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Life-cycle theory predicts ageing exerting long-term macroeconomic impacts through the reduction of private savings …. However, empirical research studying macroeconomic determinants of savings generally regard age dependency as the sole measure … savings. This paper addresses this potential bias by considering the joint effects age dependency and longevity have on …
Persistent link: https://www.econbiz.de/10013138658
Estimating saving and fertility simultaneously by the VAR method, we find that social security cover has a positive effect on household saving, and a negative effect on fertility. In Germany, as in other countries where the hypothesis was tested, social security is thus good for growth. A...
Persistent link: https://www.econbiz.de/10013321181
This paper uses a heterogeneous-agent overlapping-generations model to examine the fiscal and distributional consequences of introducing a means test in US Social Security. I find that a means test, that is, conditioning benefit payments on a household's earnings or assets, leads to a higher...
Persistent link: https://www.econbiz.de/10014513264
This paper specifies and estimates a structural dynamic stochastic model of the way individuals make retirement and saving choices in an uncertain world, and applies that model to analyze the effects of the stock market bubble on retirement behavior. The model includes individual variation both...
Persistent link: https://www.econbiz.de/10014093130
I estimate the effect of retirement on mortality, exploiting two discontinuities at age-based eligibility thresholds …-based eligibility thresholds, I demonstrate that retirement can have both mortality-decreasing and mortality-increasing effects … mixed results from the literature I provide evidence that the retirement-mortality nexus is driven by the activity change at …
Persistent link: https://www.econbiz.de/10012041523
of workers born in 1950 or later. At the same time, a tax-facilitated savings plan was introduced that implied a large … savings subsidy for all workers, irrespective of birth year. This paper uses linked administrative and survey data to assess … the effect of the reform on the savings and retirement expectations and realizations of two virtually identical male …
Persistent link: https://www.econbiz.de/10012427616
We study the design of pension benefits for male and female workers. Women live longer than men but have a lower wage. Individuals can be single or live in couples who pool their incomes. Social welfare is utilitarian but an increasing concave transformation of individuals' lifetime utilities...
Persistent link: https://www.econbiz.de/10012519107
In this paper we investigate the impact of a reduction in the pension replacement rate on the schooling choice and on inequality. We develop an overlapping generations model in which individuals differ by their life expectancy and in the cost of attending schooling. Individuals optimally choose...
Persistent link: https://www.econbiz.de/10012126117
We study the design of pension benefits for male and female workers. Women live longer than men but have a lower wage. Individuals can be single or live in couples who pool their incomes. Social welfare is utilitarian but an increasing concave transformation of individuals' lifetime utilities...
Persistent link: https://www.econbiz.de/10012542151
nonredistributive plan that accounts for differences in mortality, US Social Security reduces regressivity from longevity differences …
Persistent link: https://www.econbiz.de/10012314266