Reforming retirement age in DB and DC pension systems in an aging OLG economy with heterogenous agents

Joanna Tyrowicz, Krzysztof Makarski and Marcin Bielecki

We analyze the effects of increasing the retirement age in two economies with overlapping generations and within cohort ex ante heterogeneity. The first economy has a defined benefit system, and the second economy is in transition from a defined benefit to a defined contribution. We find that if increase in the retirement age is phased in a way that allows agents to adjust, welfare is not reduced and welfare effects have a similar magnitude and between-cohort distribution in both types of the pension systems.

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Year of publication:	2016
Authors:	Tyrowicz, Joanna ; Makarski, Krzysztof ; Bielecki, Marcin
Published in:	IZA journal of labor policy. - Warsaw : Sciendo, ISSN 2193-9004, ZDB-ID 2687583-4. - Vol. 5.2016, 8, p. 1-36
Subject:	Retirement age \| DB \| DC \| Pension system reform \| Longevity \| Rentenreform \| Pension reform \| Altersgrenze \| Retirement \| Overlapping Generations \| Overlapping generations \| Alternde Bevölkerung \| Aging population \| Gesetzliche Rentenversicherung \| Public pension system \| Altersvorsorge \| Retirement provision \| Umlageverfahren \| Pay-as-you-go \| Flexible Altersgrenze \| Flexible retirement \| Sterblichkeit \| Mortality \| Rentenfinanzierung \| Pension finance

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Type of publication:	Article
Type of publication (narrower categories):	Aufsatz in Zeitschrift ; Article in journal
Language:	English
Other identifiers:	10.1186/s40173-016-0067-8 [DOI] hdl:10419/154730 [Handle]
Classification:	C60 - Mathematical Methods and Programming. General ; C68 - Computable General Equilibrium Models ; D63 - Equity, Justice, Inequality, and Other Normative Criteria and Measurement ; E17 - Forecasting and Simulation ; E21 - Consumption; Saving ; H55 - Social Security and Public Pensions
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10011522240