	2000	2000	NUM
fsr-3912	202	38	)	)	PUNCT
fsr-3912	203	1	93–106	93–106	NOUN
fsr-3912	203	2	the	the	DET
fsr-3912	203	3	secondary	secondary	ADJ
fsr-3912	203	4	effects	effect	NOUN
fsr-3912	203	5	of	of	ADP
fsr-3912	203	6	the	the	DET
fsr-3912	203	7	two	two	NUM
fsr-3912	203	8	different	different	ADJ
fsr-3912	203	9	reforms	reform	NOUN
fsr-3912	203	10	from	from	ADP
fsr-3912	203	11	a	a	DET
fsr-3912	203	12	change	change	NOUN
fsr-3912	203	13	in	in	ADP
fsr-3912	203	14	interest	interest	NOUN
fsr-3912	203	15	rates	rate	NOUN
fsr-3912	203	16	are	be	AUX
fsr-3912	203	17	significantly	significantly	ADV
fsr-3912	203	18	different	different	ADJ
fsr-3912	203	19	and	and	CCONJ
fsr-3912	203	20	should	should	AUX
fsr-3912	203	21	be	be	AUX
fsr-3912	203	22	considered	consider	VERB
fsr-3912	203	23	before	before	SCONJ
fsr-3912	203	24	any	any	DET
fsr-3912	203	25	specific	specific	ADJ
fsr-3912	203	26	reform	reform	NOUN
fsr-3912	203	27	is	be	AUX
fsr-3912	203	28	decided	decide	VERB
fsr-3912	203	29	upon	upon	SCONJ
fsr-3912	203	30	.	.	PUNCT
fsr-3912	204	1	7	7	X
fsr-3912	204	2	.	.	X
fsr-3912	204	3	summary	summary	NOUN
fsr-3912	204	4	and	and	CCONJ
fsr-3912	204	5	conclusion	conclusion	VERB
fsr-3912	204	6	several	several	ADJ
fsr-3912	204	7	proposals	proposal	NOUN
fsr-3912	204	8	have	have	AUX
fsr-3912	204	9	been	be	AUX
fsr-3912	204	10	developed	develop	VERB
fsr-3912	204	11	to	to	PART
fsr-3912	204	12	reform	reform	VERB
fsr-3912	204	13	the	the	DET
fsr-3912	204	14	social	social	ADJ
fsr-3912	204	15	security	security	NOUN
fsr-3912	204	16	system	system	NOUN
fsr-3912	204	17	in	in	ADP
fsr-3912	204	18	order	order	NOUN
fsr-3912	204	19	to	to	PART
fsr-3912	204	20	ensure	ensure	VERB
fsr-3912	204	21	that	that	SCONJ
fsr-3912	204	22	it	it	PRON
fsr-3912	204	23	is	be	AUX
fsr-3912	204	24	fully	fully	ADV
fsr-3912	204	25	funded	fund	VERB
fsr-3912	204	26	.	.	PUNCT
fsr-3912	205	1	the	the	DET
fsr-3912	205	2	investment	investment	NOUN
fsr-3912	205	3	of	of	ADP
fsr-3912	205	4	social	social	ADJ
fsr-3912	205	5	security	security	NOUN
fsr-3912	205	6	funds	fund	NOUN
fsr-3912	205	7	in	in	ADP
fsr-3912	205	8	equities	equity	NOUN
fsr-3912	205	9	has	have	AUX
fsr-3912	205	10	often	often	ADV
fsr-3912	205	11	been	be	AUX
fsr-3912	205	12	proposed	propose	VERB
fsr-3912	205	13	as	as	ADP
fsr-3912	205	14	a	a	DET
fsr-3912	205	15	means	means	NOUN
fsr-3912	205	16	to	to	PART
fsr-3912	205	17	avoid	avoid	VERB
fsr-3912	205	18	increasing	increase	VERB
fsr-3912	205	19	payroll	payroll	NOUN
fsr-3912	205	20	taxes	taxis	NOUN
fsr-3912	205	21	.	.	PUNCT
fsr-3912	206	1	the	the	DET
fsr-3912	206	2	general	general	ADJ
fsr-3912	206	3	equilibrium	equilibrium	NOUN
fsr-3912	206	4	model	model	NOUN
fsr-3912	206	5	developed	develop	VERB
fsr-3912	206	6	in	in	ADP
fsr-3912	206	7	this	this	DET
fsr-3912	206	8	paper	paper	NOUN
fsr-3912	206	9	demonstrates	demonstrate	VERB
fsr-3912	206	10	some	some	PRON
fsr-3912	206	11	of	of	ADP
fsr-3912	206	12	the	the	DET
fsr-3912	206	13	effects	effect	NOUN
fsr-3912	206	14	of	of	ADP
fsr-3912	206	15	these	these	DET
fsr-3912	206	16	reform	reform	NOUN
fsr-3912	206	17	proposals	proposal	NOUN
fsr-3912	206	18	.	.	PUNCT
fsr-3912	207	1	we	we	PRON
fsr-3912	207	2	show	show	VERB
fsr-3912	207	3	that	that	SCONJ
fsr-3912	207	4	investing	invest	VERB
fsr-3912	207	5	social	social	ADJ
fsr-3912	207	6	security	security	NOUN
fsr-3912	207	7	funds	fund	NOUN
fsr-3912	207	8	in	in	ADP
fsr-3912	207	9	equities	equity	NOUN
fsr-3912	207	10	will	will	AUX
fsr-3912	207	11	increase	increase	VERB
fsr-3912	207	12	interest	interest	NOUN
fsr-3912	207	13	rates	rate	NOUN
fsr-3912	207	14	on	on	ADP
fsr-3912	207	15	bonds	bond	NOUN
fsr-3912	207	16	and	and	CCONJ
fsr-3912	207	17	decrease	decrease	VERB
fsr-3912	207	18	the	the	DET
fsr-3912	207	19	return	return	NOUN
fsr-3912	207	20	on	on	ADP
fsr-3912	207	21	equities	equity	NOUN
fsr-3912	207	22	.	.	PUNCT
fsr-3912	208	1	furthermore	furthermore	ADV
fsr-3912	208	2	,	,	PUNCT
fsr-3912	208	3	such	such	DET
fsr-3912	208	4	a	a	DET
fsr-3912	208	5	shift	shift	NOUN
fsr-3912	208	6	in	in	ADP
fsr-3912	208	7	social	social	ADJ
fsr-3912	208	8	security	security	NOUN
fsr-3912	208	9	investments	investment	NOUN
fsr-3912	208	10	will	will	AUX
fsr-3912	208	11	lead	lead	VERB
fsr-3912	208	12	to	to	ADP
fsr-3912	208	13	a	a	DET
fsr-3912	208	14	necessary	necessary	ADJ
fsr-3912	208	15	increase	increase	NOUN
fsr-3912	208	16	in	in	ADP
fsr-3912	208	17	general	general	ADJ
fsr-3912	208	18	income	income	NOUN
fsr-3912	208	19	taxes	taxis	NOUN
fsr-3912	208	20	(	(	PUNCT
fsr-3912	208	21	assuming	assume	VERB
fsr-3912	208	22	the	the	DET
fsr-3912	208	23	level	level	NOUN
fsr-3912	208	24	of	of	ADP
fsr-3912	208	25	total	total	ADJ
fsr-3912	208	26	federal	federal	ADJ
fsr-3912	208	27	debt	debt	NOUN
fsr-3912	208	28	remains	remain	VERB
fsr-3912	208	29	larger	large	ADJ
fsr-3912	208	30	than	than	ADP
fsr-3912	208	31	the	the	DET
fsr-3912	208	32	social	social	ADJ
fsr-3912	208	33	security	security	NOUN
fsr-3912	208	34	trust	trust	NOUN
fsr-3912	208	35	fund	fund	PROPN
fsr-3912	208	36	)	)	PUNCT
fsr-3912	208	37	and	and	CCONJ
fsr-3912	208	38	possible	possible	ADJ
fsr-3912	208	39	income	income	NOUN
fsr-3912	208	40	redistribution	redistribution	NOUN
fsr-3912	208	41	.	.	PUNCT
fsr-3912	209	1	thus	thus	ADV
fsr-3912	209	2	,	,	PUNCT
fsr-3912	209	3	to	to	ADP
fsr-3912	209	4	some	some	DET
fsr-3912	209	5	extent	extent	NOUN
fsr-3912	209	6	,	,	PUNCT
fsr-3912	209	7	investing	invest	VERB
fsr-3912	209	8	social	social	ADJ
fsr-3912	209	9	security	security	NOUN
fsr-3912	209	10	funds	fund	NOUN
fsr-3912	209	11	in	in	ADP
fsr-3912	209	12	equities	equity	NOUN
fsr-3912	209	13	simply	simply	ADV
fsr-3912	209	14	shifts	shift	VERB
fsr-3912	209	15	a	a	DET
fsr-3912	209	16	potential	potential	ADJ
fsr-3912	209	17	increase	increase	NOUN
fsr-3912	209	18	in	in	ADP
fsr-3912	209	19	payroll	payroll	NOUN
fsr-3912	209	20	taxes	taxis	NOUN
fsr-3912	209	21	to	to	ADP
fsr-3912	209	22	an	an	DET
fsr-3912	209	23	increase	increase	NOUN
fsr-3912	209	24	in	in	ADP
fsr-3912	209	25	income	income	NOUN
fsr-3912	209	26	taxes	taxis	NOUN
fsr-3912	209	27	.	.	PUNCT
fsr-3912	210	1	dynamic	dynamic	ADJ
fsr-3912	210	2	extensions	extension	NOUN
fsr-3912	210	3	of	of	ADP
fsr-3912	210	4	the	the	DET
fsr-3912	210	5	model	model	NOUN
fsr-3912	210	6	may	may	AUX
fsr-3912	210	7	be	be	AUX
fsr-3912	210	8	interesting	interesting	ADJ
fsr-3912	210	9	to	to	PART
fsr-3912	210	10	pursue	pursue	VERB
fsr-3912	210	11	by	by	ADP
fsr-3912	210	12	giving	give	VERB
fsr-3912	210	13	more	more	ADJ
fsr-3912	210	14	insight	insight	NOUN
fsr-3912	210	15	into	into	ADP
fsr-3912	210	16	the	the	DET
fsr-3912	210	17	long	long	ADJ
fsr-3912	210	18	-	-	PUNCT
fsr-3912	210	19	run	run	NOUN
fsr-3912	210	20	effects	effect	NOUN
fsr-3912	210	21	of	of	ADP
fsr-3912	210	22	any	any	DET
fsr-3912	210	23	reform	reform	NOUN
fsr-3912	210	24	.	.	PUNCT
fsr-3912	211	1	it	it	PRON
fsr-3912	211	2	would	would	AUX
fsr-3912	211	3	be	be	AUX
fsr-3912	211	4	desirable	desirable	ADJ
fsr-3912	211	5	to	to	PART
fsr-3912	211	6	take	take	VERB
fsr-3912	211	7	into	into	ADP
fsr-3912	211	8	account	account	NOUN
fsr-3912	211	9	the	the	DET
fsr-3912	211	10	long	long	ADV
fsr-3912	211	11	-	-	PUNCT
fsr-3912	211	12	run	run	VERB
fsr-3912	211	13	changes	change	NOUN
fsr-3912	211	14	which	which	PRON
fsr-3912	211	15	may	may	AUX
fsr-3912	211	16	occur	occur	VERB
fsr-3912	211	17	due	due	ADP
fsr-3912	211	18	to	to	ADP
fsr-3912	211	19	lower	low	ADJ
fsr-3912	211	20	weighted	weight	VERB
fsr-3912	211	21	average	average	ADJ
fsr-3912	211	22	cost	cost	NOUN
fsr-3912	211	23	of	of	ADP
fsr-3912	211	24	capital	capital	NOUN
fsr-3912	211	25	and	and	CCONJ
fsr-3912	211	26	subsequent	subsequent	ADJ
fsr-3912	211	27	increases	increase	NOUN
fsr-3912	211	28	in	in	ADP
fsr-3912	211	29	real	real	ADJ
fsr-3912	211	30	assets	asset	NOUN
fsr-3912	211	31	of	of	ADP
fsr-3912	211	32	the	the	DET
fsr-3912	211	33	firm	firm	NOUN
fsr-3912	211	34	or	or	CCONJ
fsr-3912	211	35	distortions	distortion	NOUN
fsr-3912	211	36	which	which	PRON
fsr-3912	211	37	may	may	AUX
fsr-3912	211	38	occur	occur	VERB
fsr-3912	211	39	in	in	ADP
fsr-3912	211	40	the	the	DET
fsr-3912	211	41	labor	labor	NOUN
fsr-3912	211	42	market	market	NOUN
fsr-3912	211	43	due	due	ADP
