PFAU, Wade Donald

• 
  • Position:
    Associate Professor, Director of Macroeconomic Policy Program
  • Degree:
    Ph.D. (Economics), Princeton University
  Specialty:
  Pension reform, retirement planning, public economics
• Current research interests:
  Financial planning over the lifecycle
• Professional Career:

  2003	Ph.D. (Economics), Princeton University
  2003	Visiting Associate Professor, GRIPS
  2007	Assistant Professor, GRIPS
  2009	Associate Professor, GRIPS

• Selected publications:
  Papers currently under review for publication
  Pfau, Wade D. "Predicting Sustainable Retirement Withdrawal Rates Using Valuation and Yield Measures." Munich Personal RePEc Archive Paper #27487. December 2010. This paper was mentioned in Chris Farrell's "No Rest for Retirees." Bloomberg BusinessWeek, December 17, 2010.
  
  Pfau, Wade D. "Will 2000-Era Retirees Experience the Worst Retirement Outcomes in U.S. History? A Progress Report after 10 Years." Munich Personal RePEc Archive Paper #27107. November 2010. This paper was mentioned in Chris Farrell's "No Rest for Retirees." Bloomberg BusinessWeek, December 17, 2010.
  
  Meng, C., and W. D. Pfau, "The Role of Pension Funds in Capital Market Development." GRIPS Discussion Paper 10-17. Tokyo: GRIPS.
  
  Nguyen, D. H., and W. D. Pfau, "The Determinants and Stability of Real Money Demand in Vietnam, 1999-2009." GRIPS Discussion Paper 10-14. Tokyo: GRIPS.
  
  Kumara, A. S., and W. D. Pfau, "Reforming Pension Funds in Sri Lanka: International Diversification and the Employees' Provident Fund." GRIPS Discussion Paper 10-13. Tokyo: GRIPS.
  
  Forthcoming Publications
  Pfau, W. D., “The Portfolio Size Effect and Lifecycle Asset Allocation Funds: A Different Perspective.” Journal of Portfolio Management. Vol. 38, No. 1 (Fall 2011), forthcoming.
  
  Pfau, W. D., “Emerging Market Pension Funds and International Diversification,” Journal of Developing Areas. Vol. 45, No. 1 (Fall 2011), forthcoming.
  
  This paper was mentioned in: Angele Spiteri Paris's "Pension Funds: Breaking New Ground." Funds Europe, April 2010.
  
  Thao Hua's “Global Recession Hinders Reforms: Emerging Market Pension Funds’ Efforts to Diversify Put on Hold.”Pensions & Investments, April 20, 2009.
  
  Pfau, W. D., “Lifecycle Funds and Wealth Accumulation for Retirement: Evidence for a More Conservative Asset Allocation as Retirement Approaches,” Financial Services Review. Vol. 19, No. 1, forthcoming.
  
  Okita, Y., W. D. Pfau, and L. T. Giang, “A Stochastic Forecast Model for Japan’s Population.” The Japanese Economy. forthcoming.
  
  Kumara, A. S., and W. D. Pfau, "Impact of Cash Transfer Programs on School Attendance and Child Poverty: An Ex-ante Simulation for Sri Lanka," Journal of Development Studies. forthcoming.
  
  Pfau, W. D., and L. T. Giang, “Groups Excluded from ‘Representative’ Household Surveys: An Analysis Based on Remittances Sent and Received in Vietnam.” ASEAN Economic Bulletin. Vol. 28, No. 2 (August 2011), forthcoming.
  
  Pfau, W. D., and L. T. Giang, “Remittances, Living Arrangements, and the Welfare of the Elderly.” Asian and Pacific Migration Journal. (December 2010), forthcoming.
  
  Selected Recent Publications, 2009-2011
  Pfau, W. D., “An Optimizing Framework for the Glide Paths of Lifecyle Asset Allocation Funds.” Applied Economic Letters. Vol. 18, No. 1 (2011), 55-58.
  
