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Macroeconomic Performance and the Design of Public Pension Programmes

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Author Info
Richard Disney (University of Nottingham, and Institute for Fiscal Studies, London)
Abstract

I examine the impact of the design of the Irish public pension programme on two dimensions of Ireland’s macroeconomic performance - employment and the average saving rate. Two facets of the programme might affect these outcomes - the lack of generosity of the programme relative to other OECD countries, and the high degree of redistribution embedded in the programme. These characteristics suggest that the programme has little ‘crowding out’ effect on saving rates. For employment rates, the two facets have contradictory effects that ultimately cancel out in their aggregate effect. These findings are illustrated by using a cross-country analysis to simulate a counterfactual where Ireland instead had a pension programme with the average characteristics of OECD countries (i.e., both more generous and less redistributive).

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File URL: http://www.esr.ie/Vol37_2/03_disney_article.pdf
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File Function: First version, 2006
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Publisher Info
Article provided by Economic and Social Studies in its journal Economic and Social Review.

Volume (Year): 37 (2006)
Issue (Month): 2 ()
Pages: 175-195
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:eso:journl:v:37:y:2006:i:2:p:175-195

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  2. Patrick Honohan & Brendan Walsh, 2002. "Catching Up with the Leaders: The Irish Hare," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 33(2002-1), pages 1-78. [Downloadable!]
  3. Queisser, Monika & Whitehouse, Edward, 2005. "Pensions at a glance: public policies across OECD countries," MPRA Paper 10907, University Library of Munich, Germany. [Downloadable!]
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  4. Disney Richard, 2004. "Are contributions to public pension programmes a tax on employment?," Economic Policy, CEPR, CES, MSH, vol. 19(39), pages 267-311, 07. [Downloadable!] (restricted)
  5. Disney, Richard & Whitehouse, Edward, 1996. "What Are Occupational Pension Plan Entitlements Worth in Britain?," Economica, London School of Economics and Political Science, vol. 63(250), pages 213-38, May. [Downloadable!] (restricted)
  6. Disney, Richard, 2000. "Declining public pensions in an era of demographic ageing: Will private provision fill the gap?," European Economic Review, Elsevier, vol. 44(4-6), pages 957-973, May. [Downloadable!] (restricted)
  7. James Banks & Richard Disney & Alan Duncan & John Van Reenen, 2005. "The Internationalisation of Public Welfare Policy," Economic Journal, Royal Economic Society, vol. 115(502), pages C62-C81, 03. [Downloadable!] (restricted)
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  8. Blau, Francine D. & Kahn, Lawrence M., 1999. "Institutions and laws in the labor market," Handbook of Labor Economics, in: O. Ashenfelter & D. Card (ed.), Handbook of Labor Economics, edition 1, volume 3, chapter 25, pages 1399-1461 Elsevier. [Downloadable!] (restricted)
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  10. Feldstein, Martin, 1980. "International differences in social security and saving," Journal of Public Economics, Elsevier, vol. 14(2), pages 225-244, October. [Downloadable!] (restricted)
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  11. Feldstein, Martin S, 1974. "Social Security, Induced Retirement, and Aggregate Capital Accumulation," Journal of Political Economy, University of Chicago Press, vol. 82(5), pages 905-26, Sept./Oct. [Downloadable!] (restricted)
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  13. Sinn, Hans-Werner, 1999. "Pension Reform and Demographic Crisis: Why a Funded System is Needed and why it is not Needed," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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  15. Blanchard, Olivier & Wolfers, Justin, 2000. "The Role of Shocks and Institutions in the Rise of European Unemployment: The Aggregate Evidence," Economic Journal, Royal Economic Society, vol. 110(462), pages C1-33, March. [Downloadable!] (restricted)
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  16. Sveinbjörn Blöndal & Stefano Scarpetta, 1999. "The Retirement Decision in OECD Countries," OECD Economics Department Working Papers 202, OECD, Economics Department. [Downloadable!]
  17. Assar Lindbeck & Mats Persson, 2003. "The Gains from Pension Reform," Journal of Economic Literature, American Economic Association, vol. 41(1), pages 74-112, March.
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  18. Nickell, Stephen, 1997. "Unemployment and Labor Market Rigidities: Europe versus North America," Journal of Economic Perspectives, American Economic Association, vol. 11(3), pages 55-74, Summer. [Downloadable!] (restricted)
  19. Richard Layte & Brian Nolan & Christopher T. Whelan, 2001. "Reassessing Income and Deprivation Approaches to the Measurement of Poverty in the Republic of Ireland," The Economic and Social Review, Economic and Social Studies, vol. 32(3), pages 239–261. [Downloadable!]
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