fsr-3912	211	44	to	to	ADP
fsr-3912	211	45	higher	high	ADJ
fsr-3912	211	46	social	social	ADJ
fsr-3912	211	47	security	security	NOUN
fsr-3912	211	48	payroll	payroll	NOUN
fsr-3912	211	49	taxes	taxis	NOUN
fsr-3912	211	50	.	.	PUNCT
fsr-3912	212	1	appendix	appendix	VERB
fsr-3912	212	2	a.	a.	NOUN
fsr-3912	212	3	a.1	a.1	PROPN
fsr-3912	212	4	.	.	PUNCT
fsr-3912	213	1	proof	proof	NOUN
fsr-3912	213	2	it	it	PRON
fsr-3912	213	3	is	be	AUX
fsr-3912	213	4	possible	possible	ADJ
fsr-3912	213	5	to	to	PART
fsr-3912	213	6	rearrange	rearrange	VERB
fsr-3912	213	7	(	(	PUNCT
fsr-3912	213	8	6	6	NUM
fsr-3912	213	9	)	)	PUNCT
fsr-3912	213	10	and	and	CCONJ
fsr-3912	213	11	(	(	PUNCT
fsr-3912	213	12	7	7	X
fsr-3912	213	13	)	)	PUNCT
fsr-3912	213	14	to	to	PART
fsr-3912	213	15	get	get	VERB
fsr-3912	213	16	re	re	ADP
fsr-3912	213	17	as	as	ADP
fsr-3912	213	18	a	a	DET
fsr-3912	213	19	function	function	NOUN
fsr-3912	213	20	of	of	ADP
fsr-3912	213	21	rb	rb	NOUN
fsr-3912	213	22	andn	andn	ADJ
fsr-3912	213	23	and	and	CCONJ
fsr-3912	213	24	similarly	similarly	ADV
fsr-3912	213	25	for	for	ADP
fsr-3912	213	26	rb	rb	NOUN
fsr-3912	213	27	re	re	VERB
fsr-3912	213	28	5	5	NUM
fsr-3912	213	29	fnx	fnx	PROPN
fsr-3912	213	30	2	2	NUM
fsr-3912	213	31	nxvh	nxvh	VERB
fsr-3912	213	32	1	1	NUM
fsr-3912	213	33	ny	ny	PROPN
fsr-3912	213	34	1	1	NUM
fsr-3912	213	35	ny	ny	NOUN
fsr-3912	213	36	~1	~1	ADV
fsr-3912	213	37	2	2	NUM
fsr-3912	213	38	gy!s2	gy!s2	PROPN
fsr-3912	213	39	rb	rb	NOUN
fsr-3912	213	40	1	1	NUM
fsr-3912	213	41	nzh	nzh	ADP
fsr-3912	213	42	2	2	NUM
fsr-3912	213	43	nzhv	nzhv	ADJ
fsr-3912	213	44	2	2	NUM
fsr-3912	213	45	b	b	NOUN
fsr-3912	213	46	exp	exp	NOUN
fsr-3912	213	47	~	~	SYM
fsr-3912	213	48	rb	rb	NOUN
fsr-3912	213	49	!	!	PUNCT
fsr-3912	214	1	g	g	PROPN
fsr-3912	214	2	ny	ny	PROPN
fsr-3912	214	3	~1	~1	VERB
fsr-3912	214	4	2	2	NUM
fsr-3912	214	5	gy!s2	gy!s2	PROPN
fsr-3912	214	6	5	5	NUM
fsr-3912	214	7	f	f	X
fsr-3912	214	8	~	~	SYM
fsr-3912	214	9	rb	rb	NOUN
fsr-3912	214	10	,	,	PUNCT
fsr-3912	214	11	v	v	NOUN
fsr-3912	214	12	!	!	PUNCT
fsr-3912	215	1	(	(	PUNCT
fsr-3912	215	2	16	16	NUM
fsr-3912	215	3	)	)	PUNCT
fsr-3912	215	4	rb	rb	VERB
fsr-3912	215	5	5	5	NUM
fsr-3912	215	6	fnxhv	fnxhv	NOUN
fsr-3912	215	7	1	1	NUM
fsr-3912	215	8	ny	ny	NOUN
fsr-3912	215	9	~1	~1	ADV
fsr-3912	215	10	2	2	NUM
fsr-3912	215	11	gy!s2	gy!s2	PROPN
fsr-3912	215	12	re	re	ADP
fsr-3912	215	13	1	1	NUM
fsr-3912	215	14	nz	nz	PROPN
fsr-3912	215	15	2	2	NUM
fsr-3912	215	16	nzh	nzh	NOUN
fsr-3912	215	17	1	1	NUM
fsr-3912	215	18	nzhve	nzhve	NOUN
fsr-3912	215	19	exp	exp	NOUN
fsr-3912	215	20	~	~	SYM
fsr-3912	215	21	re	re	NOUN
fsr-3912	215	22	!	!	PUNCT
fsr-3912	216	1	g	g	PROPN
fsr-3912	216	2	ny	ny	PROPN
fsr-3912	216	3	~1	~1	VERB
fsr-3912	216	4	2	2	NUM
fsr-3912	216	5	gy!s2	gy!s2	PROPN
fsr-3912	216	6	5	5	NUM
fsr-3912	216	7	g	g	NOUN
fsr-3912	216	8	~	~	SYM
fsr-3912	216	9	re	re	NOUN
fsr-3912	216	10	,	,	PUNCT
fsr-3912	216	11	v	v	NOUN
fsr-3912	216	12	!	!	PUNCT
fsr-3912	216	13	(	(	PUNCT
fsr-3912	216	14	17	17	X
fsr-3912	216	15	)	)	PUNCT
fsr-3912	216	16	taking	take	VERB
fsr-3912	216	17	the	the	DET
fsr-3912	216	18	total	total	ADJ
fsr-3912	216	19	derivatives	derivative	NOUN
fsr-3912	216	20	of	of	ADP
fsr-3912	216	21	(	(	PUNCT
fsr-3912	216	22	16	16	NUM
fsr-3912	216	23	)	)	PUNCT
fsr-3912	216	24	and	and	CCONJ
fsr-3912	216	25	(	(	PUNCT
fsr-3912	216	26	17	17	NUM
fsr-3912	216	27	)	)	PUNCT
fsr-3912	216	28	with	with	ADP
fsr-3912	216	29	respect	respect	NOUN
fsr-3912	216	30	ton	ton	NOUN
fsr-3912	216	31	results	result	NOUN
fsr-3912	216	32	in	in	ADP
fsr-3912	216	33	dre	dre	PROPN
fsr-3912	216	34	dv	dv	PROPN
fsr-3912	216	35	5	5	NUM
fsr-3912	216	36	frb	frb	PROPN
fsr-3912	216	37	drb	drb	PROPN
fsr-3912	216	38	dv	dv	PROPN
fsr-3912	216	39	1fv	1fv	PROPN
fsr-3912	216	40	(	(	PUNCT
fsr-3912	216	41	18	18	NUM
fsr-3912	216	42	)	)	PUNCT
fsr-3912	216	43	102	102	NUM
fsr-3912	216	44	e.	e.	PROPN
fsr-3912	216	45	elder	elder	PROPN
fsr-3912	216	46	,	,	PUNCT
fsr-3912	216	47	l.	l.	PROPN
fsr-3912	216	48	holland	holland	PROPN
fsr-3912	216	49	/	/	SYM
fsr-3912	216	50	financial	financial	ADJ
fsr-3912	216	51	services	service	NOUN
fsr-3912	216	52	review	review	VERB
fsr-3912	216	53	9	9	NUM
fsr-3912	216	54	(	(	PUNCT
fsr-3912	216	55	2000	2000	NUM
fsr-3912	216	56	)	)	PUNCT
fsr-3912	217	1	93–106	93–106	PROPN
fsr-3912	217	2	drb	drb	PROPN
fsr-3912	217	3	dv	dv	PROPN
fsr-3912	217	4	5	5	NUM
fsr-3912	217	5	gre	gre	PROPN
fsr-3912	217	6	dre	dre	PROPN
fsr-3912	217	7	dv	dv	PROPN
fsr-3912	217	8	1	1	NUM
fsr-3912	217	9	gv	gv	PROPN
fsr-3912	217	10	(	(	PUNCT
fsr-3912	217	11	19	19	NUM
fsr-3912	217	12	)	)	PUNCT
fsr-3912	218	1	where	where	SCONJ
fsr-3912	218	2	gre	gre	PROPN
fsr-3912	218	3	5	5	NUM
fsr-3912	218	4	1	1	NUM
fsr-3912	218	5	1	1	NUM
fsr-3912	218	6	e~1	e~1	NUM
fsr-3912	218	7	2	2	NUM
fsr-3912	218	8	gy!s2	gy!s2	PROPN
fsr-3912	218	9	ny	ny	PUNCT
fsr-3912	218	10	~	~	PROPN
fsr-3912	218	11	exp	exp	X
fsr-3912	218	12	~	~	SYM
fsr-3912	218	13	re	re	NOUN
fsr-3912	218	14	!	!	PUNCT
fsr-3912	218	15	!	!	PUNCT
fsr-3912	219	1	(	(	PUNCT
fsr-3912	219	2	20	20	NUM
fsr-3912	219	3	)	)	PUNCT
fsr-3912	219	4	gv	gv	ADP
fsr-3912	219	5	5	5	NUM
fsr-3912	219	6	~nxh	~nxh	NOUN
fsr-3912	219	7	1	1	NUM
fsr-3912	219	8	nzh!~1	nzh!~1	ADV
fsr-3912	219	9	2	2	NUM
fsr-3912	219	10	gy!s2	gy!s2	PROPN
fsr-3912	219	11	ny	ny	PROPN
fsr-3912	219	12	(	(	PUNCT
fsr-3912	219	13	21	21	NUM
fsr-3912	219	14	)	)	PUNCT
fsr-3912	219	15	frb	frb	NOUN
fsr-3912	219	16	5	5	NUM
fsr-3912	219	17	1	1	NUM
fsr-3912	219	18	1	1	NUM
fsr-3912	219	19	b~1	b~1	NUM
fsr-3912	219	20	2	2	NUM
fsr-3912	219	21	gy!s2	gy!s2	PROPN
fsr-3912	219	22	ny	ny	PUNCT
fsr-3912	219	23	~	~	PROPN
fsr-3912	219	24	exp	exp	X
fsr-3912	219	25	~	~	SYM
fsr-3912	219	26	rb	rb	NOUN
fsr-3912	219	27	!	!	PUNCT
fsr-3912	219	28	!	!	PUNCT
fsr-3912	220	1	(	(	PUNCT
fsr-3912	220	2	22	22	NUM
fsr-3912	220	3	)	)	PUNCT
fsr-3912	220	4	fv	fv	PART
fsr-3912	220	5	5	5	NUM
fsr-3912	220	6	2	2	NUM
fsr-3912	220	7	~nxh	~nxh	NOUN
fsr-3912	220	8	1	1	NUM
fsr-3912	220	9	nzh!~1	nzh!~1	ADV
fsr-3912	220	10	2	2	NUM
fsr-3912	220	11	gy!s2	gy!s2	X
fsr-3912	220	12	ny	ny	NOUN
fsr-3912	220	13	5	5	NUM
fsr-3912	220	14	2gv	2gv	NOUN
fsr-3912	220	15	(	(	PUNCT
fsr-3912	220	16	23	23	NUM
fsr-3912	220	17	)	)	PUNCT
fsr-3912	220	18	using	use	VERB
fsr-3912	220	19	(	(	PUNCT
fsr-3912	220	20	18	18	NUM
fsr-3912	220	21	)	)	PUNCT
fsr-3912	220	22	and	and	CCONJ
fsr-3912	220	23	(	(	PUNCT
fsr-3912	220	24	19	19	NUM
fsr-3912	220	25	)	)	PUNCT
fsr-3912	220	26	we	we	PRON
fsr-3912	220	27	now	now	ADV
fsr-3912	220	28	have	have	VERB
fsr-3912	220	29	the	the	DET
fsr-3912	220	30	following	follow	VERB
fsr-3912	220	31	dre	dre	PROPN
fsr-3912	220	32	dv	dv	PROPN
fsr-3912	220	33	5	5	NUM
fsr-3912	220	34	frb	frb	PROPN
fsr-3912	220	35	drb	drb	PROPN
fsr-3912	220	36	dv	dv	PROPN
fsr-3912	221	1	2	2	NUM
fsr-3912	221	2	gv	gv	ADP
fsr-3912	221	3	(	(	PUNCT
fsr-3912	221	4	24	24	NUM
fsr-3912	221	5	)	)	PUNCT
fsr-3912	221	6	drb	drb	PROPN
fsr-3912	221	7	dv	dv	PROPN
fsr-3912	221	8	5	5	NUM
fsr-3912	221	9	gre	gre	PROPN
fsr-3912	221	10	dre	dre	PROPN
fsr-3912	222	1	dv	dv	PROPN
fsr-3912	222	2	1	1	NUM
fsr-3912	222	3	gv	gv	PROPN
fsr-3912	222	4	(	(	PUNCT
fsr-3912	222	5	25	25	NUM
fsr-3912	222	6	)	)	PUNCT
fsr-3912	222	7	which	which	PRON
fsr-3912	222	8	is	be	AUX
fsr-3912	222	9	a	a	DET
fsr-3912	222	10	system	system	NOUN
fsr-3912	222	11	of	of	ADP
fsr-3912	222	12	two	two	NUM
fsr-3912	222	13	equations	equation	NOUN
fsr-3912	222	14	in	in	ADP
fsr-3912	222	15	two	two	NUM
fsr-3912	222	16	unknowns	unknown	NOUN
fsr-3912	222	17	,	,	PUNCT
fsr-3912	222	18	dre	dre	NOUN
fsr-3912	222	19	/	/	SYM
fsr-3912	222	20	dn	dn	PROPN
fsr-3912	222	21	and	and	CCONJ
fsr-3912	222	22	drb	drb	PROPN
fsr-3912	222	23	/	/	SYM
fsr-3912	222	24	dn	dn	PROPN
fsr-3912	222	25	.	.	PUNCT
fsr-3912	223	1	this	this	DET
fsr-3912	223	2	system	system	NOUN
fsr-3912	223	3	has	have	VERB
fsr-3912	223	4	the	the	DET
fsr-3912	223	5	solution	solution	NOUN
fsr-3912	223	6	dre	dre	PROPN
fsr-3912	223	7	dv	dv	PROPN
fsr-3912	223	8	5	5	PROPN
fsr-3912	224	1	gv~	gv~	PROPN
fsr-3912	224	2	frb	frb	NOUN
fsr-3912	224	3	2	2	NUM
fsr-3912	224	4	1	1	NUM
fsr-3912	224	5	!	!	SYM
fsr-3912	224	6	1	1	NUM
fsr-3912	224	7	2	2	NUM
fsr-3912	224	8	gre	gre	NOUN
