experience welfare gains as the positive insurance effects attributed to the extension of a social insurance system dominate. The … welfare gains crucially depend on the skill distribution, private intra-family transfers and the specific tax used to finance …

programs to study the macroeconomic and intergenerational welfare effects caused by risk premium shocks and government debt … premium leads to substantial output contraction and negative welfare effects. Next, we quantify the effects of reducing the …-based reform in terms of income in the short run, but becomes dominant in the long run. The welfare effects vary significantly …

We investigate welfare and aggregate implications of a pay-as-you-go (PAYG) social security system in a dynastic … but magnifies the self-control costs. We find that in our environment the adverse welfare effects of a PAYG system are …

policy options achieve the same fiscal goal, the macroeconomic and welfare outcomes differ significantly. Future generations …, taxing consumption or income results in opposing macroeconomic and welfare effects. Increases in the consumption tax rate … have positive effects on labour supply, domestic assets and output (similar to pension cuts), but reduce the welfare of low …

We investigate welfare and aggregate implications of a pay as you go (PAYG) social security system in a dynastic … temptation. We find that the adverse welfare effects of a PAYG system are further mitigated relative to the environments that …