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quantify the impact of recent pension reforms in Germany. At certain ages households may either apply for disability pensions … (DP) or old-age pensions (OAP), de-pending on eligibility rules and the generosity of the two programs. Our policy …
Persistent link: https://www.econbiz.de/10013473681
quantify the impact of recent pension reforms in Germany. At certain ages households may either apply for disability pensions … (DP) or old-age pensions (OAP), de-pending on eligibility rules and the generosity of the two programs. Our policy …
Persistent link: https://www.econbiz.de/10014264162
The overlapping generations model pioneered by Paul Samuelson is used to address an issue in Social Security. In the 1983 Social Security reform, Congress chose to build a substantial trust fund, with principal and interest both to be used for later benefits. That is, Congress chose payroll tax...
Persistent link: https://www.econbiz.de/10014065778
efficiency instead of long-run welfare, since the latter approach understates the dramatic savings distortions arising from means …
Persistent link: https://www.econbiz.de/10013056470
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/10014191817
payments might be preferred to a system with pure tax deductions. -- savings incentives ; stochastic general equilibrium model …
Persistent link: https://www.econbiz.de/10009744912
Many political economic theories use and emphasize the process of voting in their explanation of the growth of Social Security, government spending, and other public policies. But is there an empirical connection between democracy and Social Security program size or design? Using some new...
Persistent link: https://www.econbiz.de/10014033573
Persistent link: https://www.econbiz.de/10001442663
We propose a positive theory that is consistent with two important features of social security programs around the world: (1) they redistribute income from young to old and (2) they induce retirement. We construct a voting model that includes a 'political campaign' or 'debate' prior to the...
Persistent link: https://www.econbiz.de/10014075994
Two of the Social Security Commission's plans restore actuarial balance without their individual accounts, primarily or entirely through benefit reductions. Both have voluntary carve-out individual accounts, with one requiring (subsidized) add-on contributions for opening accounts. "Liability...
Persistent link: https://www.econbiz.de/10014112407