In this paper, we analyse the effects of demographic change on a PAYG pension system, financed with a defined … contribution scheme. In particular we examine the relationship between retirement, fertility and pensions in a three …-period overlapping generations model. We focus on both the case of mandatory retirement and the case where the retirement age is freely …

We analyze the outcome of voting over the contribution to a pay-as-you-go (PAYG) pension system in the presence of … financial and demographic shocks. The impact of shocks on pension contributions and benefits replicates major developments of … pension systems around the world. A decrease in the return on capital increases contributions and benefits, while a decrease …

We evaluate several actual and hypothetical sustainable PAYGO pension structures, including: (1) versions of the US …

pensions and on a particular type of unfunded (PAYG) pension. Surprisingly little is known about the optimal split between … types of pension system. This paper calculates the expected welfare of agents in differenteconomies where in the steady …

. We use a multi-period overlapping generations model with a PAYG pension pillar, a funded pension pillar and a government …. Shocks are smoothed via the public debt and variations in the indexation of pension entitlements and the pension contribution … rate, which both respond to funding ratio of the pension fund. The intensity of these adjustments increases when the …