-As-You-Go (PAYG) social security, and the mix ofPAYG and savings for retirement provision in a small open economy. It shows that … paper also provides acondition for partial displacement of savings by the PAYG, which is in line with vastempirical evidence. …

Pensions may be provided for in a modern society by several methods, viz., voluntary individual savings, mandatory … individual savings, that the fully funded occupational system is decided upon by the age cohort of the median worker and that … decisions is a Pareto-equilibrium. Nowadays most of capital supply stems from individual and institutionalised pension savings …

knowledge of the individual savings behavior. Instead of parameterizing and calibrating the deep model structure, we implement …

-FRA period. In a two-period two-sector overlapping generations model, I show that this shift lowers savings (because a part of …

pension system, where savings are matched by government grants. Accounting for the resulting tax expenditure, our models …

savings and, thus, income and welfare, in a closed economy with unfunded pension system based on defined contributions. …