In this paper I use a multi-period OLG model to study how a demographic shock is distributed among different generations. In particular, I investigate whether a funded pension system allows for a smoother adjustment than an unfunded system. The results suggest that the answer to this question...

Pensions may be provided for in a modern society by several methods, viz., voluntary individual savings, mandatory fully funded occupational pension systems, and mandatory social security financed by pay-as-you-go. The specific mixture of the three systems we will call the pension composition....

Martin Werding beginnt die schrittweise Rekonstruktion des sogenannten "Generationenvertrages" bei neueren Ansätzen zu einer ökonomischen Fertilitäts-Theorie. Deren enge Verbindung zu den ähnlich langfristigen Entscheidungen über individuelle wie private Altersvorsorge wurden bislang selten...