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dc.contributor.authorConesa, Juan Carlosen_US
dc.contributor.authorGarriga, Carlosen_US
dc.date.accessioned2009-01-28T15:52:40Z-
dc.date.available2009-01-28T15:52:40Z-
dc.date.issued2005en_US
dc.identifier.urihttp://hdl.handle.net/10419/18757-
dc.description.abstractWe examine the optimal policy response to an exogenously given demographic shock. Such a shock affects negatively the financing of retirement pensions, and we use optimal fiscal policy in order to determine the optimal strategy of the social security administration. Our approach provides specific policy responses in an environment that guarantees the financial sustainability of existing retirement pensions. At the same time, pensions will be financed in a way that by construction generates no welfare losses for any of the cohorts in our economy. In contrast to existing literature we endogenously determine optimal policies rather than exploring implications of exogenously given policies. Our results show that the optimal strategy is based in the following ingredients: elimination of compulsory retirement, a change in the structure of labor income taxation and a temporary increase in the level of government debt.en_US
dc.language.isoengen_US
dc.relation.ispartofseriesCESifo working papers 1393en_US
dc.subject.jelH0en_US
dc.subject.jelE6en_US
dc.subject.ddc330en_US
dc.subject.stwFinanzpolitiken_US
dc.subject.stwRentenfinanzierungen_US
dc.subject.stwBevölkerungsökonomieen_US
dc.subject.stwSchocken_US
dc.subject.stwAlternde Bevölkerungen_US
dc.subject.stwWohlfahrtseffekten_US
dc.subject.stwTheorieen_US
dc.titleOptimal response to a demographic shocken_US
dc.typeWorking Paperen_US
dc.identifier.ppn479280584en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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