Kwiek, Maksymilian - In: Topics in Macroeconomics 7 (2007) 1, pp. 1381-1381
Cooley and Soares (1999) show that a pay-as-you-go (unfunded) pension system can be an outcome of a political … equilibrium even without intergenerational altruism. This note assumes an endogenous growth model rather than an exogenous one … pensions. When this additional incentive is taken into account, the level of the pay-as-you-go system chosen in political …