Kaul, Ashok; Hagedorn, Marcus; Barbie, Martin - 2002
and an aggregate productivity shock. We introduce a PAYG social security system that conditions benefits on the aggregate … wage sum and on the wage of one's child. We analyze the effects of such a social security system on the endogenous …'s children. We decompose the effects of social security on the investment in human capital into an incentive effect, an insurance …