Showing 51 - 60 of 8,417
This paper explores optimal fiscal policy in an overlapping-generations general-equilibrium model under uncertainty and the impact on optimal policy of the introduction of a type of policy stickiness intended to account for the stylized fact that major reforms happen infrequently. In general,...
Persistent link: https://www.econbiz.de/10012471764
As the U.S. population ages, the growing retiree-worker ratio increases the burden of public retirement systems. Is it efficient to maintain a defined benefit social security system? Should PAYGO benefits be reduced and private retirement savings be encouraged? The paper examines these questions...
Persistent link: https://www.econbiz.de/10012471770
In a static setup, migration of unskilled labor may be resisted by the entire native-born population because, being relatively low earners, migrants are net beneficiaries of the fiscal system. However, the paper shows that with a pay-as-you-go pension, an important pillar of the welfare state,...
Persistent link: https://www.econbiz.de/10012471787
This paper develops a tractable stochastic overlapping generations model to analyze the equilibrium equity premium and growth rate of the capital stock in the presence of a defined-benefit Social Security system. If the Social Security Trust Fund increases the share of its portfolio held in...
Persistent link: https://www.econbiz.de/10012471809
theory, could be corrected by government intervention. However, as long as government policy is determined by voting …
Persistent link: https://www.econbiz.de/10012471858
This paper formulates and estimates an open-economy overlapping generation general-equilibrium model of endogenous heterogeneous human capital in the form of schooling and on-the-job training. Physical capital accumulation is also analyzed. We use the model to explain rising wage inequality in...
Persistent link: https://www.econbiz.de/10012471930
inflation. As suggested by the European Commission's 1990 report, monetary union reduces the inefficiencies created by multiple …
Persistent link: https://www.econbiz.de/10012472022
Migration has important implications for the financial soundness of the pension system, which is an important pillar of the welfare state. While it is common sense to expect that young migrants, even if low-skilled, can help society pay the benefits to the currently elderly, it may nevertheless...
Persistent link: https://www.econbiz.de/10012472035
This paper compares two general methods of privatization social security: forced participation in the new privatized system vs. letting people choose between the new system or staying in social security (i.e., opting out). Simulations are performed using a large scale perfect-foresight OLG...
Persistent link: https://www.econbiz.de/10012472378
This paper develops a tractable overlapping generations model that is useful for analyzing both the short and long run impact of fiscal policy and social security. It modifies the Blanchard (1985)/Weil (1987) framework to allow for life/cycle behavior. This is accomplished by introducing random...
Persistent link: https://www.econbiz.de/10012472818