Hagemejer, Jan; Makarski, Krzysztof; Tyrowicz, Joanna - Wydział Nauk Ekonomicznych, Uniwersytet Warszawski - 2013
Pension system reforms involve fiscal consequences. In practice, a variety of fiscal closures may be implemented, while not all of them involve the same extent of distortions. This paper develops an overlapping generations model to analyze the case of a shift from pay-as-you-go defined benefit...