Using a calibrated overlapping generations model we quantify the welfare gains of an age dependent income tax. Agents face uncertainty regarding future abilities and can by saving transfer consumption across periods. The welfare gain of switching from an age-independent to an age-dependent...

Several recent studies have examined the steady-state welfare implications of mortality differentials within unfunded Social Security systems, concluding that these differentials undermine the progressivity of the system and make society worse-off relative to alternative public pension schemes....

Family support in the form of intergenerational transfers could serve as a substitute for the public transfer system, especially when the public safety net is weak. Intergenerational transfers could be impacted by changes in public insurance. Conversely, induced changes in family transfers could...