Description: This article summarizes the responses of nine readers who answered The Actuary’s April Query, on the assertion by two Harvard economists that government deficits are being exaggerated unless allowance is made for the declining value of the dollar.

Description: Article Book Review by Ray in The Actuary, January 1979, Volume 13, Number 1

Description: Discussion of Forecast 2000, the actuarial profession's public relations program.

Description: Article Speed Limits - Save Lives by Seltzer in The Actuary, April 1979, Volume 13, Number 4

Description: The Committee on Economic Statistics of the Canadian Institute of Actuaries has recommended that the Institute sponsor an Economic Forecasting Board composed of actuaries and economists. Its role would be to develop formal projections of interest rates, inflation rates, productivity and wages. This article discusses the role of such a board, the purposes for the projections, and the potential roadblocks to accomplishing this.

Description: This article consists of excerpts from the author’s presidential address to the Southeastern Actuaries’ Club on November 21, 1980. The author notes ‘the only thing we could all possibly agree on today about the economic situation is that the degree of uncertainty is high,’ and ‘it is this uncertainty that presents us actuaries with professional problems which cannot be addressed by traditional methods.’ In explaining how we can deal with inflation and uncertainty the author argues for repeal of both the Standard Valuation Law and the Standard Nonforfeiture Law.

Description: The author notes that “many considerations enter into the determination of investment strategy. Important among these considerations is the maximization of investment income on an after-tax basis rather than on a before-tax basis.” The article then discusses how starting in the early 1960’s insurers, using a marginal tax rate approach, invested heavily in tax exempt bonds. The author, expressing his belief that a major depression is likely to occur in the next 10 years, recommends insurance companies divest of their holding in tax exempt instruments, based on the macroeconomic analysis he presents.

Description: This article analyzes the events leading to low interest rates and recommends careful asset/liability management and risk analysis to address future challenges with interest rates.

Description: Article The Pensions Scene In Canada by Ezra in The Actuary, September 1978, Volume 12, Number 7

Description: Discusses the severe adverse effects on U.S. capital markets that will occur due to the passage of FAS 115, which requires marking certain assets to market without a corresponding adjustment to liabilities.