- Pensions and intergenerational risk-sharing in general equilibrium
- Volume | Issue number
- 76 | 302
- Pages (from-to)
- Number of pages
- Document type
- Faculty of Economics and Business (FEB)
- Amsterdam School of Economics Research Institute (ASE-RI)
- We investigate intergenerational risk-sharing in two-pillar pension systems with a pay-as-you-go pillar and a funded pillar.
The funded pension pillar can be either defined contribution or defined benefit. Only a defined-benefit scheme with an appropriate
investment policy establishes optimal intergenerational risk-sharing. We show how the pension system affects capital markets
in general and the equity premium in particular.
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