  Pfau, W. D., “An International Perspective on Safe Withdrawal Rates from Retirement Savings: The Demise of the 4 Percent Rule?" Journal of Financial Planning. Vol. 23, No. 12 (December 2010), 52-61. This paper was mentioned in Chris Farrell's "No Rest for Retirees." Bloomberg BusinessWeek, December 17, 2010.
  
  Pfau, W. D., “What Will the Likely Range of My Wealth Be?: A Comment," Financial Analysts Journal. Vol. 66, No. 3 (May/June 2010), p. 10, 12.
  
  Giang, L. T., and W. D. Pfau. “The Vulnerability of the Elderly to Poverty: Determinants and Policy Implications for Vietnam,” Asian Economic Journal. Vol. 23, No. 4 (December 2009), p. 419-437.
  
  Pfau, W. D., “The Role of International Diversification in Public Pension Systems: The Case of Pakistan,” Economic Issues. Vol. 14, Part 2 (September 2009), p. 81-105.
  
  Pfau, W. D., and L. T. Giang, “Determinants and Impacts of International Remittances on Household Welfare in Vietnam,” International Social Science Journal. Vol. 60, No. 197-98 (September 2009), p. 431-443.
  
  Giang, L. T., and W. D. Pfau. “Demographic Changes and the Long-Term Pension Finances in Vietnam: A Stochastic Actuarial Assessment,” Journal of Population Ageing. Vol. 1, No. 2-4 (July 2009), p. 125-151.
  
  Pfau, W. D., “How Representative are Representative Workers? An Assessment of the Hypothetical Workers Commonly Used in Social Security Studies,” Journal of Income Distribution. Vol. 18, No. 2 (June 2009), p. 92-117.
  
  Le, H. V., and W. D. Pfau, “VAR Analysis of the Monetary Transmission Mechanism in Vietnam,” Applied Econometrics and International Development. Vol. 9, No. 1 (January – June 2009), p. 165-179.
  
  Moghal, S., and W. D. Pfau. “An Investigation of Firm Heterogeneity in the Constraints to Development and Growth in Pakistan,” Pakistan Development Review. Vol. 48, No. 1 (Spring 2009), p. 1-22.
  
  Giang, L. T., and W. D. Pfau. “Aging, Poverty, and the Role of Social Pensions in Vietnam,” Development and Change. Vol. 40, No. 2 (March 2009), p. 333-360.
  
  Pfau, W. D., and V. Atisophon, “The Impact of the National Pension Fund on the Suitability of Elderly Pensions in Thailand,” Asian Economic Journal. Vol. 23, No. 1 (March 2009), p. 41-63.
• Social Contributions:
  Assistant Editor, Journal of Personal Finance, 2010 - present
  
  Referee for National Tax Journal, Journal of Pension Economics and Finance, Applied Financial Economics, Emerging Markets Finance and Trade, Journal of International Development, Journal of Population Research, Australian Journal of Agricultural and Resource Economics, Journal of Developing Areas, Research on Aging, The Korean Economic Review, International Journal of Economic Policy Studies, East and West Studies
• Other notable activities and achievements:
  

  June 2010	Passed Level II of the Chartered Financial Analyst (CFA) examination
  June 2009	Passed Level I of the Chartered Financial Analyst (CFA) examination

  
  Principal Investigator, “Asset Allocation Decisions for Public Pension Systems: Theory and Practice.”  Japan Ministry of Education, Culture, Sports, Science and Technology Grants-in-Aid for Young Scientists (B), #20730179, FY 2008 – 2010 (sole researcher).
  
  Principal Researcher, “Remittances, Living Arrangements, and the Welfare of the Elderly in Vietnam.”  Univers Foundation Research Grant Program on “Realization of an Enriched Aging Society,” 2007-2008 (research team also included Giang Thanh Long).
  
• e-mail: wpfau
  
  

• Personal Website