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Heer, Burkhard; Süssmuth, Bernd - CESifo - 2003

The effect of a permanent change of inflation on the distribution of wealth is analyzed in a general equilibrium OLG … of inflation results in a lower stock market participation rate; in addition, the distribution of wealth becomes more … anticipated inflation are considerably lower than in Imrohoroglu (1992). …

Persistent link: https://www.econbiz.de/10005765683

Endogenous Growth, the Distribution of Wealth, and Optimal Policy under Incomplete Markets and Idiosyncratic Risk

Clemens, Christiane; Heinemann, Maik - CESifo - 2012

This paper combines the standard incomplete markets model of uninsurable idiosyncratic risks and borrowing constraints with the Arrow/Romer approach to endogenous growth to analyze the interaction of risk, growth, and inequality, the latter also endogenously determined in equilibrium. We derive...

Persistent link: https://www.econbiz.de/10010551014

Business Cycle Dynamics of a New Keynesian Overlapping Generations Model with Progressive Income Taxation

Heer, Burkhard; Maussner, Alfred - CESifo - 2006

In our dynamic optimizing sticky price model, agents are heterogeneous with regard to their age and their productivity. We find that the business cycle dynamics in the OLG model in response to both a technology shock and a monetary shock are similar, but not completely identical to those found...

Persistent link: https://www.econbiz.de/10005094475

On the Fairness of Early Retirement Provisions

Breyer, Friedrich; Hupfeld, Stefan - CESifo - 2007

Declining fertility and increasing longevity have rendered public pension systems in many OECD countries unsustainable and have triggered substantial reforms of these systems. One of the officially declared reform objectives is to raise the average retirement age. Crucial parameters for this...

Persistent link: https://www.econbiz.de/10005181640

Economic and Politico-Economic Equivalence of Fiscal Policies

Gonzalez-Eiras, Martín; Niepelt, Dirk - CESifo - 2012

We extend “economic equivalence” results, like the Ricardian equivalence proposition, to the political sphere where policy is chosen sequentially. We derive conditions under which a policy regime (summarizing admissible policy choices in every period) and a state are “politico-economically...

Persistent link: https://www.econbiz.de/10009645636

The Timing of Retirement - New Evidence from Swiss Female Workers

Hanel, Barbara; Riphahn, Regina T. - CESifo - 2012

We investigate the responsiveness of individual retirement decisions to changes in financial incentives. A reform increased women's normal retirement age (NRA) in two steps from age 62 to age 63 first and then to age 64. At the same time retirement at the previous NRA became possible at a...

Persistent link: https://www.econbiz.de/10010548566

Intergenerational Risk Sharing by Means of Pay-as-you-go Programs – an Investigation of Alternative Mechanisms

Thøgersen, Øystein - CESifo - 2006

A pay-as-you-go (paygo) pension program may provide intergenerational pooling of risks to individuals’ labor and capital income over the life cycle. By means of a model that provides illuminating closed form solutions, we demonstrate that the magnitude of the optimal paygo program and the...

Persistent link: https://www.econbiz.de/10005765649

Why are More Redistributive Social Security Systems Smaller? A Median Voter Approach

Koethenbuerger, Marko; Poutvaara, Panu; Profeta, Paola - CESifo - 2005

We suggest a political economy explanation for the stylized fact that intragenerationally more redistributive social security systems are smaller. Our key insight is that linking benefits to past earnings (less redistributiveness) reduces the efficiency cost of social security (due to endogenous...

Persistent link: https://www.econbiz.de/10005765716

Pension Design when Fertility Fluctuates: The Role of Capital Mobility and Education Financing

Zamac, Jovan - CESifo - 2005

This study compares alternative designs of an unfunded pension system. Convex combinations between a fixed contribution rate and a fixed benefit rate are considered. The objective is to maximize the expected ex-ante welfare under stochastic fertility. The model is a three-period CGE framework...

Persistent link: https://www.econbiz.de/10005765837

Reforming Pensions

Barr, Nicholas; Diamond, Peter A. - CESifo - 2009

This article, based on two books (2008, forthcoming), sets out principles for pension design: pension systems have multiple objectives, analysis should consider the pension system as a whole, analysis should be in a second-best context, different systems share risks differently and have...

Persistent link: https://www.econbiz.de/10005765868

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