The rapidly aging populations of many developed countries--most notably Japan and member countries of the European Union--present obvious problems for the public pension plans of these countries. Not only will there be disproportionately fewer workers making pension contributions than there are...

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...

Einführende Texte auf wissenschaftlichem Niveau (aber ohne Fachjargon), die wichtige Fakten und Zusammenhänge bringen und Problembewusstsein wecken möchten. Was F. Schirrmacher publikumswirksam anstieß, wird hier komprimiert angeboten zur Versachlichung der Diskussion. Dazu trägt besonders...