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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
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Means testing and Social Security in the United States
Bagchi, Shantanu - In: International studies of economics 19 (2024) 1, pp. 68-91
This paper uses a heterogeneous-agent overlapping-generations model to examine the fiscal and distributional consequences of introducing a means test in US Social Security. I find that a means test, that is, conditioning benefit payments on a household's earnings or assets, leads to a higher...
Persistent link: https://www.econbiz.de/10014513264
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Differential mortality and the progressivity of social security
Bagchi, Shantanu - 2016
-dependent mortality risk. This is because while a more progressive benefit-earnings rule provides increased insurance for households with … relatively unfavorable earnings histories, and therefore lower savings and survivorship, their relatively high mortality risk … nearly identical optimal benefit-earnings rules both with and without differential mortality. …
Persistent link: https://www.econbiz.de/10011554131
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Progressing towards efficiency : the role for labor tax progression in reforming social security
Makarski, Krzysztof; Tyrowicz, Joanna; Komada, Oliwia - 2022
show that the progressive labor tax can partially substitute for the redistribution in social security, thus reducing the …
Persistent link: https://www.econbiz.de/10012888436
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Efficiency versus insurance: capital income taxation and privatizing social security
Makarski, Krzysztof; Tyrowicz, Joanna; Komada, Oliwia - 2021
We study the interactions between capital income tax and social security privatization in the context of rising longevity. In an economy with idiosyncratic income shocks, redistributive defined benefit social security provides some insurance against income uncertainty. This insurance comes at...
Persistent link: https://www.econbiz.de/10012653219
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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
pension benefit rule that is adopted. If this rule incorporates some implicit or explicit redistribution from healthy to … unhealthy individuals then the latter types are better off as a result of the pension system. In the absence of redistribution …
Persistent link: https://www.econbiz.de/10011761551
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Longevity gap and pension contribution cap
Simonovits, András - 2022
well-chosen cap has an additional advantage: it limits the unintended income redistribution from the short-lived to the … cap on the social welfare and the unintended income redistribution. …
Persistent link: https://www.econbiz.de/10013198976
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Intergenerational redistribution in a pay-as-you-go pension system
Lundberg, Jacob - 2024
This study provides a comprehensive analysis of the generational wealth transfer within Sweden's public pay-as-you-go pension system introduced in 1960. Using extensive administrative registers, the paper quantifies the contributions made and benefits received by each birth cohort. The findings...
Persistent link: https://www.econbiz.de/10014531985
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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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How do subjective mortality beliefs affect the value of social security and the optimal claiming ages?
Dai, Tiantian; Sun, Wei; Webb, Anthony - In: International studies of economics 19 (2024) 1, pp. 92-116
subjective mortality beliefs on the value of delayed claiming and the optimal claiming ages of retired workers. Using the Health …; however, the average variance of age of death calculated from subjective mortality tables is 6.2%-14.4% lower than that from … mortality beliefs. As a result, we conclude that subjective mortality beliefs alone cannot explain the prevalence of early …
Persistent link: https://www.econbiz.de/10014513268