fsr-3912	224	9	frb	frb	NOUN
fsr-3912	224	10	(	(	PUNCT
fsr-3912	224	11	26	26	NUM
fsr-3912	224	12	)	)	PUNCT
fsr-3912	224	13	drb	drb	PROPN
fsr-3912	224	14	dv	dv	PROPN
fsr-3912	224	15	5	5	NUM
fsr-3912	224	16	2	2	X
fsr-3912	224	17	gv~	gv~	PROPN
fsr-3912	224	18	gre	gre	PROPN
fsr-3912	224	19	2	2	NUM
fsr-3912	224	20	1	1	NUM
fsr-3912	224	21	!	!	SYM
fsr-3912	224	22	1	1	NUM
fsr-3912	224	23	2	2	NUM
fsr-3912	224	24	gre	gre	NOUN
fsr-3912	224	25	frb	frb	NOUN
fsr-3912	224	26	(	(	PUNCT
fsr-3912	224	27	27	27	NUM
fsr-3912	224	28	)	)	PUNCT
fsr-3912	224	29	it	it	PRON
fsr-3912	224	30	can	can	AUX
fsr-3912	224	31	be	be	AUX
fsr-3912	224	32	shown	show	VERB
fsr-3912	224	33	that	that	SCONJ
fsr-3912	224	34	frb	frb	NOUN
fsr-3912	224	35	.	.	PUNCT
fsr-3912	225	1	1	1	NUM
fsr-3912	225	2	,	,	PUNCT
fsr-3912	225	3	gre	gre	NOUN
fsr-3912	225	4	.	.	PUNCT
fsr-3912	226	1	1	1	NUM
fsr-3912	226	2	,	,	PUNCT
fsr-3912	226	3	and	and	CCONJ
fsr-3912	226	4	gn	gn	INTJ
fsr-3912	226	5	.	.	PUNCT
fsr-3912	226	6	0	0	PUNCT
fsr-3912	227	1	and	and	CCONJ
fsr-3912	227	2	therefore	therefore	ADV
fsr-3912	227	3	dre	dre	PROPN
fsr-3912	227	4	dv	dv	PROPN
fsr-3912	227	5	,	,	PUNCT
fsr-3912	227	6	0	0	NUM
fsr-3912	227	7	(	(	PUNCT
fsr-3912	227	8	28	28	NUM
fsr-3912	227	9	)	)	PUNCT
fsr-3912	227	10	drb	drb	PROPN
fsr-3912	227	11	dv	dv	PROPN
fsr-3912	227	12	.	.	PUNCT
fsr-3912	227	13	0	0	PUNCT
fsr-3912	228	1	(	(	PUNCT
fsr-3912	228	2	29	29	NUM
fsr-3912	228	3	)	)	PUNCT
fsr-3912	228	4	appendix	appendix	X
fsr-3912	228	5	b.	b.	PROPN
fsr-3912	228	6	in	in	ADP
fsr-3912	228	7	our	our	PRON
fsr-3912	228	8	analysis	analysis	NOUN
fsr-3912	228	9	,	,	PUNCT
fsr-3912	228	10	we	we	PRON
fsr-3912	228	11	assumed	assume	VERB
fsr-3912	228	12	that	that	SCONJ
fsr-3912	228	13	the	the	DET
fsr-3912	228	14	most	most	ADV
fsr-3912	228	15	risk	risk	NOUN
fsr-3912	228	16	-	-	PUNCT
fsr-3912	228	17	averse	averse	ADJ
fsr-3912	228	18	individual	individual	NOUN
fsr-3912	228	19	remained	remain	VERB
fsr-3912	228	20	constrained	constrain	VERB
fsr-3912	228	21	in	in	ADP
fsr-3912	228	22	the	the	DET
fsr-3912	228	23	equities	equity	NOUN
fsr-3912	228	24	market	market	NOUN
fsr-3912	228	25	,	,	PUNCT
fsr-3912	228	26	the	the	DET
fsr-3912	228	27	least	least	ADJ
fsr-3912	228	28	risk	risk	NOUN
fsr-3912	228	29	averse	averse	ADJ
fsr-3912	228	30	individual	individual	NOUN
fsr-3912	228	31	remained	remain	VERB
fsr-3912	228	32	constrained	constrain	VERB
fsr-3912	228	33	in	in	ADP
fsr-3912	228	34	the	the	DET
fsr-3912	228	35	bond	bond	NOUN
fsr-3912	228	36	market	market	NOUN
fsr-3912	228	37	,	,	PUNCT
fsr-3912	228	38	103e	103e	PROPN
fsr-3912	228	39	.	.	PUNCT
fsr-3912	229	1	elder	elder	NOUN
fsr-3912	229	2	,	,	PUNCT
fsr-3912	229	3	l.	l.	PROPN
fsr-3912	229	4	holland	holland	PROPN
fsr-3912	229	5	/	/	SYM
fsr-3912	229	6	financial	financial	ADJ
fsr-3912	229	7	services	service	NOUN
fsr-3912	229	8	review	review	VERB
fsr-3912	229	9	9	9	NUM
fsr-3912	229	10	(	(	PUNCT
fsr-3912	229	11	2000	2000	NUM
fsr-3912	229	12	)	)	PUNCT
fsr-3912	230	1	93–106	93–106	NOUN
fsr-3912	230	2	and	and	CCONJ
fsr-3912	230	3	the	the	DET
fsr-3912	230	4	intermediate	intermediate	ADJ
fsr-3912	230	5	individual	individual	NOUN
fsr-3912	230	6	remained	remain	VERB
fsr-3912	230	7	unconstrained	unconstrained	ADJ
fsr-3912	230	8	following	follow	VERB
fsr-3912	230	9	a	a	DET
fsr-3912	230	10	change	change	NOUN
fsr-3912	230	11	inn	inn	PROPN
fsr-3912	230	12	.	.	PUNCT
fsr-3912	231	1	in	in	ADP
fsr-3912	231	2	order	order	NOUN
fsr-3912	231	3	to	to	PART
fsr-3912	231	4	ensure	ensure	VERB
fsr-3912	231	5	these	these	DET
fsr-3912	231	6	results	result	NOUN
fsr-3912	231	7	remain	remain	VERB
fsr-3912	231	8	valid	valid	ADJ
fsr-3912	231	9	,	,	PUNCT
fsr-3912	231	10	it	it	PRON
fsr-3912	231	11	is	be	AUX
fsr-3912	231	12	necessary	necessary	ADJ
fsr-3912	231	13	to	to	PART
fsr-3912	231	14	find	find	VERB
fsr-3912	231	15	an	an	DET
fsr-3912	231	16	upper	upper	ADJ
fsr-3912	231	17	bound	bind	VERB
fsr-3912	231	18	ongx	ongx	NOUN
fsr-3912	231	19	and	and	CCONJ
fsr-3912	231	20	a	a	DET
fsr-3912	231	21	lower	lower	ADV
fsr-3912	231	22	bound	bind	VERB
fsr-3912	231	23	ongz	ongz	NOUN
fsr-3912	231	24	.	.	PUNCT
fsr-3912	232	1	in	in	ADP
fsr-3912	232	2	order	order	NOUN
fsr-3912	232	3	to	to	PART
fsr-3912	232	4	ensure	ensure	VERB
fsr-3912	232	5	that	that	SCONJ
fsr-3912	232	6	the	the	DET
fsr-3912	232	7	most	most	ADV
fsr-3912	232	8	risk	risk	NOUN
fsr-3912	232	9	-	-	PUNCT
fsr-3912	232	10	averse	averse	ADJ
fsr-3912	232	11	individual	individual	NOUN
fsr-3912	232	12	is	be	AUX
fsr-3912	232	13	originally	originally	ADV
fsr-3912	232	14	constrained	constrain	VERB
fsr-3912	232	15	to	to	PART
fsr-3912	232	16	be	be	AUX
fsr-3912	232	17	in	in	ADP
fsr-3912	232	18	the	the	DET
fsr-3912	232	19	equities	equity	NOUN
fsr-3912	232	20	market	market	NOUN
fsr-3912	232	21	,	,	PUNCT
fsr-3912	232	22	it	it	PRON
fsr-3912	232	23	is	be	AUX
fsr-3912	232	24	necessary	necessary	ADJ
fsr-3912	232	25	that	that	SCONJ
fsr-3912	232	26	,	,	PUNCT
fsr-3912	232	27	initiallynh	initiallynh	NOUN
fsr-3912	232	28	.	.	PUNCT
fsr-3912	233	1	vx	vx	PROPN
fsr-3912	233	2	and	and	CCONJ
fsr-3912	233	3	post	post	PROPN
fsr-3912	233	4	reformn9	reformn9	PROPN
fsr-3912	233	5	h	h	PROPN
fsr-3912	233	6	.	.	PUNCT
fsr-3912	234	1	vx9	vx9	PROPN
fsr-3912	234	2	(	(	PUNCT
fsr-3912	234	3	wherevx	wherevx	PROPN
fsr-3912	234	4	5	5	NUM
fsr-3912	234	5	(	(	PUNCT
fsr-3912	234	6	re	re	ADJ
fsr-3912	234	7	-	-	ADJ
fsr-3912	234	8	rb)/(1	rb)/(1	NOUN
fsr-3912	234	9	-	-	PUNCT
fsr-3912	234	10	gx)s	gx)s	NOUN
fsr-3912	234	11	2	2	NUM
fsr-3912	234	12	)	)	PUNCT
fsr-3912	234	13	andvx9	andvx9	NOUN
fsr-3912	234	14	5	5	NUM
fsr-3912	234	15	(	(	PUNCT
fsr-3912	234	16	re9	re9	NOUN
fsr-3912	234	17	-	-	PUNCT
fsr-3912	234	18	rb9)/((1	rb9)/((1	NOUN
fsr-3912	234	19	-	-	PUNCT
fsr-3912	234	20	gx)s	gx)s	NOUN
fsr-3912	234	21	2	2	NUM
fsr-3912	234	22	)	)	PUNCT
fsr-3912	234	23	which	which	PRON
fsr-3912	234	24	implies	imply	VERB
fsr-3912	234	25	gx	gx	PROPN
fsr-3912	234	26	,	,	PUNCT
fsr-3912	234	27	mins1	mins1	NOUN
fsr-3912	234	28	2	2	NUM
fsr-3912	234	29	re	re	SYM
fsr-3912	234	30	2	2	NUM
fsr-3912	234	31	rb	rb	NOUN
fsr-3912	234	32	hn	hn	PROPN
fsr-3912	234	33	s2	s2	PROPN
fsr-3912	234	34	,	,	PUNCT
fsr-3912	234	35	1	1	NUM
fsr-3912	234	36	2	2	NUM
fsr-3912	234	37	re9	re9	NOUN
fsr-3912	234	38	2	2	NUM
fsr-3912	234	39	rb9	rb9	PROPN
fsr-3912	234	40	hn9s2	hn9s2	PROPN
fsr-3912	234	41	d	d	PROPN
fsr-3912	234	42	(	(	PUNCT
fsr-3912	234	43	30	30	NUM
fsr-3912	234	44	)	)	PUNCT
fsr-3912	234	45	where	where	SCONJ
fsr-3912	234	46	re9	re9	PROPN
fsr-3912	234	47	and	and	CCONJ
fsr-3912	234	48	rb9	rb9	PROPN
fsr-3912	234	49	are	be	AUX
fsr-3912	234	50	the	the	DET
fsr-3912	234	51	post	post	NOUN
fsr-3912	234	52	reform	reform	NOUN
fsr-3912	234	53	returns	return	NOUN
fsr-3912	234	54	andn9	andn9	NOUN
fsr-3912	234	55	is	be	AUX
fsr-3912	234	56	the	the	DET
fsr-3912	234	57	post	post	PROPN
fsr-3912	234	58	reform	reform	NOUN
fsr-3912	234	59	fraction	fraction	NOUN
fsr-3912	234	60	the	the	DET
fsr-3912	234	61	social	social	ADJ
fsr-3912	234	62	security	security	NOUN
fsr-3912	234	63	trust	trust	NOUN
fsr-3912	234	64	fund	fund	NOUN
fsr-3912	234	65	allocates	allocate	NOUN
fsr-3912	234	66	to	to	ADP
fsr-3912	234	67	equities	equity	NOUN
fsr-3912	234	68	.	.	PUNCT
fsr-3912	235	1	the	the	DET
fsr-3912	235	2	least	least	ADJ
fsr-3912	235	3	risk	risk	NOUN
fsr-3912	235	4	-	-	PUNCT
fsr-3912	235	5	averse	averse	ADJ
fsr-3912	235	6	individual	individual	NOUN
fsr-3912	235	7	is	be	AUX
fsr-3912	235	8	assumed	assume	VERB
fsr-3912	235	9	to	to	PART
fsr-3912	235	10	originally	originally	ADV
fsr-3912	235	11	be	be	AUX
fsr-3912	235	12	constrained	constrain	VERB
fsr-3912	235	13	to	to	PART
fsr-3912	235	14	hold	hold	VERB
fsr-3912	235	15	funds	fund	NOUN
fsr-3912	235	16	in	in	ADP
fsr-3912	235	17	the	the	DET
fsr-3912	235	18	bond	bond	NOUN
fsr-3912	235	19	market	market	NOUN
fsr-3912	235	20	,	,	PUNCT
fsr-3912	235	21	and	and	CCONJ
fsr-3912	235	22	following	follow	VERB
fsr-3912	235	23	reform	reform	NOUN
fsr-3912	235	24	is	be	AUX
fsr-3912	235	25	assumed	assume	VERB
fsr-3912	235	26	to	to	PART
fsr-3912	235	27	remain	remain	VERB
fsr-3912	235	28	constrained	constrained	ADJ
fsr-3912	235	29	.	.	PUNCT
fsr-3912	236	1	in	in	ADP
