Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/56408
Authors: 
Borgmann, Christoph
Year of Publication: 
2001
Series/Report no.: 
Diskussionsbeiträge, Institut für Finanzwissenschaft der Albert-Ludwigs-Universität Freiburg im Breisgau 97
Abstract: 
This paper presents a dense summary of the most fundamental results on the issue of PAYG Social Security. They are presented in a simple and insightful analytical framework by working from the budget constraint of the household. The results presented in detail are a representation of the Aaron-Theorem, the equivalence of debt and Social Security, and a proof that under certain conditions the burden of Social Security on the current young and all future generations equals the benefit payments to the current old. Finally, I include uncertainty in the analysis and touch on the intergenerational risk-sharing implications of Social Security.
JEL: 
H55
Document Type: 
Working Paper

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