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Social Security and Demographic Shocks

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Author Info
Gabrielle Demange
Guy Laroque

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Abstract

An overlapping generations model of social security with productivity and demographic shocks is studied. The authors focus attention on stationary long-run allocations. An allocation is interim optimal if there does not exist another feasible allocation that improves the expected welfare of all generations, computed conditionally on the state of the world when they are born. The authors characterize the set of interim optimal allocations and study the equilibria associated with various institutional forms of social security from the point of view of this optimality criterion. They obtain the analogs of the two traditional welfare theorems of microeconomic theory.

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Publisher Info
Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 67 (1999)
Issue (Month): 3 (May)
Pages: 527-542
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Handle: RePEc:ecm:emetrp:v:67:y:1999:i:3:p:527-542

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  1. Anna Montén & Marcel Thum, 2008. "Ageing Municipalities, Gerontocracy and Fiscal Competition," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  2. Antonio Rangel & Richard Zeckhauser, 1999. "Can Market and Voting Institutions Generate Optimal Intergenerational Risk Sharing?," NBER Working Papers 6949, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Robert J. Shiller, 1998. "Social Security and Institutions for Intergenerational, Intragenerational and International Risk Sharing," Cowles Foundation Discussion Papers 1185, Cowles Foundation, Yale University. [Downloadable!]
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  4. Christian Gollier, 2007. "Intergenerational Risk-Sharing and Risk-Taking of a Pension Fund," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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  5. Martin Barbie & Marcus Hagedorn & Ashok Kaul, . "Fostering Within-Family Human Capital Investment: An Intragenerational Insurance Perspective of Social Security," IEW - Working Papers iewwp236, Institute for Empirical Research in Economics - IEW. [Downloadable!]
  6. Barbie, Martin & Hagedorn, Marcus & Kaul, Ashok, 2002. "Fostering Within-Family Human Capital Investment: An Intragenerational Insurance Perspective of Social Security," IZA Discussion Papers 678, Institute for the Study of Labor (IZA). [Downloadable!]
  7. Subir Chattopadhyay, 2000. "The Unit Root Property And Optimality: A Simple Proof," Working Papers. Serie AD 2000-31, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  8. Martin Barbie & Marcus Hagedorn & Ashok Kaul, 2000. "mic Efficiency and Pareto Optimality in a Stochastic OLG Model with Production and Social Security," Bonn Econ Discussion Papers bgse8_2000, University of Bonn, Germany, revised Jun 2000. [Downloadable!]
  9. Antonio Jiménez-Martínez & Subir Chattopadhyay, 2000. "The Unit Root Property When Markets Are Sequentially Incomplete," Working Papers. Serie AD 2000-32, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  10. Barbie, Martin & Hagedorn, Marcus & Kaul, Ashok, 2001. "Government Debt as Insurance against Macroeconomic Risk," IZA Discussion Papers 412, Institute for the Study of Labor (IZA). [Downloadable!]
  11. Demange, Gabrielle, 2005. "On Sustainable Pay-As-You-Go Systems," CEPR Discussion Papers 4966, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  12. Barbie, Martin & Hagedorn, Marcus & Kaul, Ashok, 2000. "Dynamic Efficiency and Pareto Optimality in a Stochastic OLG Model with Production and Social Security," IZA Discussion Papers 209, Institute for the Study of Labor (IZA). [Downloadable!]
  13. Rodrigo Cifuentes, 2000. "How Does Pension Reform Affect Savings and Welfare," Working Papers Central Bank of Chile 80, Central Bank of Chile. [Downloadable!]
  14. Georges de Menil & Eytan Sheshinski, 2004. "Planning for the Optimal Mix of Paygo Tax and Funded Savings," DELTA Working Papers 2004-15, DELTA (Ecole normale supérieure). [Downloadable!]
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  15. Beate Henschel & Carsten Pohl & Marcel Thum, 2008. "Demographic Change and Regional Labour Markets: The Case of Eastern Germany," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  16. Subir Chattopadhyay, 2001. "Long-Lived Assets, Incomplete Markets, And Optimality," Working Papers. Serie AD 2001-10, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
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