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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/10003820014
This paper discusses the efficiency of a pay-as-you-go pension reform by introducing a child benefit in an endogenous fertility setting. In the model of a small open economy, higher fertility is associated with a reduction of lifetime labor supply. The optimum share of fertility-related pensions...
Persistent link: https://www.econbiz.de/10011506226
This paper discusses alternative ways to deal with the positive externalities of having children in a pay-as-you-go pension system. Family allowances are compared to introducing a fertility-related component into the pension formula. In an endogenous labor supply setting, both instruments are...
Persistent link: https://www.econbiz.de/10011402545
We explore the role of financial and pension information in increasing women's knowledge and awareness of their future … pension status, and consequently, in reducing the gender pension gap. A representative sample of 1249 Italian working women … then ran a randomized experiment to evaluate the effect of increased information regarding pensions on women’s awareness …
Persistent link: https://www.econbiz.de/10012288024
Lone mothers are overrepresented among poor people in many European countries. In 1998, in Norway, a welfare reform increased the amount of benefits and introduced working requirements. Using a quasi-experimental model, Mogstad and Pronzato (2012) find a positive effect of the reform on lone...
Persistent link: https://www.econbiz.de/10009786019
Germany recent reforms that aim at raising retirement age and cutting benefit levels should be complemented by increases in …
Persistent link: https://www.econbiz.de/10009375717
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/10003771791
Persistent link: https://www.econbiz.de/10003598597
incentive effects, especially for married women with some degree of labour-force attachment, that appear to be far from optimal …. The present paper highlights this problem referring to institutional details and empirical results related to Germany and …
Persistent link: https://www.econbiz.de/10003204012
Public pay-as-you-go pensions still form the dominant pillar of old-age provision in Germany. This is in marked … recovery from the Great Recession. It has disadvantages, as Germany will be ageing very rapidly in the near future. Following a …
Persistent link: https://www.econbiz.de/10011429583