pensions. Present and future public subsidies may at the same time be reduced. We propose a quantitative analysis of the 2008 … reform of the Paris Metro pensions. Focusing on the case of train drivers, we show that the reform should save public funds …

We study the sustainability of pension systems using a life-cycle model with distortionary taxation that sets an upper … welfare of a number of policies often advocated to improve the sustainability of pension systems. New tax data on dynamic …

myopia may justify public pensions but never alongside positive private savings. With sufficient myopia, co-existence of … positive optimal pensions and positive private saving is possible if the real interest rate on saving evolves endogenously, as …

rules, such as a link between life expectancy and pensions or retirement age, the tax regime shift can be used to improve …

This paper studies how prefunding public pensions can improve policy outcomes when short-sighted governments cannot … commit. We focus on sustainable plans, where optimal nonlinear pensions are not reneged on by sequential governments …. Prefunding pensions is a commitment mechanism. It implies lower contributions than does the second best policy, which reduces …