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We compare the long-term output and current account effects of pension reforms that increase the retirement age with … a policy trade-off. Pension reforms that increase the retirement age have a large positive effect on output, but a small …
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We compare the long-term output and current account effects of pension reforms that increase the retirement age with … a policy trade-off. Pension reforms that increase the retirement age have a large positive effect on output, but a small …: Increasing the Retirement Age -- C. Reform II: Cutting Pension Benefits -- D. The Long-Run Tradeoff between Output and the …
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The macroeconomic implications of a pension reform that substitutes a high-return fully-funded system for a low-return pay-as-you-go system are discussed in an overlapping generations, neoclassical growth model. With forward-looking individuals, a debt-financed reform worsens the current...
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Pensions may be provided for in a modern society by several methods, viz., voluntary individual savings, mandatory fully funded occupational pension systems, and mandatory social security financed by pay-as-you-go. The specific mixture of the three systems we will call the pension composition....
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