Modern attempts to 'save' the US Social Security System are futile. Any such unfunded system has already provided an intergenerational redistribution to the founding elders from subsequent generations. Starting from an initial perfectly competitive equilibrium, these later generations cannot...

Modern attempts to 'save' the US Social Security System are futile. Any such unfunded system has already provided an intergenerational redistribution to the founding elders from subsequent generations. Starting from an initial perfectly competitive equilibrium, these later generations cannot...

"This paper focuses on the 'flexicurity' concept, which links flexibility on the labour market with social security. It is applied here to the institutional basic conditions of the Federal Republic of Germany and is discussed as an alternative to solely increasing flexibility. The central...

"This paper focuses on the 'flexicurity' concept, which links flexibility on the labour market with social security. It is applied here to the institutional basic conditions of the Federal Republic of Germany and is discussed as an alternative to solely increasing flexibility. The central...

In a two-period model with agent heterogeneity we analyze a pension reform toward a stronger link between contributions and benefits (as recently observed in several countries) in a pension system with a Bismarckian and a Beveridgian component. We show that such a policy change reduces the...