We study the sustainability of pension systems using a life-cycle model with distortionary taxation that sets an upper … welfare of a number of policies often advocated to improve the sustainability of pension systems. New tax data on dynamic …

importance of unfunded, state pensions differs. We estimate how the optimal level of unfunded, state pensions depends on rate of … is rapid and unfunded pensions are currently generous. …

until 2050. To quantify the effects on pensions, taxes and social contributions, we use an overlapping generations model …

rules, such as a link between life expectancy and pensions or retirement age, the tax regime shift can be used to improve …

This paper studies how prefunding public pensions can improve policy outcomes when short-sighted governments cannot … commit. We focus on sustainable plans, where optimal nonlinear pensions are not reneged on by sequential governments …. Prefunding pensions is a commitment mechanism. It implies lower contributions than does the second best policy, which reduces …

pensions. Present and future public subsidies may at the same time be reduced. We propose a quantitative analysis of the 2008 … reform of the Paris Metro pensions. Focusing on the case of train drivers, we show that the reform should save public funds …

-saving schemes. This is true even in dynamically efficient economies where such pensions offer a lower return. The classic Aaron … pensions arises but only if voluntary retirement saving is fully crowded out because of a binding borrowing constraint. This …-paternalistic, welfare rationale for return-dominated, PAYG pensions to coexist with private retirement saving. …

public pension payments. This reform did not change the level of pensions, but only provided information to individuals about … direct way to increase public pensions, increase after receiving the letter. …