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The Political Economy of Social Security Reform
Boskin, Michael - 2019
We identify which types of Social Security reforms are supported when people vote in their financial self-interest, under alternative economic and demographic projections and voting proclivity assumptions. While 40% of voters have negative lifetime net transfers, less than 10% have negative...
Persistent link: https://www.econbiz.de/10012867644
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Aging and Pension Reform : Extending the Retirement Age and Human Capital Formation
Vogel, Edgar - 2013
Projected demographic changes in industrialized and developing countries vary in extent and timing but will reduce the share of the population in working age everywhere. Conventional wisdom suggests that this will increase capital intensity with falling rates of return to capital and increasing...
Persistent link: https://www.econbiz.de/10013085913
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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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Pareto Improving Social Security Reform When Financial Markets are Incomplete?
Krueger, Dirk; Kubler, Felix - 2021
may serve as an effective tool to share aggregate risk between generations. Our quantitative analysis shows that, first … social security does indeed represent a Pareto improving reform, if households are both fairly risk-averse and fairly willing … overturns these gains for degrees of risk aversion and intertemporal elasticity of substitution commonly used in the literature …
Persistent link: https://www.econbiz.de/10013239162
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The Transfer of Human Capital
Jovanovic, Boyan; Nyarko, Yaw - 2021
Most of our productive knowledge was handed down to us by previous generations. The transfer of knowledge from the old to the young is therefore a cornerstone of productivity growth. We study this process in a model in which the old sell knowledge to the young - - old workers train the young,...
Persistent link: https://www.econbiz.de/10013213428
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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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Consumption Over the Life Cycle : The Role of Annuities
Hansen, Gary D. - 2010
We explore the quantitative implications of uncertainty about the length of life and a lack of annuity markets for life cycle consumption in a general equilibrium overlapping generations model in which markets are otherwise complete. Empirical studies find that consumption tends to rise early in...
Persistent link: https://www.econbiz.de/10012761264
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The Distribution of Wealth and Fiscal Policy in Economies with Finitely Lived Agents
Benhabib, Jess - 2009
-generational transmission of wealth. Financial markets are incomplete, exposing agents to both labor income and capital income risk. We show … that the stationary wealth distribution is a Pareto distribution in the right tail and that it is capital income risk …
Persistent link: https://www.econbiz.de/10012764838
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Dynamic Efficiency, the Riskless Rate, and Debt Ponzi Games Under Uncertainty
Blanchard, Olivier J. - 2009
Can governments roll their debt over forever in dynamically efficient economies, and thus avoid the need to raise taxes? While the answer is a clear no under certainty, it depends, under uncertainty, on whether public debt provides intergenerational insurance. When it does not, rollover is not...
Persistent link: https://www.econbiz.de/10012767839
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Optimal Taxes on Capital in the OLG Model with Uninsurable Idiosyncratic Income Risk
Krueger, Dirk - 2018
facing uninsurable idiosyncratic labor income risk. The Ramsey government internalizes the general equilibrium feedback of … optimal aggregate saving rate is independent of income risk. The optimal time-invariant tax on capital is increasing in income … risk. Its sign depends on the extent of risk and on the Pareto weight of future generations. If the Ramsey tax rate that …
Persistent link: https://www.econbiz.de/10012927058