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"In this paper the authors reconsider the idea of an earnings-related pension system with reserves invested in indexed … characterization of the sustainable rate of return of an earnings-related pension system with pay-as-you-go financing. The authors show … model that embeds a notional account pension system they then show how GDP indexed government bonds, if combined with the …
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the normal retirement age from sixty-six to seventy-three, or 4) means-test the benefits and reduce them one-to-one with … participation ; retirement age ; demographic shift ; overlapping generations …
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