...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Macroeconomic dynamics >PAY-AS-YOU-GO PENSIONS AND ENDOGENOUS RETIREMENT
【24h】

PAY-AS-YOU-GO PENSIONS AND ENDOGENOUS RETIREMENT

机译：支付养老金和内生退休

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

This paper revisits two classic results in standard overlapping generations models with a pay-as-you-go (PAYG) pension system. Firstly, a PAYG system crowds out private savings and reduces the overall capital stock. Secondly, in dynamically efficient economies, a PAYG system will reduce steady-state welfare. These classic results have been derived and exposed in models with no retirement decision. However, by allowing for endogenous retirement, and without taking recourse to any frictions, uncertainty, or myopia, it is shown that a PAYG system may be neutral and may even increase the capital-labor ratio. In particular, it is shown that the effect of the pension contribution rate on capital intensity depends on the elasticity of substitution between consumption and leisure. If the elasticity of substitution is between 0 and 1, an increase in the contribution rate will increase capital intensity. Moreover, it is shown that the result regarding welfare may also be overturned. An increase in the PAYG contribution rate may increase steady-state welfare.
机译：本文重新审视了两个经典的结果，标准重叠的几代模型，即您的付费（PAYG）养老系统。首先，PAYG系统占据私人储蓄并减少整体资本股票。其次，在动态有效的经济体中，PAYG系统将减少稳态福利。这些经典的结果是在没有退休决定的模型中衍生和暴露。然而，通过允许内源性退休，而不需要求助于任何摩擦，不确定性或近视，因此表明PAYG系统可能是中性的，甚至可能增加资本劳动力比率。特别是，表明养老金贡献率对资本强度的影响取决于消费和休闲之间取代的弹性。如果取代的弹性在0到1之间，则贡献率的增加将增加资本强度。此外，结果表明，关于福利的结果也可能被推翻。 PAYG缴费率的增加可能会增加稳态福利。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号