Pension benefit rules depend on individual history far more than taxes do, and age plays a much larger role in pension … contain neither a mandatory pension system nor the behavioral dimensions that lie behind justifications commonly offered for … mandatory pensions. Conversely, optimizing models of pension design typically do not include annual taxation of labor and …

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 different effects by generation and by gender. The article considers policy …

Redistribution is an inevitable feature of collective pension schemes. Nevertheless, it is still an open question what … regarding redistribution and asks what this evidence tells us about preferences for redistribution through pension schemes. We …

By using their financial reserves efficiently, pension funds can smooth shocks on asset returns, and can thus … collective pension plan in terms of portfolio management, capital payments to retirees, and dividend payments to shareholders. We …

This paper explores how pension reforms in countries with PAYG schemes affect countries with funded systems. We use a … two-country two-period overlapping-generations model, where the countries only differ in their pension systems. We …-improving pension reform is feasible in the PAYG country, a Pareto improvement in the funded country is not guaranteed. …

A key figure which can be applied to measuring inter-generational imbalances involved in existing public pension … systems. The implicit tax arises from the fact that, quite generally, pension benefits received fall short of actuarial …-scale demographic ageing, public pension schemes are continued to be run based on current rules, implicit tax rates will sharply …

We use an OLG model to study the effects of the generous public sector pension system in Brazil. In our model there are …

an AK technology, a model of balanced growth. In this context we investigate status preference, demographic, and pension …-as-you-go (PAYG) pension system with a statutory retirement date. This introduces a life-cycle in human wealth earnings and implies …