Arbeitspapier
Optimal Sharing of Labor Productivity Risks and Mix of Pay-As-You-Go and Savings
The paper addresses two related issues: the optimal intergenerational sharing of laborproductivity risks, through a Pay-As-You-Go (PAYG) social security, and the mix ofPAYG and savings for retirement provision in a small open economy. It shows that partial contingency of the social security on the stochastic labor productivity is ex ante optimal,when the interest rate is above the expected growth rate of the economy and when thegovernment has a lifetime perspective of the risk exposure. The paper also provides acondition for partial displacement of savings by the PAYG, which is in line with vastempirical evidence.
- Sprache
-
Englisch
- Erschienen in
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Series: Tinbergen Institute Discussion Paper ; No. 08-066/1
- Klassifikation
-
Wirtschaft
Social Security and Public Pensions
Taxation and Subsidies: Efficiency; Optimal Taxation
Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making‡
- Thema
-
intergenerational risk sharing
PAYG social security
household's savings
Arbeitsproduktivität
Generationengerechtigkeit
Umlageverfahren
Sparen
Privater Haushalt
Kleine offene Volkswirtschaft
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Bilard, Debora Kusmerski
- Ereignis
-
Veröffentlichung
- (wer)
-
Tinbergen Institute
- (wo)
-
Amsterdam and Rotterdam
- (wann)
-
2008
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Bilard, Debora Kusmerski
- Tinbergen Institute
Entstanden
- 2008