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We thank members of Boston University's macroeconomic workshop for very helpful comments. Abstract Implicit government obligations represent the lion's share of government liabilities in the U.S. and many other countries. Yet these liabilities are rarely measured, let alone properly adjusted for their risk. This paper shows, by example, how modern asset pricing can be used to value implicit fiscal debts taking into account their risk properties. The example is the U.S. Social Security System'sdoi:10.3386/w14427 fatcat:tp5qnug77naibonudoe5mlsf4m