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 …

age, reducing the replacement rate, or introducing a sustainability factor linking pension to life expectancy. The aim of … Spain but that could have a significant impact if it were fully implemented. This reform, called ‘silent reform’ because it … is imperceptible to citizens in its early stages, basically consists in increasing maximum pensions in line with …

developed countries have created government reserve funds to ensure macroeconomic sustainability. This paper aims to study the … importance that this reserve fund plays in the sustainability of the Spanish public pension system. Using data for the 2000 to …

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 …

-generations model, where one country has PAYG pensions and the other country has funded pensions. The paper shows that the PAYG country …

mental cost of self-control. This effect partially offsets the forced-saving benefits of public pensions, and call for a more …