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Théorie du cycle de vie et rentes publiques

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  • Fauvel, Yves

    (Département de science économique, Université du Québec à Montréal)

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    Abstract

    This paper questions the pure life cycle model of saving as an adequate theoretical framework to study the effects of public pension plans. For this purpose, the relevance of considering uncertainty, liquidity constraints, myopic behavior, and extreme rational bequest motive is examined. It is also shown that the expected effects of public pension policies rest heavily on the underlying theoretical framework, especially on the planning horizon of households. Cet article poursuit deux objectifs. L’un est de montrer que les effets des régimes publics de pensions sur la consommation et l’épargne personnelle dépendent éminemment du cadre théorique retenu et, plus particulièrement, de l’horizon temporel de planification des consommateurs. Le second objectif est de remettre en question la théorie pure du cycle vital comme cadre d’analyse des effets des régimes publics de retraite en évaluant la pertinence de prendre en considération l’incertitude, les contraintes à l’emprunt, les comportements de myopie et un mécanisme de legs à la Barro.

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    Bibliographic Info

    Article provided by Société Canadienne de Science Economique in its journal L'Actualité économique.

    Volume (Year): 61 (1985)
    Issue (Month): 2 (juin)
    Pages: 220-238

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    Handle: RePEc:ris:actuec:v:61:y:1985:i:2:p:220-238

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    1. Martin Feldstein, 1980. "Government Deficits and Aggregate Demand," NBER Working Papers 0435, National Bureau of Economic Research, Inc.
    2. Sheshinski, Eytan & Weiss, Yoram, 1981. "Uncertainty and Optimal Social Security Systems," The Quarterly Journal of Economics, MIT Press, vol. 96(2), pages 189-206, May.
    3. Blinder, Alan S, 1976. "Intergenerational Transfers and Life Cycle Consumption," American Economic Review, American Economic Association, vol. 66(2), pages 87-93, May.
    4. Dolde, Walter, 1979. "Temporary Taxes as Macro-Economic Stabilizers," American Economic Review, American Economic Association, vol. 69(2), pages 81-85, May.
    5. Jackman, Richard & Sutton, John, 1982. "Imperfect Capital Markets and the Monetarist Black Box: Liquidity Constraints, Inflation and the Asymmetric Effects of Interest Rate Policy," Economic Journal, Royal Economic Society, vol. 92(365), pages 108-28, March.
    6. Alan S. Blinder, 1982. "Private Pensions and Public Pensions: Theory and Fact," NBER Working Papers 0902, National Bureau of Economic Research, Inc.
    7. Levhari, David & Mirman, Leonard J, 1977. "Savings and Consumption with an Uncertain Horizon," Journal of Political Economy, University of Chicago Press, vol. 85(2), pages 265-81, April.
    8. Diamond, P. A., 1977. "A framework for social security analysis," Journal of Public Economics, Elsevier, vol. 8(3), pages 275-298, December.
    9. Philip Cagan, 1965. "The Effect of Pension Plans on Aggregate Saving: Evidence from a Sample Survey," NBER Books, National Bureau of Economic Research, Inc, number caga65-2, May.
    10. Kotlikoff, Laurence J & Spivak, Avia, 1981. "The Family as an Incomplete Annuities Market," Journal of Political Economy, University of Chicago Press, vol. 89(2), pages 372-91, April.
    11. Flemming, J S, 1973. "The Consumption Function when Capital Markets are Imperfect: The Permanent Income Hypothesis Reconsidered," Oxford Economic Papers, Oxford University Press, vol. 25(2), pages 160-72, July.
    12. Rothschild, Michael & Stiglitz, Joseph E, 1976. "Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information," The Quarterly Journal of Economics, MIT Press, vol. 90(4), pages 630-49, November.
    13. Kotlikoff, Laurence J, 1979. "Testing the Theory of Social Security and Life Cycle Accumulation," American Economic Review, American Economic Association, vol. 69(3), pages 396-410, June.
    14. Akerlof, George A & Dickens, William T, 1982. "The Economic Consequences of Cognitive Dissonance," American Economic Review, American Economic Association, vol. 72(3), pages 307-19, June.
    15. Dreze, Jacques H. & Modigliani, Franco, 1972. "Consumption decisions under uncertainty," Journal of Economic Theory, Elsevier, vol. 5(3), pages 308-335, December.
    16. Willem H. Buiter & James Tobin, 1978. "Debt Neutrality: A Brief Review of Doctrine and Evidence," Cowles Foundation Discussion Papers 497, Cowles Foundation for Research in Economics, Yale University.
    17. Moffet, Denis, 1978. "A Note on the Yaari Life Cycle Model," Review of Economic Studies, Wiley Blackwell, vol. 45(2), pages 385-88, June.
    18. Barro, Robert J., 1974. "Are Government Bonds Net Wealth?," Scholarly Articles 3451399, Harvard University Department of Economics.
    19. Dolde, Walter, 1978. "Capital Markets and the Short Run Behavior of Life Cycle Savers," Journal of Finance, American Finance Association, vol. 33(2), pages 413-28, May.
    20. Burkhauser, Richard V & Turner, John A, 1978. "A Time-Series Analysis on Social Security and Its Effect on the Market Work of Men at Younger Ages," Journal of Political Economy, University of Chicago Press, vol. 86(4), pages 701-15, August.
    21. Chan, Louis Kuo Chi, 1983. "Uncertainty and the neutrality of government financing policy," Journal of Monetary Economics, Elsevier, vol. 11(3), pages 351-372.
    22. Nagatani, Keizo, 1972. "Life Cycle Saving: Theory and Fact," American Economic Review, American Economic Association, vol. 62(3), pages 344-53, June.
    23. Kotlikoff, Laurence J, 1979. "Social Security and Equilibrium Capital Intensity," The Quarterly Journal of Economics, MIT Press, vol. 93(2), pages 233-53, May.
    24. A. Asimakopulos, 1980. "Public Pensions and Economic Theory," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 3(1), pages 49-62, October.
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