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Social security and the interactions between aggregate and idiosyncratic risk
Harenberg, Daniel; Ludwig, Alexander - 2014 - This version: March 20, 2014
We ask whether a PAYG-financed social security system is welfare improving in an economy with idiosyncratic and … with a contribution rate of two percent leads to welfare gains of 2.2% of lifetime consumption in expectation, despite … substantial crowding out of capital. This welfare gain stands in contrast to the welfare losses documented in the previous …
Persistent link: https://www.econbiz.de/10010359333
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Social security and the interactions between aggregate and idiosyncratic risk
Harenberg, Daniel; Ludwig, Alexander - 2014 - This Version: July 9, 2014
We ask whether a PAYG-financed social security system is welfare improving in an economy with idiosyncratic and … with a contribution rate of two percent leads to welfare gains of 2.2% of lifetime consumption in expectation, despite … substantial crowding out of capital. This welfare gain stands in contrast to the welfare losses documented in the previous …
Persistent link: https://www.econbiz.de/10010374428
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Social security in an analytically tractable overlapping generations model with aggregate and idiosyncratic risk
Harenberg, Daniel; Ludwig, Alexander - 2014 - This Version: September 22, 2014
over the life-cycle. The interactions appear even though the two risks are orthogonal and they amplify the welfare … consequences of introducing social security. On the one hand, the interactions increase the welfare benefits from insurance. On the … other hand, they can in- or decrease the welfare costs from crowding out of capital formation. This ambiguous effect on …
Persistent link: https://www.econbiz.de/10010419846
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Idiosyncratic risk, aggregate risk, and the welfare effects of social security
Harenberg, Daniel; Ludwig, Alexander - 2017 - This Version: December 1, 2017
We ask whether a pay-as-you-go financed social security system is welfare improving in an economy with idiosyncratic … productivity and aggregate business cycle risk. We show analytically that the whole welfare benefit from joint insurance against … convexity of the welfare gain in total risk. The other reason is a direct risk interaction which amplifies the utility losses …
Persistent link: https://www.econbiz.de/10012061567
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Social security in an analytically tractable overlapping generations model with aggregate and idiosyncratic risk
Harenberg, Daniel; Ludwig, Alexander - 2015 - This Version: April 13, 2015
are orthogonal by construction. While the interactions unambiguously increase the welfare benefits from insurance, they … can in- or decrease the welfare costs from crowding out of capital formation. The net effect depends on the relative …
Persistent link: https://www.econbiz.de/10012061588
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Idiosyncratic risk, aggregate risk, and the welfare effects of social security
Harenberg, Daniel; Ludwig, Alexander - 2018 - This version: December 1, 2017
We ask whether a pay-as-you-go financed social security system is welfare improving in an economy with idiosyncratic … productivity and aggregate business cycle risk. We show analytically that the whole welfare benefit from joint insurance against … convexity of the welfare gain in total risk. The other reason is a direct risk interaction which amplifies the utility losses …
Persistent link: https://www.econbiz.de/10011816319
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Saving social security
Lane, Edward - 2024
For more than 25 years, the Social Security Trust Fund has been projected to run out of money in 2033 (give or take a few years), potentially causing benefits to be severely reduced in the absence of corrective legislative action. Today (February 2024), projections are made by the Social...
Persistent link: https://www.econbiz.de/10014480253
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Idiosyncratic risk, aggregate risk, and the welfare effects of social security
Harenberg, Daniel; Ludwig, Alexander - 2017
We ask whether a pay-as-you-go financed social security system is welfare improving in an economy with idiosyncratic … productivity and aggregate business cycle risk. We show analytically that the whole welfare benefit from joint insurance against … convexity of the welfare gain in total risk. The other reason is a direct risk interaction which amplifies the utility losses …
Persistent link: https://www.econbiz.de/10012064270
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Social security in an analytically tractable overlapping generations model with aggregate and idiosyncratic risk
Harenberg, Daniel; Ludwig, Alexander - 2015
are orthogonal by construction. While the interactions unambiguously increase the welfare benefits from insurance, they … can in- or decrease the welfare costs from crowding out of capital formation. The net effect depends on the relative …
Persistent link: https://www.econbiz.de/10012064274
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Idiosyncratic risk, aggregate risk, and the welfare effects of social security
Harenberg, Daniel; Ludwig, Alexander - 2018
We ask whether a pay-as-you-go financed social security system is welfare improving in an economy with idiosyncratic … productivity and aggregate business cycle risk. We show analytically that the whole welfare benefit from joint insurance against … convexity of the welfare gain in total risk. The other reason is a direct risk interaction which amplifies the utility losses …
Persistent link: https://www.econbiz.de/10011817196