savings, thereby contributing to higher investment. The dynamics of such productivity shocks have been disentangled into trend …. Countries should focus on promoting policies to boost productivity growth and thereby achieve higher savings instead of focusing … continuous time series data, we causally identify, using a range of approaches, that higher productivity growth leads to greater …

-As-You-Go (PAYG) social security, and the mix ofPAYG and savings for retirement provision in a small open economy. It shows that … partial contingency of the social security on the stochastic labor productivity is ex ante optimal,when the interest rate is … paper also provides acondition for partial displacement of savings by the PAYG, which is in line with vastempirical evidence. …