• Economics
  • Published 2018

Risk sharing properties and labor supply disincentives of pay-as-you-go pension systems

@inproceedings{Ciurila2018RiskSP,
  title={Risk sharing properties and labor supply disincentives of pay-as-you-go pension systems},
  author={Nicoleta Ciurila},
  year={2018}
}
The thesis consists of three essays discussing the benefits and distortions implied by pay-as-you-go (PAYG) pension systems. The first essay analyses how PAYG pension benefits should be related to a person’s lifetime earnings or her pension contributions such as to maximize utility at birth (ex-ante utility). This involves a trade-off between insurance against earnings shocks, labor supply distortions and capital accumulation in the economy. Using a model calibrated for the US economy, I find… CONTINUE READING

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