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Social Security, Retirement, and the Single-Mindedness of the Electorate
Mulligan, Casey B.; Sala-i-Martin, Xavier - 2021
world: (1) they redistribute income from young to old and (2) they induce retirement. We construct a voting model that … from the government (paid by the young) and distortionary labor income taxes induce the retirement of the elderly. In …
Persistent link: https://www.econbiz.de/10013222047
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Political Parties Do Matter in U.S. Cities ... For Their Unfunded Pensions
Dippel, Christian - 2019
This paper studies the biggest fiscal challenge currently facing many U.S. cities, namely public-sector pension obligations. Employing a regression discontinuity design (RDD), it tests whether the mayor's party impacts a city's public-sector pensions. Pension benefits are shown to grow faster...
Persistent link: https://www.econbiz.de/10012891340
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Notional Defined Contribution Pension Systems in a Stochastic Context : Design and Stability
Auerbach, Alan J. - 2010
Around the world, Pay-As-You-Go (PAYGO) public pension programs face serious long-term fiscal problems due primarily to actual and projected population aging, and most appear unsustainable as currently structured. Some have proposed the replacement of such plans with systems of fully funded...
Persistent link: https://www.econbiz.de/10012760480
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Political Risk Versus Market Risk in Social Security
Shoven, John B. - 2010
participants that might be compared to the %u201Cmarket risk%u201D in a personal accounts retirement scheme. In this paper, we …
Persistent link: https://www.econbiz.de/10012761674
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Fertility and Social Security
Boldrin, Michele; De Nardi, Mariacristina; Jones, Larry - 2021
The data show that an increase in government provided old-age pensions is strongly correlated with a reduction in fertility. What type of model is consistent with this finding? We explore this question using two models of fertility, the one by Barro and Becker (1989), and the one inspired by...
Persistent link: https://www.econbiz.de/10013223341
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Why a Funded Pension System is Useful and Why it is Not Useful
Sinn, Hans-Werner - 2021
Based on explicit present value calculations, the paper criticizes the view that the PAYGO system wastes economic resources. In present value terms, there is nothing to be gained from a transition to funded system even though the latter offers a permanently higher rate of return. The sum of the...
Persistent link: https://www.econbiz.de/10013210645
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Individual Risk and Intergenerational Risk Sharing in an Investment-Based Social Security Program
Feldstein, Martin S.; Ranguelova, Elena - 2021
. Individuals save a fraction of wages in a Personal Retirement Account (PRA) invested in a 60:40 equity-debt mix and receive a … expected incremental corporate tax revenue that results from the Personal Retirement Account saving. Additional tax revenue is … one third of the long-run projected payroll tax, invested in a 60:40 equity-debt Personal Retirement Account could provide …
Persistent link: https://www.econbiz.de/10013213068
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Old Europe Ages : Reforms and Reform Backlashes
Börsch-Supan, Axel H. - 2010
The extent of the demographic changes in Europe is dramatic and will deeply affect future labor, financial and goods markets. The expected strain on public budgets and especially social security has already received prominent attention, but aging poses many other economic challenges that...
Persistent link: https://www.econbiz.de/10013147613
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Simulating the Privatization of Social Security in General Equilibrium
Kotlikoff, Laurence J. - 2022
This paper studies the macroeconomic and efficiency effects of privatizing social security. It does so by simulating alternative privatization schemes using the Auerbach-Kotlikoff Dynamic Life-Cycle Model. The simulations indicate three things. First, privatizing social security can generate...
Persistent link: https://www.econbiz.de/10013324137
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The Pay-as-You-Go Pension System as a Fertility Insurance and Enforcement Device
Sinn, Hans-Werner - 2022
It is argued that a PAYGO system may have useful allocative functions in that it serves as an insurance against not having children and as an enforcement device for rotten kid' who are unwilling to pay their parents a pension. It is true that the system has amoral hazard effect in terms of...
Persistent link: https://www.econbiz.de/10014158127