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The macroeconomic effects of longevity risk under private and public insurance and asymmetric information
Heijdra, Ben J.; Jiang, Yang; Mierau, Jochen O. - 2017
We study the impact of a fully-funded social security system in an economy with heterogeneous consumers. The unobservability of individual health conditions leads to adverse selection in the private annuity market. Introducing social security - which is immune to adverse selection - affects...
Persistent link: https://www.econbiz.de/10011761551
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Social security reform with heterogeneous mortality
Jones, John Bailey; Li, Yue - 2020
Persistent link: https://www.econbiz.de/10012261242
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Redistributive effects of different pension structures when longevity varies by socioeconomic status in a general equilibrium setting
Sanchez-Romero, Miguel; Lee, Ronald Demos; … - 2019
nonredistributive plan that accounts for differences in mortality, US Social Security reduces regressivity from longevity differences …
Persistent link: https://www.econbiz.de/10012314266
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Longevity gap and public pensions : a minimal model
Simonovits, András - 2021
The strong and increasing positive correlation between lifetime income and life expectancy (the longevity gap) has recently been widely studied. In this paper we employ the simplest, minimal model to demonstrate the impact of this long-neglected fact on the various types of public pension...
Persistent link: https://www.econbiz.de/10012601797
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The return on social security with increasing longevity
Knell, Markus - 2015
Persistent link: https://www.econbiz.de/10011293366
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Heterogeneity in longevity, redistribution, and pension reform
Díaz-Saavedra, Julián - In: Journal of pension economics and finance : JPEF 22 (2023) 4, pp. 604-639
Persistent link: https://www.econbiz.de/10014364214
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Increasing Longevity and Social Security Reforms
Andersen, Torben M. - 2021
Increasing longevity causes an upward trend in the dependency ratio in many countries. This raises concerns about the financial sustainability of social security schemes, and reform initiatives and proposals abound. It is shown that a fundamental policy choice inevitably arises since a given...
Persistent link: https://www.econbiz.de/10013317447
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Growth and Welfare Implications of Mortality Differentials in Unfunded Social Security Systems
Kelly, Mark - 2021
Several recent studies have examined the steady-state welfare implications of mortality differentials within unfunded … of mortality inequality within the U.S. Social Security system. Utilizing an OLG endogenous growth model of the U ….S. economy, I compare the current pay-as-you-go (PAYG) system to versions of the model without either mortality differentials or …
Persistent link: https://www.econbiz.de/10013217547
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Balanced growth despite Uzawa
Grossman, Gene M.; Helpman, Elhanan; Oberfield, Ezra; … - 2016
Evidence for the United States suggests balanced growth despite falling investment-good prices and less than unitary elasticity of substitution between capital and labor. This is inconsistent with the Uzawa Growth Theorem. We extend Uzawa.s theorem to show that introducing human capital...
Persistent link: https://www.econbiz.de/10011434429
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Redistributive effects of the US pension system among individuals with different life expectancy
Sanchez-Romero, Miguel; Fürnkranz-Prskawetz, Alexia - 2017
We investigate the differential impact that pension systems have on the labor supply and the accumulation of physical and human capital for individuals that differ by their learning ability and levels of life expectancy. Our analysis is calibrated to the US economy using a general equilibrium...
Persistent link: https://www.econbiz.de/10011620616