In der folgenden Studie möchten wir ausgewählte Aspekte von intra- und intergenerationalen Umverteilungseffekten im System der bundesdeutschen Alterssicherung auf der Basis der Humankapitalheorie mit Simulationsmethoden analysieren. Falls es das Ziel der Politik ist, die Ungleichheit des...

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...

We ask whether a PAYG-financed social security system is welfare improving in an economy with idiosyncratic and aggregate risk. We argue that interactions between the two risks are important for this question. One is a direct interaction in the form of a countercyclical variance of idiosyncratic...

We ask whether a PAYG-financed social security system is welfare improving in an economy with idiosyncratic and aggregate risk. We argue that interactions between the two risks are important for this question. One is a direct interaction in the form of a countercyclical variance of idiosyncratic...

Am 26. September 2021 wurde der 20. Bundestag gewählt. Auf die Abgeordneten und die neue Bundesregierung kommen große Aufgaben zu. Demografie, Klimawandel und Digitalisierung sind drei zentrale Herausforderungen, die es in der neuen Legislaturperiode anzupacken und nachhaltig zu bewältigen...

Demographic change has differential impacts on the welfare of current and future generations. In a simple closed economy, aging -- a relative scarcity of young workers -- increases wages, increasing the welfare of the young. At the same time, population aging will reduce rates of return to...