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Coping with Spain's Aging; Retirement Rules and Incentives
Hoffmaister, Alexander W.; Catalán, Mario; Guajardo, Jaime - International Monetary Fund (IMF) - 2007
This paper evaluates the macroeconomic and welfare effects of extending the averaging period used to calculate pension benefits in a pay-as-you-go system. It also examines the complementarities between reforms extending the averaging period and those increasing the retirement age under...
Persistent link: https://www.econbiz.de/10005769092
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Global Aging and Declining World Interest Rates; Macroeconomic Insurance Through Pension Reform in Cyprus
Hoffmaister, Alexander W.; Guajardo, Jaime; Catalán, Mario - International Monetary Fund (IMF) - 2008
) with aging populations? Lower interest rates will result in higher capital-labor ratios and increased wages; higher wages … be stronger if pensions are indexed to nominal wages rather than prices. Using an overlapping generations model, the … wages to prices, provide substantial macro-insurance and shock absorption benefits. …
Persistent link: https://www.econbiz.de/10005263971