Bucciol, Alessandro; Beetsma, Roel M.W.J. - In: CESifo Economic Studies 56 (2010) 3, pp. 366-403
We study the inter- and intra-generational welfare consequences of alternative pension fund policies in response to unexpected demographic, financial, and macro-economic shocks. Our analysis is based on an applied OLG model of a small open economy with heterogeneous agents featuring a two-pillar...