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Increasing Longevity and Social Security Reforms
Andersen, Torben M. - 2021
Increasing longevity causes an upward trend in the dependency ratio in many countries. This raises concerns about the financial sustainability of social security schemes, and reform initiatives and proposals abound. It is shown that a fundamental policy choice inevitably arises since a given...
Persistent link: https://www.econbiz.de/10013317447
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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 …
Persistent link: https://www.econbiz.de/10013118167
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Intergenerational Risk-Sharing Through Funded Pensions and Public Debt
Chen, Damiaan - 2014
We explore the benefits of intergenerational risk-sharing through both private funded pensions and via the public debt …
Persistent link: https://www.econbiz.de/10013058155
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Intergenerational Risk Sharing by Means of Pay-as-You-Go Programs - an Investigation of Alternative Mechanisms
Thogersen, Oystein - 2007
the magnitude of the optimal paygo program and the nature of the underlying risk sharing effects are very sensitive to the … chosen combination of risk concepts and stochastic specification of long run aggregate wage income growth. In an additive way … we distinguish between the pooling of wage and capital risks within periods and two different intertemporal risk sharing …
Persistent link: https://www.econbiz.de/10012778396
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Social Security Reform and Temptation
Kumru, Cagri S. - 2009
This paper analyzes a fully funded social security system under the assumption that agents face temptation issues. Agents are required to save through individually managed Personal Security Accounts without, and with mandatory annuitization. When the analysis is restricted to CRRA preferences...
Persistent link: https://www.econbiz.de/10013156228
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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
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Contributive Pensions and Imperfect Tax Compliance : A Political Economy Model
Leroux, M.‐L. - 2018
This paper sheds light on the role of public institutions as a way to reduce tax evasion through a close link between payroll taxation and pension benefits. We use a political economy model in which agents have the possibility to hide part of their earnings in order to avoid taxation. Taxation...
Persistent link: https://www.econbiz.de/10012936565
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Growth and the Ageing Joneses
Fisher, Walter H.; Heijdra, Ben J. - 2021
We incorporate Keeping-up-with-the-Joneses (KUJ) preferences into the Blanchard-Yaari (BY) framework and develop, using an AK technology, a model of balanced growth. In this context we investigate status preference, demographic, and pension policy shocks. We find that a higher degree of KUJ...
Persistent link: https://www.econbiz.de/10013316442
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Retirement, Pensions, and Ageing
Heijdra, Ben J.; Romp, Ward E. - 2021
We study the effects of demographic shocks and changes in the pension system on the macroeconomic performance of an advanced small open economy. An overlapping-generations model is constructed which includes a realistic description of the mortality process. Individual agents choose their optimal...
Persistent link: https://www.econbiz.de/10013317087
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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