fsr-3912	236	2	order	order	NOUN
fsr-3912	236	3	for	for	SCONJ
fsr-3912	236	4	this	this	PRON
fsr-3912	236	5	to	to	PART
fsr-3912	236	6	be	be	AUX
fsr-3912	236	7	true	true	ADJ
fsr-3912	236	8	,	,	PUNCT
fsr-3912	236	9	it	it	PRON
fsr-3912	236	10	is	be	AUX
fsr-3912	236	11	necessary	necessary	ADJ
fsr-3912	236	12	that	that	SCONJ
fsr-3912	236	13	prereform	prereform	NOUN
fsr-3912	236	14	(	(	PUNCT
fsr-3912	236	15	1	1	NUM
fsr-3912	236	16	-	-	PUNCT
fsr-3912	236	17	n)h	n)h	NOUN
fsr-3912	236	18	.	.	PUNCT
fsr-3912	237	1	1	1	NUM
fsr-3912	237	2	-	-	SYM
fsr-3912	237	3	vz	vz	NOUN
fsr-3912	237	4	and	and	CCONJ
fsr-3912	237	5	post	post	VERB
fsr-3912	237	6	reform	reform	NOUN
fsr-3912	237	7	(	(	PUNCT
fsr-3912	237	8	1	1	NUM
fsr-3912	237	9	-	-	PUNCT
fsr-3912	237	10	n9)h	n9)h	ADJ
fsr-3912	237	11	.	.	PUNCT
fsr-3912	238	1	1	1	NUM
fsr-3912	238	2	-	-	PUNCT
fsr-3912	238	3	vz9	vz9	NOUN
fsr-3912	238	4	wherevz	wherevz	NOUN
fsr-3912	238	5	andvz9	andvz9	NOUN
fsr-3912	238	6	are	be	AUX
fsr-3912	238	7	similar	similar	ADJ
fsr-3912	238	8	to	to	ADP
fsr-3912	238	9	the	the	DET
fsr-3912	238	10	above	above	ADJ
fsr-3912	238	11	.	.	PUNCT
fsr-3912	239	1	therefore	therefore	ADV
fsr-3912	239	2	,	,	PUNCT
fsr-3912	239	3	a	a	DET
fsr-3912	239	4	lower	lower	ADV
fsr-3912	239	5	bound	bind	VERB
fsr-3912	239	6	forgz	forgz	NOUN
fsr-3912	239	7	can	can	AUX
fsr-3912	239	8	be	be	AUX
fsr-3912	239	9	solved	solve	VERB
fsr-3912	239	10	for	for	ADP
fsr-3912	239	11	as	as	ADP
fsr-3912	239	12	gz	gz	NOUN
fsr-3912	239	13	.	.	PUNCT
fsr-3912	240	1	maxs	max	NOUN
fsr-3912	240	2	re	re	PROPN
fsr-3912	240	3	2	2	NUM
fsr-3912	240	4	rb	rb	PROPN
fsr-3912	240	5	@~1	@~1	PROPN
fsr-3912	240	6	2	2	NUM
fsr-3912	240	7	v!h	v!h	PROPN
fsr-3912	240	8	2	2	NUM
fsr-3912	240	9	1#s2	1#s2	NUM
fsr-3912	240	10	1	1	NUM
fsr-3912	240	11	1	1	NUM
fsr-3912	240	12	,	,	PUNCT
fsr-3912	240	13	re9	re9	PROPN
fsr-3912	240	14	2	2	NUM
fsr-3912	240	15	rb9	rb9	PROPN
fsr-3912	240	16	@~1	@~1	PROPN
fsr-3912	240	17	2	2	NUM
fsr-3912	240	18	v9!h	v9!h	PROPN
fsr-3912	240	19	2	2	NUM
fsr-3912	240	20	1#s2	1#s2	NUM
fsr-3912	240	21	1	1	NUM
fsr-3912	240	22	1d	1d	NUM
fsr-3912	240	23	(	(	PUNCT
fsr-3912	240	24	31	31	NUM
fsr-3912	240	25	)	)	PUNCT
fsr-3912	240	26	it	it	PRON
fsr-3912	240	27	can	can	AUX
fsr-3912	240	28	be	be	AUX
fsr-3912	240	29	shown	show	VERB
fsr-3912	240	30	thatgx	thatgx	NOUN
fsr-3912	240	31	,	,	PUNCT
fsr-3912	240	32	gz	gz	PROPN
fsr-3912	240	33	.	.	PUNCT
fsr-3912	241	1	finally	finally	ADV
fsr-3912	241	2	,	,	PUNCT
fsr-3912	241	3	typey	typey	NOUN
fsr-3912	241	4	individuals	individual	NOUN
fsr-3912	241	5	must	must	AUX
fsr-3912	241	6	be	be	AUX
fsr-3912	241	7	identified	identify	VERB
fsr-3912	241	8	by	by	ADP
fsr-3912	241	9	agy	agy	ADJ
fsr-3912	241	10	such	such	ADJ
fsr-3912	241	11	that	that	DET
fsr-3912	241	12	maxs1	maxs1	NOUN
fsr-3912	241	13	2	2	NUM
fsr-3912	241	14	re	re	NOUN
fsr-3912	241	15	2	2	NUM
fsr-3912	241	16	rb	rb	PROPN
fsr-3912	241	17	hvs2	hvs2	NOUN
fsr-3912	241	18	,	,	PUNCT
fsr-3912	241	19	1	1	NUM
fsr-3912	241	20	2	2	NUM
fsr-3912	241	21	re9	re9	NOUN
fsr-3912	241	22	2	2	NUM
fsr-3912	241	23	rb9	rb9	PROPN
fsr-3912	241	24	hv9s2	hv9s2	PROPN
fsr-3912	241	25	d	d	PROPN
fsr-3912	241	26	,	,	PUNCT
fsr-3912	241	27	gy	gy	INTJ
fsr-3912	241	28	,	,	PUNCT
fsr-3912	241	29	mins	min	NOUN
fsr-3912	241	30	re	re	NOUN
fsr-3912	241	31	2	2	NUM
fsr-3912	241	32	rb	rb	PROPN
fsr-3912	241	33	@~1	@~1	PROPN
fsr-3912	241	34	2	2	NUM
fsr-3912	241	35	v!h	v!h	PROPN
fsr-3912	241	36	2	2	NUM
fsr-3912	241	37	1#s2	1#s2	NUM
fsr-3912	241	38	1	1	NUM
fsr-3912	241	39	1	1	NUM
fsr-3912	241	40	,	,	PUNCT
fsr-3912	241	41	re9	re9	PROPN
fsr-3912	241	42	2	2	NUM
fsr-3912	241	43	rb9	rb9	PROPN
fsr-3912	241	44	@~1	@~1	PROPN
fsr-3912	241	45	2	2	NUM
fsr-3912	241	46	v9!h	v9!h	PROPN
fsr-3912	241	47	2	2	NUM
fsr-3912	241	48	1#s2	1#s2	NUM
fsr-3912	241	49	1	1	NUM
fsr-3912	241	50	1d	1d	NUM
fsr-3912	241	51	(	(	PUNCT
fsr-3912	241	52	32	32	NUM
fsr-3912	241	53	)	)	PUNCT
fsr-3912	241	54	in	in	ADP
fsr-3912	241	55	order	order	NOUN
fsr-3912	241	56	to	to	PART
fsr-3912	241	57	remain	remain	VERB
fsr-3912	241	58	unconstrained	unconstrained	ADJ
fsr-3912	241	59	prior	prior	ADV
fsr-3912	241	60	to	to	ADP
fsr-3912	241	61	and	and	CCONJ
fsr-3912	241	62	after	after	ADP
fsr-3912	241	63	reform	reform	NOUN
fsr-3912	241	64	.	.	PUNCT
fsr-3912	242	1	the	the	DET
fsr-3912	242	2	above	above	ADJ
fsr-3912	242	3	restrictions	restriction	NOUN
fsr-3912	242	4	concerning	concern	VERB
fsr-3912	242	5	gx	gx	PROPN
fsr-3912	242	6	,	,	PUNCT
fsr-3912	242	7	gy	gy	PROPN
fsr-3912	242	8	,	,	PUNCT
fsr-3912	242	9	gz	gz	PROPN
fsr-3912	242	10	(	(	PUNCT
fsr-3912	242	11	together	together	ADV
fsr-3912	242	12	with	with	ADP
fsr-3912	242	13	the	the	DET
fsr-3912	242	14	assumption	assumption	NOUN
fsr-3912	242	15	that	that	SCONJ
fsr-3912	242	16	all	all	DET
fsr-3912	242	17	three	three	NUM
fsr-3912	242	18	individuals	individual	NOUN
fsr-3912	242	19	are	be	AUX
fsr-3912	242	20	risk	risk	NOUN
fsr-3912	242	21	-	-	PUNCT
fsr-3912	242	22	averse	averse	ADJ
fsr-3912	242	23	to	to	ADP
fsr-3912	242	24	some	some	DET
fsr-3912	242	25	degree	degree	NOUN
fsr-3912	242	26	)	)	PUNCT
fsr-3912	242	27	are	be	AUX
fsr-3912	242	28	sufficient	sufficient	ADJ
fsr-3912	242	29	to	to	PART
fsr-3912	242	30	show	show	VERB
fsr-3912	242	31	that	that	SCONJ
fsr-3912	242	32	re	re	VERB
fsr-3912	242	33	.	.	PROPN
fsr-3912	242	34	0	0	PUNCT
fsr-3912	242	35	and	and	CCONJ
fsr-3912	242	36	re	re	NOUN
fsr-3912	242	37	-	-	NOUN
fsr-3912	242	38	rb	rb	NOUN
fsr-3912	242	39	.	.	PUNCT
fsr-3912	243	1	0	0	X
fsr-3912	243	2	.	.	X
fsr-3912	243	3	appendix	appendix	PROPN
fsr-3912	243	4	c.	c.	PROPN
fsr-3912	243	5	c.1	c.1	PROPN
fsr-3912	243	6	.	.	PUNCT
fsr-3912	243	7	trust	trust	NOUN
fsr-3912	243	8	-	-	PUNCT
fsr-3912	243	9	fund	fund	NOUN
fsr-3912	243	10	actions	action	NOUN
fsr-3912	243	11	do	do	AUX
fsr-3912	243	12	not	not	PART
fsr-3912	243	13	affect	affect	VERB
fsr-3912	243	14	individual	individual	ADJ
fsr-3912	243	15	’s	’s	PART
fsr-3912	243	16	decisions	decision	NOUN
fsr-3912	243	17	if	if	SCONJ
fsr-3912	243	18	individuals	individual	NOUN
fsr-3912	243	19	do	do	AUX
fsr-3912	243	20	not	not	PART
fsr-3912	243	21	perceive	perceive	VERB
fsr-3912	243	22	funds	fund	NOUN
fsr-3912	243	23	in	in	ADP
fsr-3912	243	24	the	the	DET
fsr-3912	243	25	social	social	ADJ
fsr-3912	243	26	security	security	NOUN
fsr-3912	243	27	trust	trust	NOUN
fsr-3912	243	28	fund	fund	NOUN
fsr-3912	243	29	as	as	ADP
fsr-3912	243	30	a	a	DET
fsr-3912	243	31	portion	portion	NOUN
fsr-3912	243	32	of	of	ADP
fsr-3912	243	33	their	their	PRON
fsr-3912	243	34	savings	saving	NOUN
fsr-3912	243	35	then	then	ADV
fsr-3912	243	36	the	the	DET
fsr-3912	243	37	trust	trust	NOUN
fsr-3912	243	38	fund	fund	NOUN
fsr-3912	243	39	can	can	AUX
fsr-3912	243	40	be	be	AUX
fsr-3912	243	41	treated	treat	VERB
fsr-3912	243	42	as	as	ADP
fsr-3912	243	43	just	just	ADV
fsr-3912	243	44	another	another	DET
fsr-3912	243	45	very	very	ADV
fsr-3912	243	46	large	large	ADJ
fsr-3912	243	47	investor	investor	NOUN
fsr-3912	243	48	.	.	PUNCT
fsr-3912	244	1	therefore	therefore	ADV
fsr-3912	244	2	,	,	PUNCT
fsr-3912	244	3	an	an	DET
fsr-3912	244	4	individual	individual	NOUN
fsr-3912	244	5	of	of	ADP
fsr-3912	244	6	typei	typei	PROPN
fsr-3912	244	7	has	have	AUX
fsr-3912	244	8	control	control	VERB
fsr-3912	244	9	overŵi	overŵi	PROPN
fsr-3912	244	10	þ	þ	PROPN
fsr-3912	244	11	wi	wi	PROPN
fsr-3912	244	12	of	of	ADP
fsr-3912	244	13	which	which	PRON
fsr-3912	244	14	they	they	PRON
fsr-3912	244	15	would	would	AUX
fsr-3912	244	16	optimally	optimally	ADV
fsr-3912	244	17	allocate	allocate	VERB
fsr-3912	244	18	(	(	PUNCT
fsr-3912	244	19	12	12	NUM
fsr-3912	244	20	vi)ŵi	vi)ŵi	NOUN
fsr-3912	244	21	to	to	ADP
fsr-3912	244	22	bonds	bond	NOUN
fsr-3912	244	23	andviŵi	andviŵi	PROPN
fsr-3912	244	24	to	to	ADP
fsr-3912	244	25	equities	equity	NOUN
fsr-3912	244	26	.	.	PUNCT
fsr-3912	245	1	also	also	ADV
fsr-3912	245	2	,	,	PUNCT
fsr-3912	245	3	definessfas	definessfas	VERB
fsr-3912	245	4	the	the	DET
fsr-3912	245	5	amount	amount	NOUN
fsr-3912	245	6	of	of	ADP
fsr-3912	245	7	funds	fund	NOUN
fsr-3912	245	8	that	that	PRON
fsr-3912	245	9	social	social	ADJ
fsr-3912	245	10	security	security	NOUN
fsr-3912	245	11	controls	control	NOUN
