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Longevity and PAYG pension systems sustainability

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Author Info
Luciano Fanti () (University of Pisa)
Luca Gori () (University of Pisa)

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Abstract

In this paper we study the effects of an increasing longevity on the balanced pay-as-you-go pension budget in the basic overlapping generations model of growth (Diamond, 1965). It is shown that, when the capital’s share in production is sufficiently high, the higher longevity the higher pension benefits. The policy implication is that there would be room for an increase, rather than the often threatened reduction, in future pension payments, by keeping unaltered the contribution rate paid by the young to finance pensions to retired people as well as a balanced PAYG pension budget.

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File URL: http://economicsbulletin.vanderbilt.edu/2008/volume10/EB-08J20002A.pdf
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Publisher Info
Article provided by Economics Bulletin in its journal Economics Bulletin.

Volume (Year): 10 (2008)
Issue (Month): 2 ()
Pages: 1-8
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:ebl:ecbull:v:10:y:2008:i:2:p:1-8

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Related research
Keywords: Pensions; OLG model;

Find related papers by JEL classification:
J2 - Labor and Demographic Economics - - Demand and Supply of Labor
O4 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Author-Name: Alan S. Blinder & Alan B. Krueger, 2004. "What Does the Public Know about Economic Policy, and How Does It Know It?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 35(2004-1), pages 327-397. [Downloadable!]
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  2. Tito Boeri & Axel Boersch-Supan & Guido Tabellini, 2002. "Pension Reforms and the Opinions of European Citizens," American Economic Review, American Economic Association, vol. 92(2), pages 396-401, May. [Downloadable!]
  3. Charles I. Jones, 2003. "Growth, capital shares, and a new perspective on production functions," Proceedings, Federal Reserve Bank of San Francisco, issue Nov. [Downloadable!]
  4. Boeri, Tito & Tabellini, Guido, 2005. "Does Information Increase Political Support for Pension Reform?," CEPR Discussion Papers 5319, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  5. Mankiw, N Gregory & Romer, David & Weil, David N, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, MIT Press, vol. 107(2), pages 407-37, May. [Downloadable!] (restricted)
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  6. Rowena A. Pecchenino & Patricia S. Pollard, 2003. "Aging, myopia and the pay-as-you-go public pension systems of the G7: a bright future?," Working Papers 2000-015, Federal Reserve Bank of St. Louis. [Downloadable!]
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  7. Tito Boeri & Axel Börsch-Supan & Guido Tabellini, 2001. "Would you like to shrink the welfare state? A survey of European citizens," Economic Policy, CEPR, CES, MSH, vol. 16(32), pages 7-50, 04. [Downloadable!] (restricted)
  8. Zhang, Junsen & Zhang, Jie & Lee, Ronald, 2001. "Mortality decline and long-run economic growth," Journal of Public Economics, Elsevier, vol. 80(3), pages 485-507, June. [Downloadable!] (restricted)
  9. Pecchenino, Rowena A. & Pollard, Patricia S., 2002. "Dependent children and aged parents: funding education and social security in an aging economy," Journal of Macroeconomics, Elsevier, vol. 24(2), pages 145-169, June. [Downloadable!] (restricted)
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