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Pension Reforms in an Aging Society: A Fully Displayed Cohort Model

Author

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  • Andras Simonovits

    (Institute of Economics - Hungarian Academy of Sciences, Department of Economics - CEU, Mathematical Institute - Budapest University of Technology)

Abstract

We fully display a cohort model of an economy with an aging population, taking into account varying family size, habit formation, inheritance and credit constraints. Filling the model with numbers, we are able to compare different pension reforms: 1. the base run, 2. the reduced accrual rates, 3. replacing wage indexation with price indexation and 4. raised retirement age. Whether the policy changes are anticipated or not, the private reactions widely differ.

Suggested Citation

  • Andras Simonovits, 2009. "Pension Reforms in an Aging Society: A Fully Displayed Cohort Model," CERS-IE WORKING PAPERS 0917, Institute of Economics, Centre for Economic and Regional Studies.
    • Handle: RePEc:has:discpr:0917
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    File URL: http://econ.core.hu/file/download/mtdp/MTDP0917.pdf
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    Cited by:

    1. Holger Gorg & Laszlo Halpern & Balazs Murakozy, 2010. "Why Do Within Firm-Product Export Prices Differ across Markets?," CERS-IE WORKING PAPERS 1003, Institute of Economics, Centre for Economic and Regional Studies.
    2. Andras Simonovits, 2010. "Tax Morality and Progressive Wage Tax," CERS-IE WORKING PAPERS 1005, Institute of Economics, Centre for Economic and Regional Studies.
    3. Andras Simonovits, 2009. "Underreported earnings and age-specific income redistribution in post-socialist economies," CERS-IE WORKING PAPERS 0927, Institute of Economics, Centre for Economic and Regional Studies.
    4. Andras Simonovits, 2012. "Pension Reforms in an Aging Society: A Fully Displayed Cohort Model," DANUBE: Law and Economics Review, European Association Comenius - EACO, issue 4, pages 1-30, December.

    More about this item

    Keywords

    population aging; pension models; pension reforms;
    All these keywords.

    JEL classification:

    • H1 - Public Economics - - Structure and Scope of Government
    • H5 - Public Economics - - National Government Expenditures and Related Policies
    • H6 - Public Economics - - National Budget, Deficit, and Debt

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