Intergenerational risk sharing, pensions and endogenous labour supply in general equilibrium
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| Publication date | 2013 |
| Journal | The Scandinavian Journal of Economics |
| Volume | Issue number | 115 | 1 |
| Pages (from-to) | 141-154 |
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| Abstract | We show that a two-tier pension system, with a pay-as-you-go first tier and a fully funded, defined wage-indexed second tier, can provide for optimal intergenerational risk-sharing without distorting the labour supply, thereby achieving the first best. Other arrangements with a fully-funded second tier fail to achieve the first best. |
| Document type | Article |
| Language | English |
| Published at | https://doi.org/10.1111/j.1467-9442.2012.01732.x |
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