capital decrease and wages increase with adverse welfare consequences for current middle aged asset rich agents. This paper … strong effects. Under these adjustments maximum welfare losses of demographic change for households alive in 2010 are reduced …

with falling rates of return to capital and increasing wages. This decreases welfare for middle aged agents with assets … retirement age has strong effects. Under these adjustments maximum welfare losses of demographic change for households alive in …

with falling rates of return to capital and increasing wages. This decreases welfare for middle aged asset rich households … formation in combination with an increase in the retirement age has strong implications for economic aggregates and welfare, in … particular in the open economy. These adjustments reduce the maximum welfare losses of demographic change for households alive in …

We ask whether a PAYG-financed social security system is welfare improving in an economy with idiosyncratic and … with a contribution rate of two percent leads to welfare gains of $2.2 \%$ of lifetime consumption in expectation, despite … substantial crowding out of capital. This welfare gain stands in contrast to the welfare losses documented in the previous …

over the life-cycle. The interactions appear even though the two risks are orthogonal and they amplify the welfare … consequences of introducing social security. On the one hand, the interactions increase the welfare benefits from insurance. On the … other hand, they can in- or decrease the welfare costs from crowding out of capital formation. This ambiguous effect on …

over the life-cycle. The interactions appear even though the two risks are orthogonal and they amplify the welfare … consequences of introducing social security. On the one hand, the interactions increase the welfare benefits from insurance. On the … other hand, they can in- or decrease the welfare costs from crowding out of capital formation. This ambiguous effect on …

We ask whether a PAYG-financed social security system is welfare improving in an economy with idiosyncratic and … with a contribution rate of two percent leads to welfare gains of 2.2% of lifetime consumption in expectation, despite … substantial crowding out of capital. This welfare gain stands in contrast to the welfare losses documented in the previous …

2035 by about 0.7 percentage point, and the risk-free rate by about one percentage point, leading to substantial welfare …

capital decrease and wages increase with adverse welfare consequences for current middle aged asset rich agents. This paper … strong effects. Under these adjustments maximum welfare losses of demographic change for households alive in 2010 are reduced …

We ask whether a pay-as-you-go financed social security system is welfare improving in an economy with idiosyncratic … productivity and aggregate business cycle risk. We show analytically that the whole welfare benefit from joint insurance against … convexity of the welfare gain in total risk. The other reason is a direct risk interaction which amplifies the utility losses …