Query:
faculty: "FEB" and publication year: "2006"
| Authors | R.M.W.J. Beetsma, A.L. Bovenberg | | Title | Pension systems, intergenerational risk sharing and inflation |
| Publisher | European Commission |
| Place | Brussels |
| Year | 2006 |
| Pages | 32 |
| ISBN | 9279011987 |
| Title series | European Economy, Economic Papers |
| Series number | 257 |
| Faculty | Faculty of Economics and Business |
| Institute/dept. | FEB: Research Institute in Economics and Econometrics Amsterdam (RESAM) |
| Abstract | We investigate intergenerational risk sharing in two-pillar pension systems with a pay-as-you-go pillar and a funded pillar. We consider shocks in productivity, depreciation of capital and inflation. The funded pension pillar can be either defined contribution or defined benefit, with benefits defined in real or nominal terms or indexed to wages. Optimal intergenerational risk sharing can be achieved only in the presence of a defined benefit pension system with appropriate restrictions on investment policy of the funded pillar. In this way, both generations have similar exposures to financial and human capital risks.
Keywords: (funded) pensions, fiscal policy, nominal assets, risk-sharing, overlapping generations.
JEL codes: E21, H55, J18. |
| Document type | Report |
| Download paper | |
| Document finder |
|
Use this url to link to this page: http://dare.uva.nl/en/record/390816
Contact us about this recordNotify a colleague
Add to bookbag
|