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Will social security survive the baby boom?

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  • Cooley, Thomas F.
  • Soares, Jorge

Abstract

In this paper we consider the design and implementation of a pay-as-you-go social insurance system as a problem in political economy. We consider whether a society of forward looking rational economic agents would implement a system in which the level of benefits can depend on the relative shares of different age groups in the population. We calibrate a model economy to match long-run features of the US economy and then look at the nature of the social security system that results.

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Bibliographic Info

Article provided by Elsevier in its journal Carnegie-Rochester Conference Series on Public Policy.

Volume (Year): 45 (1996)
Issue (Month): 1 (December)
Pages: 89-121

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Handle: RePEc:eee:crcspp:v:45:y:1996:i::p:89-121

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Cited by:
  1. Elizabeth M. Caucutt & Thomas F. Cooley & Nezih Guner, 2007. "The Farm, the City, and the Emergence of Social Security," NBER Working Papers 12854, National Bureau of Economic Research, Inc.
  2. Paola Profeta, 2002. "Aging and Retirement: Evidence Across Countries," International Tax and Public Finance, Springer, vol. 9(6), pages 651-672, November.
  3. Alan J. Auerbach, 2012. "Societal Aging: Implications for Fiscal Policy," IMES Discussion Paper Series 12-E-12, Institute for Monetary and Economic Studies, Bank of Japan.
  4. Marco Bassetto, 1999. "Political economy of taxation in an overlapping-generations economy," Discussion Paper / Institute for Empirical Macroeconomics 133, Federal Reserve Bank of Minneapolis.
  5. Ayse Imrohoroglu & Selahattin Imrohoroglu & Douglas H. Joines, 2000. "Time inconsistent preferences and Social Security," Discussion Paper / Institute for Empirical Macroeconomics 136, Federal Reserve Bank of Minneapolis.
  6. Disney, Richard & Galasso, Vincenzo & Profeta, Paola, 2007. "A further comment on ageing and the welfare state," European Journal of Political Economy, Elsevier, vol. 23(2), pages 576-577, June.
  7. Puhakka , Mikko, 2005. "The effects of aging population on the sustainability of fiscal policy," Research Discussion Papers 26/2005, Bank of Finland.
  8. Galasso, Vincenzo & Profeta, Paola, 2007. "How does ageing affect the welfare state?," European Journal of Political Economy, Elsevier, vol. 23(2), pages 554-563, June.
  9. Mateos-Planas, Xavier, 2008. "A quantitative theory of social security without commitment," Journal of Public Economics, Elsevier, vol. 92(3-4), pages 652-671, April.
  10. Mariacristina De Nardi & Selahattin Imrohoroglu & Thomas J. Sargent, 1999. "Projected U.S. Demographics and Social Security," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 2(3), pages 575-615, July.
  11. Galasso, Vincenzo & Profeta, Paola, 2002. "The political economy of social security: a survey," European Journal of Political Economy, Elsevier, vol. 18(1), pages 1-29, March.

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