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Equilibrium dynamics with different types of pay-as-you-go pension schemes

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  • Andreas Wagener

    ()
    (University of Vienna)

Abstract

We analyse the steady-state equilibrium dynamics of an OLG economy with a pay-as-you-go (PAYG) pension scheme that relates old-age pensions to previous earnings. Contrary to an economy where PAYG pensions depend on the earnings of those currently working, such an economy may experience complex equilibrium dynamics with endogenous cycles and bifurcations.

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File URL: http://www.accessecon.com/pubs/EB/2003/Volume8/EB-03H50001A.pdf
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Bibliographic Info

Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 8 (2003)
Issue (Month): 6 ()
Pages: 1-12

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Handle: RePEc:ebl:ecbull:eb-03h50001

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Keywords: bifurcations;

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References

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  1. Aloi, Marta & Dixon, Huw D. & Lloyd-Braga, Teresa, 2000. "Endogenous fluctuations in an open economy with increasing returns to scale," Journal of Economic Dynamics and Control, Elsevier, vol. 24(1), pages 97-125, January.
  2. Burbidge, John B., 1983. "Social security and savings plans in overlapping-generations models," Journal of Public Economics, Elsevier, vol. 21(1), pages 79-92, June.
  3. Michel P. & de la Croix, D., 1999. "Myopic and Perfect Foresight in the OLG Model," G.R.E.Q.A.M. 99a35, Universite Aix-Marseille III.
  4. Jean-Michel Grandmont & P, A, Pintus & R, De Vilder, 1997. "Capital-Labor Substitution and Competitive Nonlinear Endogenous Business Cycles," Working Papers 97-28, Centre de Recherche en Economie et Statistique.
  5. Grandmont Jean-michel, 1983. "On endogenous competitive business cycles," CEPREMAP Working Papers (Couverture Orange) 8316, CEPREMAP.
  6. Reichlin, Pietro, 1986. "Equilibrium cycles in an overlapping generations economy with production," Journal of Economic Theory, Elsevier, vol. 40(1), pages 89-102, October.
  7. Olivier Jean Blanchard & Stanley Fischer, 1989. "Lectures on Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262022834, December.
  8. Coimbra, Rui & Lloyd-Braga, Teresa & Modesto, Leonor, 2000. "Unions, Increasing Returns and Endogenous Fluctuations," IZA Discussion Papers 229, Institute for the Study of Labor (IZA).
  9. Andreas Wagener, 2001. "On Intergenerational Risk Sharing within Social Security Schemes," CESifo Working Paper Series 499, CESifo Group Munich.
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Cited by:
  1. Bretschger, Lucas & Pittel, Karen, 2005. "Innovative investments, natural resources, and intergenerational fairness, are pension funds good for sustainable development?," Munich Reprints in Economics 20225, University of Munich, Department of Economics.
  2. Fanti, Luciano & Gori, Luca, 2011. "Public health spending, old-age productivity and economic growth: Chaotic cycles under perfect foresight," Journal of Economic Behavior & Organization, Elsevier, vol. 78(1-2), pages 137-151, April.
  3. Fanti, Luciano & Gori, Luca, 2010. "PAYG pensions and economic cycles," MPRA Paper 19984, University Library of Munich, Germany.

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