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A Framework for Pension Policy Analysis in Ireland: PENMOD, a Dynamic Simulation Model

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  • Callan, Tim
  • Van de Ven, Justin

Abstract

This paper describes a structural dynamic microsimulation model of the household that has been developed to explore behavioural responses to pensions policy counterfactuals in Ireland. The model is based upon the life-cycle theory of behaviour, which assumes that individuals make their decisions to maximise expected lifetime utility, subject to expectations that are consistent with the prevailing decision making environment. The model is calibrated to match Irish survey data.

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Bibliographic Info

Paper provided by Economic and Social Research Institute (ESRI) in its series Papers with number WP400.

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Date of creation: Aug 2011
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Handle: RePEc:esr:wpaper:wp400

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Keywords: data/Dynamic Programming; Savings; Labor Supply; Pensions/Individuals/Ireland;

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  1. Gourinchas, Pierre-Olivier & Parker, Jonathan A, 2000. "Consumption Over the Life-Cycle," CEPR Discussion Papers 2345, C.E.P.R. Discussion Papers.
  2. Michal Myck & Gillian Paull, 2004. "The role of employment experience in explaining the gender wage gap," IFS Working Papers W04/16, Institute for Fiscal Studies.
  3. Blundell, Richard & Browning, Martin & Meghir, Costas, 1994. "Consumer Demand and the Life-Cycle Allocation of Household Expenditures," Review of Economic Studies, Wiley Blackwell, vol. 61(1), pages 57-80, January.
  4. Alicia H. Munnell, 1991. "Are pensions worth the cost?," Working Papers 91-2, Federal Reserve Bank of Boston.
  5. Sara Connolly & Mary Gregory, 2008. "Moving Down: Women's Part-Time Work and Occupational Change in Britain 1991-2001," Economic Journal, Royal Economic Society, vol. 118(526), pages F52-F76, 02.
  6. Hall, Robert E, 1988. "Intertemporal Substitution in Consumption," Journal of Political Economy, University of Chicago Press, vol. 96(2), pages 339-57, April.
  7. Gallant, A. Ronald & Tauchen, George, 1996. "Which Moments to Match?," Econometric Theory, Cambridge University Press, vol. 12(04), pages 657-681, October.
  8. Lee, Bong-Soo & Ingram, Beth Fisher, 1991. "Simulation estimation of time-series models," Journal of Econometrics, Elsevier, vol. 47(2-3), pages 197-205, February.
  9. Laibson, David, 1997. "Golden Eggs and Hyperbolic Discounting," The Quarterly Journal of Economics, MIT Press, vol. 112(2), pages 443-77, May.
  10. Callan, Tim & Keane, Claire & Walsh, John R., 2009. "Pension Policy: New Evidence on Key Issues," Research Series, Economic and Social Research Institute (ESRI), number RS14.
  11. Richard Disney & Carl Emmerson & Matthew Wakefield, 2007. "Tax reform and retirement saving incentives: evidence from the introduction of stakeholder pensions in the UK," IFS Working Papers W07/19, Institute for Fiscal Studies.
  12. Orazio P. Attanasio & Susann Rohwedder, 2003. "Pension Wealth and Household Saving: Evidence from Pension Reforms in the United Kingdom," American Economic Review, American Economic Association, vol. 93(5), pages 1499-1521, December.
  13. repec:nsr:niesrd:283 is not listed on IDEAS
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