We study the sustainability of pension systems using a life-cycle model with distortionary taxation that sets an upper … welfare of a number of policies often advocated to improve the sustainability of pension systems. New tax data on dynamic …

importance of unfunded, state pensions differs. We estimate how the optimal level of unfunded, state pensions depends on rate of … is rapid and unfunded pensions are currently generous. …

-generations model, where one country has PAYG pensions and the other country has funded pensions. The paper shows that the PAYG country …

mental cost of self-control. This effect partially offsets the forced-saving benefits of public pensions, and call for a more …

decreases with pension contributions and increases with taxes; (ii) the introduction of fertility-dependent pensions may …

This paper studies how prefunding public pensions can improve policy outcomes when short-sighted governments cannot … commit. We focus on sustainable plans, where optimal nonlinear pensions are not reneged on by sequential governments …. Prefunding pensions is a commitment mechanism. It implies lower contributions than does the second best policy, which reduces …

pensions and on a particular type of unfunded (PAYG) pension. Surprisingly little is known about the optimal split between … state the importance of PAYG pensions differs. We estimate how the optimal level of unfunded, state pensions depends on rate …