fsr-3912	245	12	.	.	PUNCT
fsr-3912	246	1	if	if	SCONJ
fsr-3912	246	2	there	there	PRON
fsr-3912	246	3	are	be	VERB
fsr-3912	246	4	three	three	NUM
fsr-3912	246	5	groups	group	NOUN
fsr-3912	246	6	of	of	ADP
fsr-3912	246	7	individuals	individual	NOUN
fsr-3912	246	8	identified	identify	VERB
fsr-3912	246	9	by	by	ADP
fsr-3912	246	10	concerninggx	concerninggx	NOUN
fsr-3912	246	11	,	,	PUNCT
fsr-3912	246	12	gy	gy	NOUN
fsr-3912	246	13	,	,	PUNCT
fsr-3912	246	14	and	and	CCONJ
fsr-3912	246	15	gz	gz	VERB
fsr-3912	246	16	with	with	ADP
fsr-3912	246	17	respective	respective	ADJ
fsr-3912	246	18	population	population	NOUN
fsr-3912	246	19	sizes	size	NOUN
fsr-3912	246	20	of	of	ADP
fsr-3912	246	21	nx	nx	PROPN
fsr-3912	246	22	,	,	PUNCT
fsr-3912	246	23	ny	ny	PROPN
fsr-3912	246	24	,	,	PUNCT
fsr-3912	246	25	nz	nz	PROPN
fsr-3912	246	26	,	,	PUNCT
fsr-3912	246	27	then	then	ADV
fsr-3912	246	28	we	we	PRON
fsr-3912	246	29	can	can	AUX
fsr-3912	246	30	defineg	defineg	VERB
fsr-3912	246	31	*	*	PROPN
fsr-3912	246	32	which	which	PRON
fsr-3912	246	33	solves	solve	VERB
fsr-3912	246	34	the	the	DET
fsr-3912	246	35	equation	equation	NOUN
fsr-3912	246	36	nxvx	nxvx	NOUN
fsr-3912	246	37	1	1	NUM
fsr-3912	246	38	nyvy	nyvy	NOUN
fsr-3912	246	39	1	1	NUM
fsr-3912	246	40	nzvz	nzvz	NOUN
fsr-3912	246	41	5	5	NUM
fsr-3912	246	42	nv	nv	NOUN
fsr-3912	246	43	*	*	PUNCT
fsr-3912	246	44	(	(	PUNCT
fsr-3912	246	45	33	33	NUM
fsr-3912	246	46	)	)	PUNCT
fsr-3912	246	47	104	104	NUM
fsr-3912	246	48	e.	e.	PROPN
fsr-3912	246	49	elder	elder	PROPN
fsr-3912	246	50	,	,	PUNCT
fsr-3912	246	51	l.	l.	PROPN
fsr-3912	246	52	holland	holland	PROPN
fsr-3912	246	53	/	/	SYM
fsr-3912	246	54	financial	financial	ADJ
fsr-3912	246	55	services	service	NOUN
fsr-3912	246	56	review	review	VERB
fsr-3912	246	57	9	9	NUM
fsr-3912	246	58	(	(	PUNCT
fsr-3912	246	59	2000	2000	NUM
fsr-3912	246	60	)	)	PUNCT
fsr-3912	247	1	93–106	93–106	NUM
fsr-3912	247	2	where	where	SCONJ
fsr-3912	247	3	n5	n5	PROPN
fsr-3912	247	4	nx1ny1nz	nx1ny1nz	PROPN
fsr-3912	247	5	.	.	PUNCT
fsr-3912	248	1	the	the	DET
fsr-3912	248	2	solution	solution	NOUN
fsr-3912	248	3	to	to	ADP
fsr-3912	248	4	this	this	DET
fsr-3912	248	5	equation	equation	NOUN
fsr-3912	248	6	,	,	PUNCT
fsr-3912	248	7	g	g	PROPN
fsr-3912	248	8	*	*	PUNCT
fsr-3912	248	9	,	,	PUNCT
fsr-3912	248	10	satisfies	satisfy	VERB
fsr-3912	248	11	the	the	DET
fsr-3912	248	12	following	follow	VERB
fsr-3912	248	13	equation	equation	NOUN
fsr-3912	248	14	:	:	PUNCT
fsr-3912	248	15	1	1	NUM
fsr-3912	248	16	2	2	NUM
fsr-3912	248	17	g	g	NOUN
fsr-3912	248	18	*	*	NUM
fsr-3912	248	19	5	5	NUM
fsr-3912	248	20	~nx	~nx	PROPN
fsr-3912	248	21	1	1	NUM
fsr-3912	248	22	ny	ny	NOUN
fsr-3912	248	23	1	1	NUM
fsr-3912	248	24	nz!~1	nz!~1	NOUN
fsr-3912	248	25	2	2	NUM
fsr-3912	248	26	gx!~1	gx!~1	NOUN
fsr-3912	248	27	2	2	NUM
fsr-3912	248	28	gy!~1	gy!~1	NOUN
fsr-3912	248	29	2	2	NUM
fsr-3912	248	30	gz	gz	NOUN
fsr-3912	248	31	!	!	PUNCT
fsr-3912	248	32	nx~1	nx~1	PROPN
fsr-3912	249	1	2	2	NUM
fsr-3912	249	2	gy!~1	gy!~1	NOUN
fsr-3912	249	3	2	2	NUM
fsr-3912	249	4	gz	gz	NOUN
fsr-3912	249	5	!	!	NOUN
fsr-3912	249	6	1	1	NUM
fsr-3912	249	7	ny~1	ny~1	SYM
fsr-3912	249	8	2	2	NUM
fsr-3912	249	9	gx!~1	gx!~1	NOUN
fsr-3912	249	10	2	2	NUM
fsr-3912	249	11	gz	gz	NOUN
fsr-3912	249	12	!	!	PROPN
fsr-3912	249	13	1	1	NUM
fsr-3912	249	14	nz~1	nz~1	SYM
fsr-3912	249	15	2	2	NUM
fsr-3912	249	16	gx!~1	gx!~1	NOUN
fsr-3912	249	17	2	2	NUM
fsr-3912	249	18	gy	gy	NOUN
fsr-3912	249	19	!	!	PUNCT
fsr-3912	249	20	(	(	PUNCT
fsr-3912	249	21	34	34	NUM
fsr-3912	249	22	)	)	PUNCT
fsr-3912	249	23	without	without	ADP
fsr-3912	249	24	loss	loss	NOUN
fsr-3912	249	25	of	of	ADP
fsr-3912	249	26	generality	generality	NOUN
fsr-3912	249	27	,	,	PUNCT
fsr-3912	249	28	we	we	PRON
fsr-3912	249	29	can	can	AUX
fsr-3912	249	30	assume	assume	VERB
fsr-3912	249	31	that	that	SCONJ
fsr-3912	249	32	there	there	PRON
fsr-3912	249	33	is	be	VERB
fsr-3912	249	34	only	only	ADV
fsr-3912	249	35	one	one	NUM
fsr-3912	249	36	type	type	NOUN
fsr-3912	249	37	of	of	ADP
fsr-3912	249	38	individual	individual	NOUN
fsr-3912	249	39	,	,	PUNCT
fsr-3912	249	40	identified	identify	VERB
fsr-3912	249	41	by	by	ADP
fsr-3912	249	42	g	g	PROPN
fsr-3912	249	43	*	*	PUNCT
fsr-3912	249	44	,	,	PUNCT
fsr-3912	249	45	which	which	PRON
fsr-3912	249	46	leads	lead	VERB
fsr-3912	249	47	to	to	ADP
fsr-3912	249	48	the	the	DET
fsr-3912	249	49	bond	bond	NOUN
fsr-3912	249	50	and	and	CCONJ
fsr-3912	249	51	equity	equity	NOUN
fsr-3912	249	52	market	market	NOUN
fsr-3912	249	53	-	-	PUNCT
fsr-3912	249	54	clearing	clear	VERB
fsr-3912	249	55	conditions	condition	NOUN
fsr-3912	249	56	~1	~1	VERB
fsr-3912	249	57	2	2	NUM
fsr-3912	249	58	v	v	NOUN
fsr-3912	249	59	*	*	NOUN
fsr-3912	249	60	!	!	PUNCT
fsr-3912	250	1	1	1	NUM
fsr-3912	250	2	~1	~1	VERB
fsr-3912	250	3	2	2	NUM
fsr-3912	250	4	v!ssf5	v!ssf5	NOUN
fsr-3912	250	5	b	b	NOUN
fsr-3912	250	6	exp	exp	NOUN
fsr-3912	250	7	~	~	SYM
fsr-3912	250	8	rb	rb	NOUN
fsr-3912	250	9	!	!	PUNCT
fsr-3912	251	1	(	(	PUNCT
fsr-3912	251	2	35	35	NUM
fsr-3912	251	3	)	)	PUNCT
fsr-3912	251	4	v	v	NOUN
fsr-3912	251	5	*	*	PROPN
fsr-3912	251	6	1	1	NUM
fsr-3912	251	7	v	v	ADP
fsr-3912	251	8	~	~	NOUN
fsr-3912	251	9	ssf	ssf	NOUN
fsr-3912	251	10	!	!	PROPN
fsr-3912	251	11	5	5	NUM
fsr-3912	251	12	e	e	NOUN
fsr-3912	251	13	exp	exp	NOUN
fsr-3912	251	14	~	~	X
fsr-3912	251	15	re	re	NOUN
fsr-3912	251	16	!	!	PUNCT
fsr-3912	252	1	(	(	PUNCT
fsr-3912	252	2	36	36	NUM
fsr-3912	252	3	)	)	PUNCT
fsr-3912	252	4	wherev	wherev	VERB
fsr-3912	252	5	*	*	SYM
fsr-3912	252	6	5	5	NUM
fsr-3912	252	7	(	(	PUNCT
fsr-3912	252	8	re	re	X
fsr-3912	252	9	2	2	NUM
fsr-3912	252	10	rb)/((1	rb)/((1	SYM
fsr-3912	252	11	2	2	NUM
fsr-3912	252	12	g*)s2	g*)s2	NOUN
fsr-3912	252	13	)	)	PUNCT
fsr-3912	252	14	,	,	PUNCT
fsr-3912	252	15	ssf	ssf	NOUN
fsr-3912	252	16	5	5	NUM
fsr-3912	252	17	ssf	ssf	PROPN
fsr-3912	252	18	/	/	SYM
fsr-3912	252	19	ŵ	ŵ	PROPN
fsr-3912	252	20	,	,	PUNCT
fsr-3912	252	21	b	b	PROPN
fsr-3912	252	22	5	5	NUM
fsr-3912	252	23	qb	qb	PROPN
fsr-3912	252	24	e[p9b]/ŵ	e[p9b]/ŵ	NOUN
fsr-3912	252	25	,	,	PUNCT
fsr-3912	252	26	e	e	X
fsr-3912	252	27	5	5	NUM
fsr-3912	252	28	qee[p9e]/ŵ.	qee[p9e]/ŵ.	VERB
fsr-3912	252	29	by	by	ADP
fsr-3912	252	30	a	a	DET
fsr-3912	252	31	similar	similar	ADJ
fsr-3912	252	32	methodology	methodology	NOUN
fsr-3912	252	33	as	as	ADP
fsr-3912	252	34	above	above	ADV
fsr-3912	252	35	,	,	PUNCT
fsr-3912	252	36	(	(	PUNCT
fsr-3912	252	37	35	35	NUM
fsr-3912	252	38	)	)	PUNCT
fsr-3912	252	39	and	and	CCONJ
fsr-3912	252	40	(	(	PUNCT
fsr-3912	252	41	36	36	NUM
fsr-3912	252	42	)	)	PUNCT
fsr-3912	252	43	can	can	AUX
fsr-3912	252	44	be	be	AUX
fsr-3912	252	45	rearranged	rearrange	VERB
fsr-3912	252	46	so	so	SCONJ
fsr-3912	252	47	that	that	SCONJ
fsr-3912	252	48	re	re	PROPN
fsr-3912	252	49	5	5	NUM
fsr-3912	252	50	f	f	X
fsr-3912	252	51	~	~	SYM
fsr-3912	252	52	rb	rb	ADJ
fsr-3912	252	53	,	,	PUNCT
fsr-3912	252	54	v	v	NOUN
fsr-3912	252	55	!	!	PUNCT
fsr-3912	252	56	(	(	PUNCT
fsr-3912	252	57	37	37	NUM
fsr-3912	252	58	)	)	PUNCT
fsr-3912	252	59	rb	rb	VERB
fsr-3912	252	60	5	5	NUM
fsr-3912	252	61	g	g	NOUN
fsr-3912	252	62	~	~	SYM
fsr-3912	252	63	re	re	NOUN
fsr-3912	252	64	,	,	PUNCT
fsr-3912	252	65	v	v	NOUN
fsr-3912	252	66	!	!	PUNCT
fsr-3912	253	1	(	(	PUNCT
fsr-3912	253	2	38	38	NUM
fsr-3912	253	3	)	)	PUNCT
fsr-3912	253	4	taking	take	VERB
fsr-3912	253	5	the	the	DET
fsr-3912	253	6	total	total	ADJ
fsr-3912	253	7	derivatives	derivative	NOUN
fsr-3912	253	8	of	of	ADP
fsr-3912	253	9	(	(	PUNCT
fsr-3912	253	10	37	37	NUM
fsr-3912	253	11	)	)	PUNCT
fsr-3912	253	12	and	and	CCONJ
fsr-3912	253	13	(	(	PUNCT
fsr-3912	253	14	38	38	NUM
fsr-3912	253	15	)	)	PUNCT
fsr-3912	253	16	with	with	ADP
fsr-3912	253	17	respect	respect	NOUN
fsr-3912	253	18	ton	ton	NOUN
fsr-3912	253	19	,	,	PUNCT
fsr-3912	253	20	the	the	DET
fsr-3912	253	21	resulting	result	VERB
fsr-3912	253	22	two	two	NUM
fsr-3912	253	23	equations	equation	NOUN
fsr-3912	253	24	can	can	AUX
fsr-3912	253	25	be	be	AUX
fsr-3912	253	26	solved	solve	VERB
fsr-3912	253	27	for	for	ADP
fsr-3912	253	28	dre	dre	PROPN
fsr-3912	253	29	/	/	SYM
fsr-3912	253	30	dn	dn	PROPN
fsr-3912	253	31	and	and	CCONJ
fsr-3912	253	32	drb	drb	PROPN
fsr-3912	253	33	/	/	SYM
