Casamatta, Georges; Gondim, João Luis Brasil - In: FinanzArchiv: Public Finance Analysis 67 (2011) 3, pp. 225-260
We assess the political support for parametric reforms of the pay-as-you-go pension system following a drop in the fertility rate. Using a continuous-time overlapping-generations model, we argue that reforms that consist in cutting pension benefits or increasing the retirement age are likely to...