- Intergenerational risk sharing, pensions and endogenous labor supply in general equilibrium
- Number of pages
- Munich: CESifo
- CESifo working paper
- Volume | Edition (Serie)
- Document type
- Working paper
- Faculty of Economics and Business (FEB)
- Amsterdam School of Economics Research Institute (ASE-RI)
- In the context of a two-tier pension system, with a pay-as-you-go first tier and a fully funded second tier, we demonstrate
that a system with a defined wage-indexed second tier performs strictly better than one with a defined contribution or defined
real benefit second tier. The former completely separates systematic redistribution (confined to the first tier) from intergenerational
risk sharing (the role of the second tier). This way labor supply is undistorted.
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