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Erscheinungsjahr: 
2005
Schriftenreihe/Nr.: 
CFS Working Paper No. 2005/12
Verlag: 
Goethe University Frankfurt, Center for Financial Studies (CFS), Frankfurt a. M.
Zusammenfassung: 
This paper studies an overlapping generations model with stochastic production and incomplete markets to assess whether the introduction of an unfunded social security system leads to a Pareto improvement. When returns to capital and wages are imperfectly correlated a system that endows retired households with claims to labor income enhances the sharing of aggregate risk between generations. Our quantitative analysis shows that, abstracting from the capital crowding-out effect, the introduction of social security represents a Pareto improving reform, even when the economy is dynamically effcient. However, the severity of the crowding-out effect in general equilibrium tends to overturn these gains.
Schlagwörter: 
Social Security Reform
Aggregate Fluctuations
Intergenerational Risk Sharing
Incomplete Markets
JEL: 
E62
H55
H31
D91
D58
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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