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In this chapter, we analyse the effects of PAYG and funded pension systems on welfare. The debate on the choice between alternative systems focuses on their effects on savings, capital accumulation, labour supply, economic growth and inequality and the potential benefits of mixed systems in...
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Several recent studies have examined the steady-state welfare implications of mortality differentials within unfunded … of mortality inequality within the U.S. Social Security system. Utilizing an OLG endogenous growth model of the U ….S. economy, I compare the current pay-as-you-go (PAYG) system to versions of the model without either mortality differentials or …
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generations with equilibrium growth. We adopt realistic mortality and other demographic assumptions and allow for the presence or …
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This paper studies the relationship between public education and pay-as-you-go social security in a representative democracy, where the government reacts both to voting and lobbying activities of workers and pensioners. While an intergenerational conflict prevails concerning actual social...
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