This paper studies the role of the two-part golden rule as a demarcation line between efficient and inefficient steady states in the neoclassical two-generations-overlapping model with heterogeneous agents. If agents differ regarding their labor endowment, the golden rule ceases to serve its...

In a two-period model with agent heterogeneity we analyze a pension reform toward a stronger link between contributions and benefits (as recently observed in several countries) in a pension system with a Bismarckian and a Beveridgean component. We show that such a policy change may discourage...

Population aging leads to a major fiscal crisis in almost the entire developed world. Changes in fertility, mortality and immigration can hardly do anything to alleviate the future demographic stresses. Radical reforms of the social security systems can help to improve the future fiscal and...

This study bounds the potential earnings of accepted disability applicants by the post-application earnings of rejected applicants. Compositional differences between the two groups are addressed using a reweighting estimator. As shown, the bound on earnings is similar regardless of weighting.

There are substantial cross-country differences in labor supply late in the life cycle (age 50+). A theory of labor supply and retirement decisions is developed to quantitatively assess the role of social security, disability insurance, and taxation for understanding differences in labor supply...

This paper provides general assessment of the current state of the social security system in Russia based on the analysis of federal legislation and legislation of the subjects of the Russian Federation and statistics. The main features of the national social security system in comparison with...

Often, the question arises if everyone receives integrally (minus administrative expenses) the contributions and especially if them, let in the care of the administrator to use them, will be given back at actual values or with a supplementary sum to replace the lack of usage of sums, that is...

An often discussed theme is the pensions’ calculation formula. Even if there is no magical formula, the problem to choose the social insurance model through a software depending a series of system parameters. The analysis we make in this article is based on the study of applicable law in...

This paper presents an estimation of the revenues of the Uruguayan pension system, its financial situation and itsimpact on the Central Government finances between 1896 and 2008. The revenues and expenditures of the Social Security Bank (wich covers the retirement funds for workers of the Civil...

We consider an overlapping generations model with public education and social security financed by labor income taxation, in which the overall size of these policies is determined in a repeated majority voting game. We investigate the interaction between these policies and economic development...