The labor market effects of pension reform stem from retirement behavior and from job search and hours worked of prime … introducing more actuarial fairness in pension assessment. We provide some analytical results and use a computational model to … demonstrate the economic and welfare impact of recent pension reform in Austria. …

leaves a financing gap that needs to be estimated and financed, best outside the pension system if a less distorting …

This paper considers the possibility of letting a pay-go pension system mimic a fully funded pension system …. Generically, it turns out to be impossible to make a less than fully funded pension system actuarially fair on average. But a non …-funded pay-go pension system can provide an actuarially fair implicit return on the margin, which increases economic efficiency …

Options for reforming unfunded public pension schemes that are now being discussed all share the feature that the … models of the political economy of pension reform can not explain why such reform options are being discussed at all. We … on unfunded public pension systems in industrial democracies. …

We model the optimal reaction of a public PAYG pension system to demographic shocks. We compare the ex-ante first best … the pension systems observed in the real world. The model, in particular the pension system, is calibrated to the German … economy. The objective of the social planner is calibrated such that the size of the German pension system was optimal under …