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Social Security Privatization with Elastic Labor Supply and Second-Best Taxes
Smetters, Kent A. - 2022
This paper shows that many common methods of privatizing social security fail to reduce labor market distortions when taxes are second best, challenging a key reason to privatize. Ironically, providing "transition relief" to workers alive at the time of the reform, in an effort to protect their...
Persistent link: https://www.econbiz.de/10013322904
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The Optimal Taxation of Unskilled Labor with Job Search and Social Assistance
Boone, Jan; Bovenberg, A. Lans - 2021
In order to explore the optimal taxation of low-skilled labor, we extend the standard model of optimal non-linear income taxation in the presence of quasi-linear preferences in leisure by allowing for involuntary unemployment, job search and an exogenous welfare benefit. In trading off...
Persistent link: https://www.econbiz.de/10013211634
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Environmental Tax Interactions When Pollution Affects Health or Productivity
Williams, Roberton C. - 2021
pollution regulation. However, these studies have made restrictive assumptions regarding individual preferences and have ignored … key links between pollution, human health, and labor productivity. Together, these assumptions imply that the benefits of … that when the benefits of reduced pollution come in the form of improved health or productivity, the benefits do affect …
Persistent link: https://www.econbiz.de/10013221285
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Health Effects in a Model of Second-Best Environmental Taxation or Reconsidering "Reconsidering the Tax-Interaction Effect"
Williams, Roberton C. - 2021
finding, arguing that the health benefits from reduced pollution will also interact with pre-existing taxes, possibly causing … considers health effects. It shows that interactions with health effects from pollution actually will tend to reduce the optimal …
Persistent link: https://www.econbiz.de/10013221508
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Nonseparable Preferences and Optimal Social Security Systems
Grochulski, Borys - 2010
In this paper, we consider economies in which agents are privately informed about their skills, which are evolving stochastically over time. We require agents' preferences to be weakly separable between the lifetime paths of consumption and labor. However, we allow for intertemporal...
Persistent link: https://www.econbiz.de/10012759873
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Social Security Investment in Equities I : Linear Case
Diamond, Peter A. - 2008
Social Security trust fund portfolio diversification to include some equities reduces the equity premium by raising the safe real interest rate. This requires changes in taxes. Under the hypothesis of constant marginal returns to risky investments, trust fund diversification lowers the price of...
Persistent link: https://www.econbiz.de/10012774822
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Individual Risk in an Investment-Based Social Security System
Feldstein, Martin S.; Ranguelova, Elena - 2022
This paper examines the risk aspects of an investment-based defined contribution Social Security plan. We focus on the risk after the plan is fully phased in. Individuals deposit a fraction of wages to a Personal Retirement Account (PRA), invest these funds in a 60:40 equity-debt mix, and in a...
Persistent link: https://www.econbiz.de/10014138416
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Social Security Reform and Labor Supply
Gustman, Alan L.; Steinmeier, Thomas L. - 2022
A structural life-cycle retirement model with an improved specification over previous models is used to analyze and compare the long-run labor supply effects of the rules for Social Security in place in 1972,1977 and 1983, and for an actuarially fair system. The effects of separate provisions...
Persistent link: https://www.econbiz.de/10013323500
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Social Security in Theory and Practice (I) : Facts and Political Theories
Mulligan, Casey B.; Sala-i-Martin, Xavier - 2021
166 countries have some kind of public old age pension. What economic forces create and sustain old age Social Security as a public program? We document some of the internationally and historically common features of Social Security programs including explicit and implicit taxes on labor supply,...
Persistent link: https://www.econbiz.de/10013311193
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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