In 2016, the long-run returns to the investments made by public pension funds fell to their lowest
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In 2016, the long-run returns to the investments made by public pension funds fell to their lowest levels in many years and were expected to fall further as long-run interest rates remained low. One industry observer is quoted in the Wall Street Journal as observing: “Many states and local governments may be facing difficult choices if investment returns remain low.” Briefly explain what these choices are.
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Money, Banking, and the Financial System
ISBN: 978-0134524061
3rd edition
Authors: R. Glenn Hubbard, Anthony Patrick O'Brien
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