The contributors to this volume assess the impact of policies and regulations and provide detailed analysis of specific components of the pension system, including taxation, Social Security reform, hybrid plans, pension guarantees, and nondiscrimination rules

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...