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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 …
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reform debate has taken different directions in Europe and the USA. While the US debate is essentially about the role of … funding, in Europe it is mostly about the timing and features of changes in the PAYG schemes …
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We study the effect of a declining labor force on the incentives to engage in labor-saving technical change and ask how this effect is influenced by institutional characteristics of the pension scheme. When labor is scarcer it becomes more expensive and innovation investments that increase labor...
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