fsr-3912	253	34	dn	dn	PROPN
fsr-3912	253	35	as	as	ADP
fsr-3912	253	36	drb	drb	PROPN
fsr-3912	253	37	dv	dv	PROPN
fsr-3912	253	38	5	5	NUM
fsr-3912	253	39	2	2	NUM
fsr-3912	253	40	gv	gv	ADP
fsr-3912	253	41	~	~	SYM
fsr-3912	253	42	gre	gre	NOUN
fsr-3912	253	43	2	2	NUM
fsr-3912	253	44	1	1	NUM
fsr-3912	253	45	!	!	SYM
fsr-3912	253	46	1	1	NUM
fsr-3912	253	47	2	2	NUM
fsr-3912	253	48	frb	frb	NOUN
fsr-3912	253	49	gre	gre	NOUN
fsr-3912	253	50	.	.	PUNCT
fsr-3912	254	1	0	0	PUNCT
fsr-3912	255	1	(	(	PUNCT
fsr-3912	255	2	39	39	NUM
fsr-3912	255	3	)	)	PUNCT
fsr-3912	255	4	dre	dre	PROPN
fsr-3912	255	5	dv	dv	PROPN
fsr-3912	255	6	5	5	NUM
fsr-3912	255	7	gv	gv	ADP
fsr-3912	255	8	~	~	NOUN
fsr-3912	255	9	frb	frb	NOUN
fsr-3912	255	10	2	2	NUM
fsr-3912	255	11	1	1	NUM
fsr-3912	255	12	!	!	SYM
fsr-3912	255	13	1	1	NUM
fsr-3912	255	14	2	2	NUM
fsr-3912	255	15	frb	frb	NOUN
fsr-3912	255	16	gre	gre	NOUN
fsr-3912	255	17	,	,	PUNCT
fsr-3912	255	18	0	0	NUM
fsr-3912	255	19	(	(	PUNCT
fsr-3912	255	20	40	40	NUM
fsr-3912	255	21	)	)	PUNCT
fsr-3912	256	1	where	where	SCONJ
fsr-3912	256	2	frb	frb	NOUN
fsr-3912	256	3	5	5	NUM
fsr-3912	256	4	1	1	NUM
fsr-3912	256	5	1	1	NUM
fsr-3912	256	6	b(1	b(1	PROPN
fsr-3912	256	7	2	2	NUM
fsr-3912	256	8	g*)s2	g*)s2	NOUN
fsr-3912	256	9	/	/	SYM
fsr-3912	256	10	exp(rb	exp(rb	NOUN
fsr-3912	256	11	)	)	PUNCT
fsr-3912	256	12	.	.	PUNCT
fsr-3912	257	1	1	1	X
fsr-3912	257	2	,	,	PUNCT
fsr-3912	257	3	gre	gre	VERB
fsr-3912	257	4	5	5	NUM
fsr-3912	257	5	1	1	NUM
fsr-3912	257	6	1	1	NUM
fsr-3912	257	7	e(1	e(1	PROPN
fsr-3912	257	8	2	2	NUM
fsr-3912	257	9	g*)s2	g*)s2	NOUN
fsr-3912	257	10	/	/	SYM
fsr-3912	257	11	exp(re	exp(re	NOUN
fsr-3912	257	12	)	)	PUNCT
fsr-3912	257	13	.	.	PUNCT
fsr-3912	258	1	1	1	NUM
fsr-3912	258	2	,	,	PUNCT
fsr-3912	258	3	and	and	CCONJ
fsr-3912	258	4	gn	gn	PROPN
fsr-3912	258	5	5	5	NUM
fsr-3912	258	6	ssf	ssf	NOUN
fsr-3912	258	7	(	(	PUNCT
fsr-3912	258	8	1	1	NUM
fsr-3912	258	9	-	-	PUNCT
fsr-3912	258	10	g*)s2	g*)s2	NOUN
fsr-3912	258	11	.	.	PUNCT
fsr-3912	259	1	0	0	X
fsr-3912	259	2	.	.	PUNCT
fsr-3912	260	1	these	these	DET
fsr-3912	260	2	results	result	NOUN
fsr-3912	260	3	are	be	AUX
fsr-3912	260	4	similar	similar	ADJ
fsr-3912	260	5	to	to	ADP
fsr-3912	260	6	the	the	DET
fsr-3912	260	7	results	result	NOUN
fsr-3912	260	8	given	give	VERB
fsr-3912	260	9	in	in	ADP
fsr-3912	260	10	section	section	NOUN
fsr-3912	260	11	2	2	NUM
fsr-3912	260	12	with	with	ADP
fsr-3912	260	13	re	re	AUX
fsr-3912	260	14	decreasing	decrease	VERB
fsr-3912	260	15	and	and	CCONJ
fsr-3912	260	16	rb	rb	VERB
fsr-3912	260	17	increasing	increase	VERB
fsr-3912	260	18	following	follow	VERB
fsr-3912	260	19	a	a	DET
fsr-3912	260	20	shift	shift	NOUN
fsr-3912	260	21	of	of	ADP
fsr-3912	260	22	social	social	ADJ
fsr-3912	260	23	security	security	NOUN
fsr-3912	260	24	trust	trust	NOUN
fsr-3912	260	25	fund	fund	NOUN
fsr-3912	260	26	money	money	NOUN
fsr-3912	260	27	into	into	ADP
fsr-3912	260	28	the	the	DET
fsr-3912	260	29	equities	equity	NOUN
fsr-3912	260	30	market	market	NOUN
fsr-3912	260	31	.	.	PUNCT
fsr-3912	261	1	references	reference	NOUN
fsr-3912	261	2	advisory	advisory	ADJ
fsr-3912	261	3	council	council	NOUN
fsr-3912	261	4	on	on	ADP
fsr-3912	261	5	social	social	ADJ
fsr-3912	261	6	security	security	NOUN
fsr-3912	261	7	.	.	PUNCT
fsr-3912	262	1	(	(	PUNCT
fsr-3912	262	2	1997).report	1997).report	NUM
fsr-3912	262	3	of	of	ADP
fsr-3912	262	4	the	the	DET
fsr-3912	262	5	1994–1996	1994–1996	NUM
fsr-3912	262	6	advisory	advisory	ADJ
fsr-3912	262	7	council	council	NOUN
fsr-3912	262	8	on	on	ADP
fsr-3912	262	9	social	social	ADJ
fsr-3912	262	10	security	security	NOUN
fsr-3912	262	11	,	,	PUNCT
fsr-3912	262	12	vol	vol	NOUN
fsr-3912	262	13	.	.	PROPN
fsr-3912	263	1	1	1	NUM
fsr-3912	263	2	:	:	PUNCT
fsr-3912	263	3	findings	finding	NOUN
fsr-3912	263	4	and	and	CCONJ
fsr-3912	263	5	recommendations.washington	recommendations.washington	NOUN
fsr-3912	263	6	:	:	PUNCT
fsr-3912	263	7	government	government	NOUN
fsr-3912	263	8	printing	printing	NOUN
fsr-3912	263	9	office	office	NOUN
fsr-3912	263	10	.	.	PUNCT
fsr-3912	264	1	american	american	PROPN
fsr-3912	264	2	economic	economic	PROPN
fsr-3912	264	3	association	association	PROPN
fsr-3912	264	4	.	.	PUNCT
fsr-3912	265	1	(	(	PUNCT
fsr-3912	265	2	1996).the	1996).the	NUM
fsr-3912	265	3	american	american	PROPN
fsr-3912	265	4	economic	economic	PROPN
fsr-3912	265	5	review	review	PROPN
fsr-3912	265	6	,	,	PUNCT
fsr-3912	265	7	86,358–377	86,358–377	NUM
fsr-3912	265	8	.	.	PUNCT
fsr-3912	266	1	auerbach	auerbach	PROPN
fsr-3912	266	2	,	,	PUNCT
fsr-3912	266	3	a.	a.	PROPN
fsr-3912	266	4	,	,	PUNCT
fsr-3912	266	5	&	&	CCONJ
fsr-3912	266	6	kotlikoff	kotlikoff	PROPN
fsr-3912	266	7	,	,	PUNCT
fsr-3912	266	8	l.	l.	PROPN
fsr-3912	266	9	(	(	PUNCT
fsr-3912	266	10	1987).dynamic	1987).dynamic	NUM
fsr-3912	266	11	fiscal	fiscal	ADJ
fsr-3912	266	12	policy.cambridge	policy.cambridge	PROPN
fsr-3912	266	13	:	:	PUNCT
fsr-3912	266	14	cambridge	cambridge	PROPN
fsr-3912	266	15	university	university	PROPN
fsr-3912	266	16	press	press	NOUN
fsr-3912	266	17	.	.	PUNCT
fsr-3912	267	1	bohn	bohn	PROPN
fsr-3912	267	2	,	,	PUNCT
fsr-3912	267	3	h.	h.	PROPN
fsr-3912	267	4	(	(	PUNCT
fsr-3912	267	5	1997	1997	NUM
fsr-3912	267	6	)	)	PUNCT
fsr-3912	267	7	.	.	PUNCT
fsr-3912	268	1	social	social	ADJ
fsr-3912	268	2	security	security	NOUN
fsr-3912	268	3	reform	reform	NOUN
fsr-3912	268	4	and	and	CCONJ
fsr-3912	268	5	financial	financial	ADJ
fsr-3912	268	6	markets	market	NOUN
fsr-3912	268	7	.	.	PUNCT
fsr-3912	269	1	in	in	ADP
fsr-3912	269	2	s.a	s.a	PROPN
fsr-3912	269	3	.	.	PROPN
fsr-3912	269	4	sass	sass	PROPN
fsr-3912	269	5	and	and	CCONJ
fsr-3912	269	6	r.k	r.k	PROPN
fsr-3912	269	7	.	.	PROPN
fsr-3912	269	8	triest	tri	ADJ
fsr-3912	269	9	(	(	PUNCT
fsr-3912	269	10	eds.),social	eds.),social	PUNCT
fsr-3912	269	11	security	security	NOUN
fsr-3912	269	12	reform	reform	NOUN
fsr-3912	269	13	conference	conference	NOUN
fsr-3912	269	14	proceedings	proceeding	NOUN
fsr-3912	269	15	,	,	PUNCT
fsr-3912	269	16	federal	federal	PROPN
fsr-3912	269	17	reserve	reserve	PROPN
fsr-3912	269	18	bank	bank	PROPN
fsr-3912	269	19	of	of	ADP
fsr-3912	269	20	boston	boston	PROPN
fsr-3912	269	21	.	.	PUNCT
fsr-3912	270	1	campbell	campbell	PROPN
fsr-3912	270	2	,	,	PUNCT
fsr-3912	270	3	j.	j.	PROPN
fsr-3912	270	4	y.	y.	PROPN
fsr-3912	270	5	,	,	PUNCT
fsr-3912	270	6	&	&	CCONJ
fsr-3912	270	7	mankiw	mankiw	PROPN
fsr-3912	270	8	,	,	PUNCT
fsr-3912	270	9	n.	n.	PROPN
fsr-3912	270	10	g.	g.	PROPN
fsr-3912	270	11	(	(	PUNCT
fsr-3912	270	12	1989	1989	NUM
fsr-3912	270	13	)	)	PUNCT
fsr-3912	270	14	.	.	PUNCT
fsr-3912	271	1	consumption	consumption	NOUN
fsr-3912	271	2	,	,	PUNCT
fsr-3912	271	3	income	income	NOUN
fsr-3912	271	4	,	,	PUNCT
fsr-3912	271	5	and	and	CCONJ
fsr-3912	271	6	interest	interest	NOUN
fsr-3912	271	7	rates	rate	NOUN
fsr-3912	271	8	:	:	PUNCT
fsr-3912	271	9	reinterpreting	reinterpret	VERB
fsr-3912	271	10	the	the	DET
fsr-3912	271	11	time	time	NOUN
fsr-3912	271	12	series	series	PROPN
fsr-3912	271	13	evidence.nber	evidence.nber	PROPN
fsr-3912	271	14	macroeconomics	macroeconomic	NOUN
fsr-3912	271	15	annual	annual	ADJ
fsr-3912	271	16	,	,	PUNCT
fsr-3912	271	17	185–216	185–216	NUM
fsr-3912	271	18	.	.	PUNCT
fsr-3912	271	19	congressional	congressional	ADJ
fsr-3912	271	20	budget	budget	NOUN
fsr-3912	271	21	office	office	NOUN
fsr-3912	271	22	.	.	PUNCT
fsr-3912	272	1	(	(	PUNCT
fsr-3912	272	2	2000).the	2000).the	DET
fsr-3912	272	3	budget	budget	NOUN
fsr-3912	272	4	and	and	CCONJ
fsr-3912	272	5	economic	economic	ADJ
fsr-3912	272	6	outlook	outlook	NOUN
fsr-3912	272	7	:	:	PUNCT
fsr-3912	272	8	fiscal	fiscal	ADJ
fsr-3912	272	9	years	year	NOUN
fsr-3912	272	10	2001-2010.washington	2001-2010.washington	NUM
fsr-3912	272	11	,	,	PUNCT
fsr-3912	272	12	government	government	NOUN
fsr-3912	272	13	printing	printing	NOUN
fsr-3912	272	14	office	office	NOUN
fsr-3912	272	15	.	.	PUNCT
fsr-3912	273	1	105e	105e	NOUN
fsr-3912	273	2	.	.	PUNCT
fsr-3912	274	1	elder	elder	NOUN
fsr-3912	274	2	,	,	PUNCT
fsr-3912	274	3	l.	l.	PROPN
fsr-3912	274	4	holland	holland	PROPN
fsr-3912	274	5	/	/	SYM
fsr-3912	274	6	financial	financial	ADJ
fsr-3912	274	7	services	service	NOUN
fsr-3912	274	8	review	review	VERB
