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We develop the implications of borrowing constraints and two-sided altruism in an overlapping generations framework … constraints bind and whether or not parent and child are connected by an operative altruism motive at all points in the life cycle …
Persistent link: https://www.econbiz.de/10012475075
We survey the literature on social insurance, focusing on recent work that has connected theory to evidence to make quantitative statements about welfare and optimal policy. Our review contains two parts. We first discuss motives for government intervention in private insurance markets, focusing...
Persistent link: https://www.econbiz.de/10012460227
This paper examines how labor income volatility and social security benefits can influence lifecycle household portfolios. We examine how much the individual optimally saves and where, taking into account liquid financial wealth and annuities, and stocks as well as bonds. Higher labor income...
Persistent link: https://www.econbiz.de/10012462970
According to CPS data, men 65 to 69 were about six percentage points less likely to be retired in 2004 than in 1992. CPS and Health and Retirement Study (HRS) data indicate a corresponding difference of 3 percentage points between 1998 and 2004. Simulations with a structural retirement model...
Persistent link: https://www.econbiz.de/10012464540
This paper examines the welfare consequences of social safety nets in developing economies relative to developed economies. Using panel surveys of households in Indonesia and the United States, we find that food consumption falls by approximately ten percent when individuals become unemployed in...
Persistent link: https://www.econbiz.de/10012466964
This paper, a forthcoming chapter in the Handbook of Public Economics, reviews the theoretical and empirical issues dealing with Social Security pensions. The first part of the paper discusses pure pay-as-you-go plans. It considers the effects of introducing such a plan on the present value of...
Persistent link: https://www.econbiz.de/10012470267
This paper uses a large-scale overlapping generations model that features intragenerational heterogeneity to show that privatizing the U.S. Social Security System could be done on a progressive basis. We start with a close replica of the current system; specifically, we include Social Security's...
Persistent link: https://www.econbiz.de/10012472380
Belgium like many other industrialized countries is facing serious problems in financing its social security. Whereas the effects of aging are still to come, Belgium currently experiences one of the lowest attachments to the labor force of older persons. This paper presents the key features of...
Persistent link: https://www.econbiz.de/10012472645
The social security payroll tax has become the largest tax paid by the majority of American households. Although, the statutory marginal social security tax rate is the same for all those with wage and salary income up to the maximum level, the complex rules linking social security taxes and...
Persistent link: https://www.econbiz.de/10012475019