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dc.contributor.authorRada, Codrinaen
dc.date.accessioned2012-02-22-
dc.date.accessioned2012-09-28T12:40:13Z-
dc.date.available2012-09-28T12:40:13Z-
dc.date.issued2012-
dc.identifier.urihttp://hdl.handle.net/10419/64467-
dc.description.abstractThis paper compares fully-funded (FF) and pay-as-you-go (paygo) pension plans in a Keynesian framework for an economy with overlapping generations and excess capacity. The model addresses both short/medium-run equilibria and steady-states. Income distribution and class conflict, two crucial aspects of the political economy of pensions, become multidimensional. In a fully-funded economy class conflict between capitalists and labor gets diffused in the short-run by retirees' own interest to maintain a high profit share. In the longrun capitalists recognize that they can control their net share of profits by controlling employment and therefore the number of future retirees through capital accumulation. An extension of the model can show that fiscal policy is not always helpful in a fully-funded economy. A pay-as-you-go economy maintains a closer resemblance to the classical story of class conflict over income distribution. This is because workers and retirees have their interests aligned with the wage share. In this case fiscal policy through spending can be effective without creating a debt problem.en
dc.language.isoengen
dc.publisher|aThe University of Utah, Department of Economics |cSalt Lake City, UTen
dc.relation.ispartofseries|aWorking Paper |x2012-02en
dc.subject.jelE24en
dc.subject.jelE12en
dc.subject.jelG23en
dc.subject.jelH55en
dc.subject.ddc330en
dc.subject.keywordprivate accountsen
dc.subject.keywordsocial securityen
dc.subject.keywordKeynesian economicsen
dc.subject.keyworddistributive conflicten
dc.titleThe economics of pensions: Remarks on growth, policy and class conflict-
dc.typeWorking Paperen
dc.identifier.ppn686634829en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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