Fenge, Robert; Uebelmesser, Silke; Werding, Martin - In: FinanzArchiv: Public Finance Analysis 62 (2006) 1, pp. 68-107
Are there still opportunities for welfare-improving reforms in unfunded pension systems? To answer this question, we analyze the intertemporal structure of implicit taxes in pay-as-you-go pension schemes. We demonstrate that these tax rates are declining over the life cycle. This timing is...