fsr-3912	274	9	9	9	NUM
fsr-3912	274	10	(	(	PUNCT
fsr-3912	274	11	2000	2000	NUM
fsr-3912	274	12	)	)	PUNCT
fsr-3912	274	13	93–106	93–106	NUM
fsr-3912	274	14	diamond	diamond	NOUN
fsr-3912	274	15	,	,	PUNCT
fsr-3912	274	16	p.	p.	NOUN
fsr-3912	274	17	a.	a.	NOUN
fsr-3912	275	1	(	(	PUNCT
fsr-3912	275	2	1996	1996	NUM
fsr-3912	275	3	)	)	PUNCT
fsr-3912	275	4	.	.	PUNCT
fsr-3912	276	1	proposals	proposal	NOUN
fsr-3912	276	2	to	to	PART
fsr-3912	276	3	restructure	restructure	VERB
fsr-3912	276	4	social	social	ADJ
fsr-3912	276	5	security.journal	security.journal	ADJ
fsr-3912	276	6	of	of	ADP
fsr-3912	276	7	economic	economic	ADJ
fsr-3912	276	8	perspectives	perspective	NOUN
fsr-3912	276	9	,	,	PUNCT
fsr-3912	276	10	10,67–88	10,67–88	NUM
fsr-3912	276	11	.	.	PUNCT
fsr-3912	276	12	diamond	diamond	NOUN
fsr-3912	276	13	,	,	PUNCT
fsr-3912	276	14	p.	p.	NOUN
fsr-3912	276	15	a.	a.	NOUN
fsr-3912	277	1	(	(	PUNCT
fsr-3912	277	2	1997	1997	NUM
fsr-3912	277	3	)	)	PUNCT
fsr-3912	277	4	.	.	PUNCT
fsr-3912	278	1	macroeconomic	macroeconomic	ADJ
fsr-3912	278	2	aspects	aspect	NOUN
fsr-3912	278	3	of	of	ADP
fsr-3912	278	4	social	social	ADJ
fsr-3912	278	5	security	security	NOUN
fsr-3912	278	6	reform.brookings	reform.brooking	NOUN
fsr-3912	278	7	papers	paper	NOUN
fsr-3912	278	8	on	on	ADP
fsr-3912	278	9	economic	economic	ADJ
fsr-3912	278	10	activity	activity	NOUN
fsr-3912	278	11	(	(	PUNCT
fsr-3912	278	12	forthcoming	forthcoming	ADJ
fsr-3912	278	13	)	)	PUNCT
fsr-3912	278	14	.	.	PUNCT
fsr-3912	279	1	elder	elder	NOUN
fsr-3912	279	2	,	,	PUNCT
fsr-3912	279	3	e.	e.	PROPN
fsr-3912	279	4	,	,	PUNCT
fsr-3912	279	5	&	&	CCONJ
fsr-3912	279	6	holland	holland	PROPN
fsr-3912	279	7	,	,	PUNCT
fsr-3912	279	8	l.	l.	PROPN
fsr-3912	279	9	(	(	PUNCT
fsr-3912	279	10	1999	1999	NUM
fsr-3912	279	11	)	)	PUNCT
fsr-3912	279	12	.	.	PUNCT
fsr-3912	280	1	implications	implication	NOUN
fsr-3912	280	2	of	of	ADP
fsr-3912	280	3	social	social	ADJ
fsr-3912	280	4	security	security	NOUN
fsr-3912	280	5	reform	reform	NOUN
fsr-3912	280	6	on	on	ADP
fsr-3912	280	7	interest	interest	NOUN
fsr-3912	280	8	rates	rate	NOUN
fsr-3912	280	9	:	:	PUNCT
fsr-3912	280	10	theory	theory	NOUN
fsr-3912	280	11	and	and	CCONJ
fsr-3912	280	12	evidence	evidence	NOUN
fsr-3912	280	13	.	.	PUNCT
fsr-3912	281	1	working	work	VERB
fsr-3912	281	2	paper	paper	NOUN
fsr-3912	281	3	;	;	PUNCT
fsr-3912	281	4	university	university	NOUN
fsr-3912	281	5	of	of	ADP
fsr-3912	281	6	arkansas	arkansas	PROPN
fsr-3912	281	7	at	at	ADP
fsr-3912	281	8	little	little	ADJ
fsr-3912	281	9	rock	rock	NOUN
fsr-3912	281	10	.	.	PUNCT
fsr-3912	282	1	federal	federal	PROPN
fsr-3912	282	2	reserve	reserve	PROPN
fsr-3912	282	3	bank	bank	PROPN
fsr-3912	282	4	of	of	ADP
fsr-3912	282	5	boston	boston	PROPN
fsr-3912	282	6	.	.	PUNCT
fsr-3912	283	1	(	(	PUNCT
fsr-3912	283	2	1997	1997	NUM
fsr-3912	283	3	)	)	PUNCT
fsr-3912	283	4	.	.	PUNCT
fsr-3912	284	1	social	social	ADJ
fsr-3912	284	2	security	security	NOUN
fsr-3912	284	3	reform	reform	NOUN
fsr-3912	284	4	conference	conference	NOUN
fsr-3912	284	5	proceedings	proceeding	NOUN
fsr-3912	284	6	:	:	PUNCT
fsr-3912	284	7	links	link	NOUN
fsr-3912	284	8	to	to	ADP
fsr-3912	284	9	saving	saving	NOUN
fsr-3912	284	10	,	,	PUNCT
fsr-3912	284	11	investment	investment	NOUN
fsr-3912	284	12	,	,	PUNCT
fsr-3912	284	13	and	and	CCONJ
fsr-3912	284	14	growth	growth	NOUN
fsr-3912	284	15	.	.	PUNCT
fsr-3912	285	1	in	in	ADP
fsr-3912	285	2	s.	s.	PROPN
fsr-3912	285	3	a.	a.	NOUN
fsr-3912	285	4	sass	sass	PROPN
fsr-3912	285	5	and	and	CCONJ
fsr-3912	285	6	r.	r.	PROPN
fsr-3912	285	7	k.	k.	PROPN
fsr-3912	285	8	triest	triest	PROPN
fsr-3912	285	9	(	(	PUNCT
fsr-3912	285	10	eds.),social	eds.),social	PUNCT
fsr-3912	285	11	security	security	NOUN
fsr-3912	285	12	reform	reform	NOUN
fsr-3912	285	13	conference	conference	NOUN
fsr-3912	285	14	proceedings	proceeding	NOUN
fsr-3912	285	15	,	,	PUNCT
fsr-3912	285	16	federal	federal	PROPN
fsr-3912	285	17	reserve	reserve	PROPN
fsr-3912	285	18	bank	bank	PROPN
fsr-3912	285	19	of	of	ADP
fsr-3912	285	20	boston	boston	PROPN
fsr-3912	285	21	.	.	PUNCT
fsr-3912	286	1	federal	federal	PROPN
fsr-3912	286	2	reserve	reserve	PROPN
fsr-3912	286	3	board	board	PROPN
fsr-3912	286	4	of	of	ADP
fsr-3912	286	5	governors	governor	NOUN
fsr-3912	286	6	.	.	PUNCT
fsr-3912	287	1	(	(	PUNCT
fsr-3912	287	2	1999	1999	NUM
fsr-3912	287	3	)	)	PUNCT
fsr-3912	287	4	.	.	PUNCT
fsr-3912	288	1	flow	flow	NOUN
fsr-3912	288	2	of	of	ADP
fsr-3912	288	3	funds	fund	NOUN
fsr-3912	288	4	accounts	account	VERB
fsr-3912	288	5	for	for	ADP
fsr-3912	288	6	the	the	DET
fsr-3912	288	7	united	united	PROPN
fsr-3912	288	8	states	states	PROPN
fsr-3912	288	9	.	.	PUNCT
fsr-3912	289	1	washington	washington	PROPN
fsr-3912	289	2	,	,	PUNCT
fsr-3912	289	3	dc	dc	PROPN
fsr-3912	289	4	.	.	PROPN
fsr-3912	289	5	friend	friend	PROPN
fsr-3912	289	6	,	,	PUNCT
fsr-3912	289	7	i.	i.	PROPN
fsr-3912	289	8	,	,	PUNCT
fsr-3912	289	9	&	&	CCONJ
fsr-3912	289	10	blume	blume	PROPN
fsr-3912	289	11	,	,	PUNCT
fsr-3912	289	12	m.	m.	NOUN
fsr-3912	289	13	(	(	PUNCT
fsr-3912	289	14	1975	1975	NUM
fsr-3912	289	15	)	)	PUNCT
fsr-3912	289	16	.	.	PUNCT
fsr-3912	290	1	the	the	DET
fsr-3912	290	2	demand	demand	NOUN
fsr-3912	290	3	for	for	ADP
fsr-3912	290	4	risky	risky	ADJ
fsr-3912	290	5	assets.the	assets.the	DET
fsr-3912	290	6	american	american	PROPN
fsr-3912	290	7	economic	economic	PROPN
fsr-3912	290	8	review	review	PROPN
fsr-3912	290	9	,	,	PUNCT
fsr-3912	290	10	65(december	65(december	NUM
fsr-3912	290	11	)	)	PUNCT
fsr-3912	290	12	,	,	PUNCT
fsr-3912	290	13	900–922	900–922	NUM
fsr-3912	290	14	.	.	PUNCT
fsr-3912	290	15	geanokoplos	geanokoplos	PROPN
fsr-3912	290	16	,	,	PUNCT
fsr-3912	290	17	j.	j.	PROPN
fsr-3912	290	18	,	,	PUNCT
fsr-3912	290	19	mitchell	mitchell	PROPN
fsr-3912	290	20	,	,	PUNCT
fsr-3912	290	21	o.	o.	PROPN
fsr-3912	290	22	,	,	PUNCT
fsr-3912	290	23	&	&	CCONJ
fsr-3912	290	24	zeldes	zeldes	PROPN
fsr-3912	290	25	,	,	PUNCT
fsr-3912	290	26	s.	s.	PROPN
fsr-3912	290	27	(	(	PUNCT
fsr-3912	290	28	1998	1998	NUM
fsr-3912	290	29	)	)	PUNCT
fsr-3912	290	30	.	.	PUNCT
fsr-3912	291	1	would	would	AUX
fsr-3912	291	2	a	a	DET
fsr-3912	291	3	privatized	privatized	ADJ
fsr-3912	291	4	social	social	ADJ
fsr-3912	291	5	security	security	NOUN
fsr-3912	291	6	system	system	NOUN
fsr-3912	291	7	really	really	ADV
fsr-3912	291	8	pay	pay	VERB
fsr-3912	291	9	a	a	DET
fsr-3912	291	10	higher	high	ADJ
fsr-3912	291	11	rate	rate	NOUN
fsr-3912	291	12	of	of	ADP
fsr-3912	291	13	return	return	NOUN
fsr-3912	291	14	?	?	PUNCT
fsr-3912	291	15	.	.	PUNCT
fsr-3912	292	1	in	in	ADP
fsr-3912	292	2	r.	r.	PROPN
fsr-3912	292	3	d.	d.	PROPN
fsr-3912	292	4	arnold	arnold	PROPN
fsr-3912	292	5	,	,	PUNCT
fsr-3912	292	6	m.	m.	PROPN
fsr-3912	292	7	j.	j.	PROPN
fsr-3912	292	8	graetz	graetz	PROPN
fsr-3912	292	9	,	,	PUNCT
fsr-3912	292	10	&	&	CCONJ
fsr-3912	292	11	a.	a.	PROPN
fsr-3912	292	12	h.	h.	PROPN
fsr-3912	292	13	munnell	munnell	PROPN
fsr-3912	292	14	(	(	PUNCT
fsr-3912	292	15	eds.),framing	eds.),frame	VERB
fsr-3912	292	16	the	the	DET
fsr-3912	292	17	social	social	ADJ
fsr-3912	292	18	security	security	NOUN
fsr-3912	292	19	debate	debate	NOUN
fsr-3912	292	20	(	(	PUNCT
fsr-3912	292	21	pp.137–157	pp.137–157	NOUN
fsr-3912	292	22	)	)	PUNCT
fsr-3912	292	23	.	.	PUNCT
fsr-3912	293	1	washington	washington	PROPN
fsr-3912	293	2	,	,	PUNCT
fsr-3912	293	3	dc	dc	PROPN
fsr-3912	293	4	:	:	PUNCT
fsr-3912	293	5	brookings	brookings	PROPN
fsr-3912	293	6	institution	institution	NOUN
fsr-3912	293	7	press	press	NOUN
fsr-3912	293	8	.	.	PUNCT
fsr-3912	294	1	hall	hall	PROPN
fsr-3912	294	2	,	,	PUNCT
fsr-3912	294	3	r.	r.	PROPN
fsr-3912	294	4	e.	e.	PROPN
fsr-3912	294	5	(	(	PUNCT
fsr-3912	294	6	1988	1988	NUM
fsr-3912	294	7	)	)	PUNCT
fsr-3912	294	8	.	.	PUNCT
fsr-3912	295	1	intertemporal	intertemporal	ADJ
fsr-3912	295	2	substitution	substitution	NOUN
fsr-3912	295	3	and	and	CCONJ
fsr-3912	295	4	consumption.journal	consumption.journal	ADJ
fsr-3912	295	5	of	of	ADP
fsr-3912	295	6	political	political	ADJ
fsr-3912	295	7	economy	economy	NOUN
fsr-3912	295	8	,	,	PUNCT
fsr-3912	295	9	96,339–357	96,339–357	PROPN
fsr-3912	295	10	.	.	PUNCT
fsr-3912	295	11	ingersoll	ingersoll	PROPN
fsr-3912	295	12	,	,	PUNCT
