pensions and on a particular type of unfunded (PAYG) pension. Surprisingly little is known about the optimal split between … state the importance of PAYG pensions differs. We estimate how the optimal level of unfunded, state pensions depends on rate …

importance of unfunded, state pensions differs. We estimate how the optimal level of unfunded, state pensions depends on rate of … is rapid and unfunded pensions are currently generous. …

selfʺ emerges when labor supply and savings decisions are made. The social welfare function is paternalistic: the rate of … show that the paternalistic solution does not necessarily imply forced savings for the myopics. This is because …

supply decision and 3) accounts for contributions-defined pensions of the US social security system. With these more …

down. Depending on the relative returns from public pensions and private savings as well as on the elasticity of compliance … rate is more likely to be positive when the median income is low and when the return from public pensions dominates that of … private savings. The level of the Bismarkian pillar will now be chosen so as to account for increased political support, for …

quantify the impact of recent pension reforms in Germany. At certain ages households may either apply for disability pensions … (DP) or old-age pensions (OAP), de-pending on eligibility rules and the generosity of the two programs. Our policy …

equilibrium involving an old-age pensions system, partly financed by PAYG and partly by a capital reserve system, and what will be …