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Pension Systems and the Allocation of Macroeconomic Risk

Bovenberg, A Lans; Uhlig, Harald - C.E.P.R. Discussion Papers - 2006

This paper explores the optimal risk sharing arrangement between generations in an overlapping generations model with … endogenous growth. We allow for nonseparable preferences, paying particular attention to the risk aversion of the old as well as … overall 'life-cycle' risk aversion. We provide a fairly tractable model, which can serve as a starting point to explore these …

Persistent link: https://www.econbiz.de/10005662132

Pension systems, Intergenerational Risk Sharing and Inflation

Beetsma, Roel; Bovenberg, A Lans - C.E.P.R. Discussion Papers - 2007

We investigate intergenerational risk sharing in two-pillar pension systems with a pay-as-you-go pillar and a funded … intergenerational risk sharing can be achieved only in the presence of a defined benefit pension system with appropriate restrictions on …

Persistent link: https://www.econbiz.de/10005497820

Modelling the Impact of Demographic Change Upon the Economy

Miles, David K - C.E.P.R. Discussion Papers - 1997

It is well known that over the next few decades there will be significant changes in the demographic structures of nearly all developed countries; in the absence of massive immigration, or of catastrophic new fatal illnesses, by the middle of the next century the ratio of people of working age...

Persistent link: https://www.econbiz.de/10005656147

Intergenerational Redistribution in the Great Recession

Glover, Andrew; Heathcote, Jonathan; Krueger, Dirk; … - C.E.P.R. Discussion Papers - 2011

In this paper we construct a stochastic overlapping-generations general equilibrium model in which households are subject to aggregate shocks that affect both wages and asset prices. We use a calibrated version of the model to quantify how the welfare costs of severe recessions are distributed...

Persistent link: https://www.econbiz.de/10008915804

The Reform of Pension Systems: Winners and Losers Across Generations

Iben, Andreas; Miles, David K - C.E.P.R. Discussion Papers - 1998

In this paper we perform simulations with a stylized model of Germany and the United Kingdom to show which generations might be direct gainers, and which losers, from a transition to funded state pensions. We estimate what the structure of inter-generational bequests would need to be in a...

Persistent link: https://www.econbiz.de/10005656405

The Role of Rents to Human Capital in Economic Development

Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 1994

In an overlapping generations model, rents to human capital play a key role in increasing savings. In the absence of such rents, the return to human capital is entirely appropriated by the old and accumulation is entirely determined by the income to fixed factors. If rents are introduced by...

Persistent link: https://www.econbiz.de/10005662008

Maximum Sustainable Government Debt in the Overlapping Generations Model

Rankin, Neil; Roffia, Barbara - C.E.P.R. Discussion Papers - 1999

The theoretical determinants of maximum sustainable government debt are investigated using Diamond's overlapping-generations model. A level of debt is defined to be 'sustainable' if a steady state with non-degenerate values of economic variables exists. We show that a maximum sustainable level...

Persistent link: https://www.econbiz.de/10005504759

Political Institutions, Environmental Policy and Growth

Marsiliani, Laura; Renström, Thomas I - C.E.P.R. Discussion Papers - 2004

We analyse the impact of micro-founded political institutions on environmental policy and economic growth. We model an overlapping-generations economy, where individuals differ in preferences over the environment (as well as in age). Labour taxation and capital taxation is used to finance a...

Persistent link: https://www.econbiz.de/10005791516

Non-Keynesian Effects of Fiscal Policy Changes: International Evidence and the Swedish Experience

Giavazzi, Francesco; Pagano, Marco - C.E.P.R. Discussion Papers - 1995

In earlier work we documented two episodes in which a sharp fiscal consolidation was associated with a surprisingly large expansion in private domestic demand. In this paper we draw on further evidence to investigate if and when fiscal policy changes can have such non-Keynesian effects. In the...

Persistent link: https://www.econbiz.de/10005136472

On Sustainable Pay-As-You-Go Systems

Demange, Gabrielle - C.E.P.R. Discussion Papers - 2005

An unfunded Social Security system faces a major risk, sometimes referred to as ‘political risk’. In order to account … properly for this risk, the paper considers a political process in which the support to the system is asked from each newborn …-generational redistribution, risk aversion, financial markets, governmental debt- on the political sustainability of a pay-as-you-go system is …

Persistent link: https://www.econbiz.de/10005666926

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