fsr-3912	295	13	j.	j.	PROPN
fsr-3912	295	14	e.	e.	PROPN
fsr-3912	295	15	(	(	PUNCT
fsr-3912	295	16	1987).theory	1987).theory	NUM
fsr-3912	295	17	of	of	ADP
fsr-3912	295	18	financial	financial	ADJ
fsr-3912	295	19	decision	decision	NOUN
fsr-3912	295	20	making.savage	making.savage	NOUN
fsr-3912	295	21	,	,	PUNCT
fsr-3912	295	22	md	md	PROPN
fsr-3912	295	23	:	:	PUNCT
fsr-3912	295	24	rowman	rowman	PROPN
fsr-3912	295	25	&	&	CCONJ
fsr-3912	295	26	littlefield	littlefield	PROPN
fsr-3912	295	27	publishers	publisher	NOUN
fsr-3912	295	28	.	.	PUNCT
fsr-3912	296	1	kotlikoff	kotlikoff	PROPN
fsr-3912	296	2	,	,	PUNCT
fsr-3912	296	3	l.	l.	PROPN
fsr-3912	296	4	,	,	PUNCT
fsr-3912	296	5	smetters	smetter	NOUN
fsr-3912	296	6	,	,	PUNCT
fsr-3912	296	7	k.	k.	PROPN
fsr-3912	296	8	,	,	PUNCT
fsr-3912	296	9	&	&	CCONJ
fsr-3912	296	10	walliser	walliser	PROPN
fsr-3912	296	11	,	,	PUNCT
fsr-3912	296	12	j.	j.	PROPN
fsr-3912	296	13	(	(	PUNCT
fsr-3912	296	14	1998	1998	NUM
fsr-3912	296	15	)	)	PUNCT
fsr-3912	296	16	.	.	PUNCT
fsr-3912	297	1	privatizing	privatize	VERB
fsr-3912	297	2	social	social	ADJ
fsr-3912	297	3	security	security	NOUN
fsr-3912	297	4	in	in	ADP
fsr-3912	297	5	the	the	DET
fsr-3912	297	6	us	us	PROPN
fsr-3912	297	7	:	:	PUNCT
fsr-3912	297	8	comparing	compare	VERB
fsr-3912	297	9	the	the	DET
fsr-3912	297	10	options	option	NOUN
fsr-3912	297	11	.	.	PUNCT
fsr-3912	298	1	technical	technical	ADJ
fsr-3912	298	2	paper	paper	NOUN
fsr-3912	298	3	series	series	NOUN
fsr-3912	298	4	:	:	PUNCT
fsr-3912	298	5	macroeconomic	macroeconomic	ADJ
fsr-3912	298	6	analysis	analysis	NOUN
fsr-3912	298	7	and	and	CCONJ
fsr-3912	298	8	tax	tax	NOUN
fsr-3912	298	9	analysis	analysis	NOUN
fsr-3912	298	10	divisions.congressional	divisions.congressional	ADJ
fsr-3912	298	11	budget	budget	NOUN
fsr-3912	298	12	office	office	NOUN
fsr-3912	298	13	.	.	PUNCT
fsr-3912	299	1	merton	merton	PROPN
fsr-3912	299	2	,	,	PUNCT
fsr-3912	299	3	r.	r.	PROPN
fsr-3912	299	4	c.	c.	PROPN
fsr-3912	299	5	(	(	PUNCT
fsr-3912	299	6	1969	1969	NUM
fsr-3912	299	7	)	)	PUNCT
fsr-3912	299	8	.	.	PUNCT
fsr-3912	300	1	lifetime	lifetime	NOUN
fsr-3912	300	2	portfolio	portfolio	NOUN
fsr-3912	300	3	selection	selection	NOUN
fsr-3912	300	4	under	under	ADP
fsr-3912	300	5	uncertainty	uncertainty	NOUN
fsr-3912	300	6	:	:	PUNCT
fsr-3912	300	7	the	the	DET
fsr-3912	300	8	continuous	continuous	ADJ
fsr-3912	300	9	-	-	PUNCT
fsr-3912	300	10	time	time	NOUN
fsr-3912	300	11	case.review	case.review	NOUN
fsr-3912	300	12	of	of	ADP
fsr-3912	300	13	economics	economic	NOUN
fsr-3912	300	14	and	and	CCONJ
fsr-3912	300	15	statistics	statistic	NOUN
fsr-3912	300	16	,	,	PUNCT
fsr-3912	300	17	51,247–257	51,247–257	X
fsr-3912	300	18	.	.	PUNCT
fsr-3912	300	19	national	national	PROPN
fsr-3912	300	20	academy	academy	PROPN
fsr-3912	300	21	of	of	ADP
fsr-3912	300	22	social	social	ADJ
fsr-3912	300	23	insurance	insurance	NOUN
fsr-3912	300	24	.	.	PUNCT
fsr-3912	301	1	(	(	PUNCT
fsr-3912	301	2	1998	1998	NUM
fsr-3912	301	3	)	)	PUNCT
fsr-3912	301	4	.	.	PUNCT
fsr-3912	302	1	conference	conference	NOUN
fsr-3912	302	2	proceedings	proceeding	NOUN
fsr-3912	302	3	.	.	PUNCT
fsr-3912	303	1	in	in	ADP
fsr-3912	303	2	r.	r.	PROPN
fsr-3912	303	3	d.	d.	PROPN
fsr-3912	303	4	arnold	arnold	PROPN
fsr-3912	303	5	,	,	PUNCT
fsr-3912	303	6	m.	m.	PROPN
fsr-3912	303	7	j.	j.	PROPN
fsr-3912	303	8	graetz	graetz	PROPN
fsr-3912	303	9	,	,	PUNCT
fsr-3912	303	10	&	&	CCONJ
fsr-3912	303	11	a.	a.	PROPN
fsr-3912	303	12	h.	h.	PROPN
fsr-3912	303	13	munnell	munnell	PROPN
fsr-3912	303	14	(	(	PUNCT
fsr-3912	303	15	eds.),framing	eds.),frame	VERB
fsr-3912	303	16	the	the	DET
fsr-3912	303	17	social	social	ADJ
fsr-3912	303	18	security	security	NOUN
fsr-3912	303	19	debate	debate	NOUN
fsr-3912	303	20	.	.	PUNCT
fsr-3912	304	1	washington	washington	PROPN
fsr-3912	304	2	,	,	PUNCT
fsr-3912	304	3	d.c	d.c	PROPN
fsr-3912	304	4	.	.	PUNCT
fsr-3912	304	5	:	:	PUNCT
fsr-3912	305	1	brookings	brookings	PROPN
fsr-3912	305	2	institution	institution	NOUN
fsr-3912	305	3	press	press	PROPN
fsr-3912	305	4	.	.	PUNCT
fsr-3912	306	1	samuelson	samuelson	PROPN
fsr-3912	306	2	,	,	PUNCT
fsr-3912	306	3	p.	p.	NOUN
fsr-3912	306	4	a.	a.	NOUN
fsr-3912	306	5	(	(	PUNCT
fsr-3912	306	6	1969	1969	NUM
fsr-3912	306	7	)	)	PUNCT
fsr-3912	306	8	.	.	PUNCT
fsr-3912	307	1	lifetime	lifetime	NOUN
fsr-3912	307	2	portfolio	portfolio	NOUN
fsr-3912	307	3	selection	selection	NOUN
fsr-3912	307	4	by	by	ADP
fsr-3912	307	5	dynamic	dynamic	ADJ
fsr-3912	307	6	stochastic	stochastic	ADJ
fsr-3912	307	7	programming.review	programming.review	NOUN
fsr-3912	307	8	of	of	ADP
fsr-3912	307	9	economics	economic	NOUN
fsr-3912	307	10	and	and	CCONJ
fsr-3912	307	11	statistics	statistic	NOUN
fsr-3912	307	12	,	,	PUNCT
fsr-3912	307	13	51	51	NUM
fsr-3912	307	14	,	,	PUNCT
fsr-3912	307	15	239–246	239–246	NUM
fsr-3912	307	16	.	.	PUNCT
fsr-3912	308	1	smetters	smetter	NOUN
fsr-3912	308	2	,	,	PUNCT
fsr-3912	308	3	k.	k.	PROPN
fsr-3912	308	4	(	(	PUNCT
fsr-3912	308	5	1998	1998	NUM
fsr-3912	308	6	)	)	PUNCT
fsr-3912	308	7	.	.	PUNCT
fsr-3912	309	1	privatizing	privatize	VERB
fsr-3912	309	2	versus	versus	ADP
fsr-3912	309	3	prefunding	prefunde	VERB
fsr-3912	309	4	social	social	ADJ
fsr-3912	309	5	security	security	NOUN
fsr-3912	309	6	in	in	ADP
fsr-3912	309	7	a	a	DET
fsr-3912	309	8	stochastic	stochastic	ADJ
fsr-3912	309	9	economy.technical	economy.technical	ADJ
fsr-3912	309	10	paper	paper	NOUN
fsr-3912	309	11	series	series	NOUN
fsr-3912	309	12	:	:	PUNCT
fsr-3912	309	13	macroeconomic	macroeconomic	ADJ
fsr-3912	309	14	analysis	analysis	NOUN
fsr-3912	309	15	and	and	CCONJ
fsr-3912	309	16	tax	tax	NOUN
fsr-3912	309	17	divisions.congressional	divisions.congressional	ADJ
fsr-3912	309	18	budget	budget	NOUN
fsr-3912	309	19	office	office	NOUN
fsr-3912	309	20	.	.	PUNCT
fsr-3912	310	1	stein	stein	PROPN
fsr-3912	310	2	,	,	PUNCT
fsr-3912	310	3	h.	h.	PROPN
fsr-3912	310	4	(	(	PUNCT
fsr-3912	310	5	1997	1997	NUM
fsr-3912	310	6	)	)	PUNCT
fsr-3912	310	7	.	.	PUNCT
fsr-3912	311	1	social	social	ADJ
fsr-3912	311	2	security	security	NOUN
fsr-3912	311	3	and	and	CCONJ
fsr-3912	311	4	the	the	DET
fsr-3912	311	5	single	single	ADJ
fsr-3912	311	6	investor.the	investor.the	PRON
fsr-3912	311	7	wall	wall	PROPN
fsr-3912	311	8	street	street	PROPN
fsr-3912	311	9	journal	journal	PROPN
fsr-3912	311	10	,	,	PUNCT
fsr-3912	311	11	wednesday	wednesday	PROPN
fsr-3912	311	12	,	,	PUNCT
fsr-3912	311	13	february	february	PROPN
fsr-3912	311	14	,	,	PUNCT
fsr-3912	311	15	5	5	NUM
fsr-3912	311	16	,	,	PUNCT
fsr-3912	311	17	a18	a18	PROPN
fsr-3912	311	18	.	.	PROPN
fsr-3912	311	19	stiglitz	stiglitz	PROPN
fsr-3912	311	20	,	,	PUNCT
fsr-3912	311	21	j.	j.	PROPN
fsr-3912	311	22	e.	e.	PROPN
fsr-3912	311	23	,	,	PUNCT
fsr-3912	311	24	munnell	munnell	PROPN
fsr-3912	311	25	,	,	PUNCT
fsr-3912	311	26	a.	a.	PROPN
fsr-3912	311	27	h.	h.	PROPN
fsr-3912	311	28	,	,	PUNCT
fsr-3912	311	29	&	&	CCONJ
fsr-3912	311	30	frankel	frankel	PROPN
fsr-3912	311	31	,	,	PUNCT
fsr-3912	311	32	j.	j.	PROPN
fsr-3912	311	33	a.	a.	PROPN
fsr-3912	311	34	(	(	PUNCT
fsr-3912	311	35	council	council	PROPN
fsr-3912	311	36	of	of	ADP
fsr-3912	311	37	economic	economic	ADJ
fsr-3912	311	38	advisors	advisor	NOUN
fsr-3912	311	39	)	)	PUNCT
fsr-3912	311	40	.	.	PUNCT
fsr-3912	312	1	(	(	PUNCT
fsr-3912	312	2	1997).economic	1997).economic	NUM
fsr-3912	312	3	report	report	NOUN
fsr-3912	312	4	of	of	ADP
fsr-3912	312	5	the	the	DET
fsr-3912	312	6	president.washington	president.washington	PROPN
fsr-3912	312	7	,	,	PUNCT
fsr-3912	312	8	dc	dc	PROPN
fsr-3912	312	9	:	:	PUNCT
fsr-3912	312	10	u.s	u.s	PROPN
fsr-3912	312	11	.	.	PROPN
fsr-3912	312	12	government	government	NOUN
fsr-3912	312	13	printing	printing	NOUN
fsr-3912	312	14	office	office	NOUN
fsr-3912	312	15	.	.	PUNCT
fsr-3912	313	1	106	106	NUM
fsr-3912	313	2	e.	e.	PROPN
fsr-3912	313	3	elder	elder	PROPN
fsr-3912	313	4	,	,	PUNCT
fsr-3912	313	5	l.	l.	PROPN
fsr-3912	313	6	holland	holland	PROPN
fsr-3912	313	7	/	/	SYM
fsr-3912	313	8	financial	financial	ADJ
fsr-3912	313	9	services	service	NOUN
fsr-3912	313	10	review	review	VERB
fsr-3912	313	11	9	9	NUM
fsr-3912	313	12	(	(	PUNCT
fsr-3912	313	13	2000	2000	NUM
fsr-3912	313	14	)	)	PUNCT
fsr-3912	314	1	93–106	93–106	NUM