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Social security as Markov equilibrium in OLG models: a note

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  • Martin Gonzalez-Eiras

    (Universidad de San Andres)

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    Abstract

    I refine and extend the Markov perfect equilibrium of the social security policy game in Forni (2005) for the special case of logarithmic utility. Under the restriction that the policy function be continuous, instead of differentiable, the equilibrium is globally well defined and its dynamics always stable. (Copyright: Elsevier)

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    File URL: http://dx.doi.org/10.1016/j.red.2010.07.002
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    Bibliographic Info

    Article provided by Elsevier for the Society for Economic Dynamics in its journal Review of Economic Dynamics.

    Volume (Year): 14 (2011)
    Issue (Month): 3 (July)
    Pages: 549-552

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    Handle: RePEc:red:issued:10-31

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    Related research

    Keywords: Social security; Overlapping generations models; Markov equilibria;

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    References

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    1. 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.
    2. Gonzalez-Eiras, Marti­n & Niepelt, Dirk, 2008. "The future of social security," Journal of Monetary Economics, Elsevier, vol. 55(2), pages 197-218, March.
    3. Zheng Song & Kaiji Chen, 2009. "Markovian Social Security in Unequal Societies," 2009 Meeting Papers 318, Society for Economic Dynamics.
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    Cited by:
    1. Dirk Niepelt & Martin Gonzalez-Eiras, 2008. "Economic and Politico-Economic Equivalence of Fiscal Policies," 2008 Meeting Papers 631, Society for Economic Dynamics.
    2. Ryo Arawatari & Tetsuo Ono, 2008. "A Political Economy Model of Earnings Mobility and Redistribution Policy," Discussion Papers in Economics and Business 08-18-Rev.2, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP), revised Sep 2010.
    3. Martín Gonzalez-Eiras & Dirk Niepelt, 2012. "Economic and Politico-Economic Equivalence," Working Papers 12.02, Swiss National Bank, Study Center Gerzensee.

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