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Saving and pension reform in general equilibrium models

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  • M De Nardi
  • S Imrohoroglu
  • TJ Sargent

Abstract

In this paper we study saving and pension reform in the context of general equilibrium models. We discuss some of the reasons for the existence of a social security system. We highlight the key features of the US data that a general equilibrium model of saving and social security should match: the life-cycle profiles of savings, consumption and hours worked, and the aggregate capital-output ratio and saving rate. We describe the structure of a general equilibrium model, and discuss how its parameters are estimated or calibrated from the data. We present the quantitative results from some policy experiments previously computed in the literature, first in the context of stationary demographics and then with an ageing population, and highlight the key policy prescriptions that we learn from these experiments. We conclude by providing some directions for future research. Copyright 2001, Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Review of Economic Policy.

Volume (Year): 17 (2001)
Issue (Month): 1 (Spring)
Pages: 20-39

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Handle: RePEc:oup:oxford:v:17:y:2001:i:1:p:20-39

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Web page: http://oxrep.oupjournals.org/

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Cited by:
  1. Jorge Alonso-Ortiz, 2010. "Social Security and Retirement across the OECD," Working Papers 1007, Centro de Investigacion Economica, ITAM.
  2. Marco Bassetto, 2008. "Political Economy of Taxation in an Overlapping-Generations Economy," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 11(1), pages 18-43, January.
  3. K. Mc Morrow & W. R�ger, 2002. "EU pension reform - An overview of the debate and an empirical assessment of the main policy reform options," European Economy - Economic Papers 162, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  4. Jan Babecky & Kamil Dybczak, 2009. "The Impact of Population Ageing on the Czech Economy," Working Papers 2009/1, Czech National Bank, Research Department.
  5. Hénin, Pierre-Yves & Weitzenblum, Thomas, 2003. "Redistribution through alternative pension reforms: A life-cycle analysis on French occupational groups," CEPREMAP Working Papers (Couverture Orange) 0307, CEPREMAP.
  6. Garry Young, 2002. "The implications of an ageing population for the UK economy," Bank of England working papers 159, Bank of England.
  7. Attanasio Orazio P. & Kitao Sagiri & Violante Giovanni L., 2006. "Quantifying the Effects of the Demographic Transition in Developing Economies," The B.E. Journal of Macroeconomics, De Gruyter, vol. 6(1), pages 1-44, April.

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