Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/262017 
Autor:innen: 
Erscheinungsjahr: 
2020
Schriftenreihe/Nr.: 
Volkswirtschaftliche Diskussionsreihe No. 340
Verlag: 
Universität Augsburg, Institut für Volkswirtschaftslehre, Augsburg
Zusammenfassung: 
I study the impacts of financing rules for financial surpluses in pay-as-you-go pension systems on the business cycle and the life cycle in a dynamic stochastic large-scale overlapping generations model, where households take the inter-temporal links between contributions and pension benefits explicitly into account. The results point out that sluggish adjustments of contribution rates that are implemented by adjusting a financial buffer stock both stabilize an economy and decrease the volatility of life-time utilities of retirees and workers close to retirement. Such a policy allows these households a better hedge against macroeconomic shocks over the business cycle. Moreover, I show that the impacts of higher fluctuations of aggregate variables on the volatility of individual lifetime utilities can rather be negligible.
Schlagwörter: 
Overlapping Generations
Pay-As-You-Go Pension Systems
Financing Rules
Business Cycle
Life Cycle
RBC-Model
JEL: 
H55
E21
E30
Dokumentart: 
Working Paper

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