کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5099355 | 1377002 | 2007 | 30 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Social Security reform and intertemporal smoothing
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کلمات کلیدی
موضوعات مرتبط
مهندسی و علوم پایه
ریاضیات
کنترل و بهینه سازی
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چکیده انگلیسی
This paper examines the welfare and distributional impact of switching from a defined benefit pension system like Social Security to a defined contribution system of personal retirement accounts (PRAs). While such a switch would do away with the transfers that low-wage workers receive through Social Security, it would have the benefit of reducing labor supply distortions. Moreover, a particular kind of PRA suggested in this paper - one that has very low (or zero) contribution rates early in life - substantially enhances life-cycle patterns of consumption and labor supply by making more resources available to credit-constrained young workers. Simulations of a life-cycle model show that in welfare terms these PRAs significantly outperform conventional PRAs because of this enhanced intertemporal smoothing.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 31, Issue 1, January 2007, Pages 25-54
Journal: Journal of Economic Dynamics and Control - Volume 31, Issue 1, January 2007, Pages 25-54
نویسندگان
Michael J. Pries,