Equilibrium dynamics with different types of pay-as-you-go pension schemes

We analyse the steady-state equilibrium dynamics of an OLG economy with a pay-as-you-go (PAYG) pension scheme that relates old-age pensions to previous earnings. Contrary to an economy where PAYG pensions depend on the earnings of those currently working, such an economy may experience complex equilibrium dynamics with endogenous cycles and bifurcations.

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Year of publication:	2003-04-23
Authors:	Wagener, Andreas
Published in:	Economics Bulletin. - AccessEcon, ISSN 1545-2921. - Vol. 8.2003, 6, p. 1-12
Publisher:	AccessEcon
Subject:	bifurcations

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Extent:	application/pdf
Type of publication:	Article
Classification:	H5 - National Government Expenditures and Related Policies
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010630060