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Economics: The Open-Access, Open-Assessment E-Journal - Discussion Papers >
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| Title: | | Variable Retirement and the Effects of Social Insurance on Savings, Wealth, and Welfare  |
| Authors: | | Turnovsky, Stephen J. Bruce, Neil |
| Issue Date: | | 2007 |
| Series/Report no.: | | Economics Discussion Papers / Institut für Weltwirtschaft 2007-5 |
| Abstract: | | We construct a Blanchard-style overlapping generations model consisting of long-lived individuals who have uninsurable idiosyncratic risk resulting from uncertain retirement periods and medical costs in retirement. Without social insurance, such individuals must save for these eventualities. We examine the impact of pay-as-you-go social insurance policies (public pensions and medicare coverage) on individual and aggregate consumption, saving, and wealth levels as well as wealth distribution. We also derive expressions for optimal (Pareto improving) social insurance policies. |
| JEL: | | D91 J20 E10 |
| Creative Commons License: | |  |
| Document Type: | | Working Paper |
| Appears in Collections: | | Economics: The Open-Access, Open-Assessment E-Journal - Discussion Papers
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