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Sharing Demographic Risk - Who is Afraid of the Baby Bust?

Ludwig, Alexander; Reiter, Michael - 2021

We model the optimal reaction of a public PAYG pension system to demographic shocks. We compare the ex-ante first best and second best solution of a Ramsey planner with full commitment to the outcome under simple third best rules that mimic the pension systems observed in the real world. The...

Persistent link: https://www.econbiz.de/10013316485

Fertility, Human Capital Accumulation, and the Pension System

Cremer, Helmuth; Gahvari, Firouz; Pestieau, Pierre - 2021

This paper provides a unified treatment of externalities associated with fertility and human capital accumulation as … part through education. In addition to the customary externality source associated with a change in average fertility rate … alone entails a higher fertility rate and a lower ratio of high- to low-ability children, as compared to using education …

Persistent link: https://www.econbiz.de/10013316338

Risk Sharing in Defined-Contribution Funded Pension Systems

Beetsma, Roel M. W. J. - 2011

This paper explores the introduction of collective risk-sharing elements in defined contribution pension contracts. We consider status-contingent, age-contingent and asset contingent risk-sharing arrangements. All arrangements raise aggregate welfare, as measured by equivalent variations. While...

Persistent link: https://www.econbiz.de/10013118167

Growth and the Ageing Joneses

Fisher, Walter H.; Heijdra, Ben J. - 2021

policy shocks. We find that a higher degree of KUJ lowers economic growth, while, in contrast, a decrease in the fertility …

Persistent link: https://www.econbiz.de/10013316442

Probabilistic Aging

Grafenhofer, Dominik; Jaag, Christian; Keuschnigg, Christian - 2021

The paper develops an overlapping generations model with probabilistic aging of households. We define age as a set of personal attributes such as earnings potential, health and tastes that are characteristic of a person's position in the life-cycle. In assuming a limited number of different...

Persistent link: https://www.econbiz.de/10013318579

Fertility, Female Labor Supply, and Family Policy

Fehr, Hans - 2011

The present paper develops a general equilibrium model with overlapping generations and endogenous fertility in order … to analyze the interaction between public policy and household labor supply and fertility decisions. The model … benefit system and analyze the long-run impact on fertility and female labor supply. Our simulations indicate three central …

Persistent link: https://www.econbiz.de/10013124970

Migration-Regime Liberalization and Social Security : Political-Economy Effect

Razin, Assaf; Sand, Edith - 2021

The pay-as-you-go social security system, which suffers from dwindling labor force, can benefit from immigrants with birth rates that exceed the native-born birth rates in the host country. Thus, a social security system provides effectively an incentive to liberalize migration policy. The paper...

Persistent link: https://www.econbiz.de/10013316373

How to Avoid a Pension Crisis : A Question of Intelligent System Design

Cigno, Alessandro - 2021

Conventional pension systems suffer from a design defect which makes them financially unsustainable, and a source of inefficiency for the economy as a whole. The paper outlines a second-best policy which includes a public pension system made up of two parallel schemes, a Bismarckian one allowing...

Persistent link: https://www.econbiz.de/10013316388

Facing Demographic Challenges : Pension Cuts or Tax Hikes

Kudrna, George - 2016

In this paper, we investigate two fiscal policy options to mitigate fiscal pressure arising from ageing of the Australian population: pension cuts or tax hikes. Using a computable overlapping generations model, we find that while both policy options achieve the same fiscal goal, the...

Persistent link: https://www.econbiz.de/10013001109

Global Demographic Change and Climate Policies

Gerlagh, Reyer - 2017

Between 1950 and 2017, world average life expectancy increased from below-50 to above-70, while the fertility rate …

Persistent link: https://www.econbiz.de/10012947882

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