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Title:Uncertain Retirement and the Effects of Social Insurance on Savings, Wealth, and Welfare PDF Logo
Authors:Turnovsky, Stephen J.
Bruce, Neil
Issue Date:2007
Citation:[Journal:] Economics: The Open-Access, Open-Assessment E-Journal [Volume:] 1 [Issue:] 2007-2 [Pages:] 1-41 [DOI/URN:] doi:10.5018/economics-ejournal.ja.2007-2
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
E10
J20
Persistent Identifier of the first edition:doi:10.5018/economics-ejournal.ja.2007-2
Creative Commons License:http://creativecommons.org/licenses/by-nc/2.0/de/deed.en
Document Type:Article
Appears in Collections:Economics: The Open-Access, Open-Assessment E-Journal - Journal Articles

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