Arbeitspapier
On welfare effects of increasing retirement age
We develop an OLG model with realistic assumptions about longevity to analyze the welfare effects of raising the retirement age. We look at a scenario where an economy has a pay-as-you-go defined benefit scheme and compare it to a scenario with defined contribution schemes (funded or notional). We show that, initially, in both types of pension system schemes the majority of welfare effects comes from adjustments in taxes and/or prices. After the transition period, welfare effects are predominantly generated by the preference for smoothing inherent in many widely used models. We also show that although incentives differ between defined benefit and defined contribution systems, the welfare effects are of comparable magnitude under both schemes. We provide an explanation for this counter-intuitive result.
- Sprache
-
Englisch
- Erschienen in
-
Series: IAAEU Discussion Paper Series in Economics ; No. 04/2018
- Klassifikation
-
Wirtschaft
Computable General Equilibrium Models
Macroeconomics: Consumption; Saving; Wealth
Demographic Trends, Macroeconomic Effects, and Forecasts
Social Security and Public Pensions
- Thema
-
longevity
PAYG
retirement age
pension system reform
welfare
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Makarski, Krzysztof
Tyrowicz, Joanna
- Ereignis
-
Veröffentlichung
- (wer)
-
University of Trier, Institute for Labour Law and Industrial Relations in the European Union (IAAEU)
- (wo)
-
Trier
- (wann)
-
2018
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Makarski, Krzysztof
- Tyrowicz, Joanna
- University of Trier, Institute for Labour Law and Industrial Relations in the European Union (IAAEU)
Entstanden
- 2018
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