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

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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.

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Bibliographic Info

Paper provided by Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences in its series IEHAS Discussion Papers with number 0917.

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Length: 33 pages
Date of creation: Oct 2009
Date of revision:
Handle: RePEc:has:discpr:0917

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Keywords: population aging; pension models; pension reforms;

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References

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  1. John Karl Scholz & Ananth Seshadri & Surachai Khitatrakun, 2006. "Are Americans Saving "Optimally" for Retirement?," Journal of Political Economy, University of Chicago Press, vol. 114(4), pages 607-643, August.
  2. Andras Simonovits, 2009. "Pension Reforms in an Aging Society: A Fully Displayed Cohort Model," IEHAS Discussion Papers 0917, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
  3. Meier, Volker & Wrede, Matthias, 2010. "Pensions, fertility, and education," Munich Reprints in Economics 19214, University of Munich, Department of Economics.
  4. Alan J. Auerbach & Laurence J. Kotlikoff & Robert P. Hagemann & Giuseppe Nicoletti, 1989. "The Economic Dynamics of an Ageing Population: The Case of Four OECD Countries," OECD Economics Department Working Papers 62, OECD Publishing.
  5. Robin Brooks, 2000. "What Will Happen To Financial Markets When The Baby Boomers Retire?," Computing in Economics and Finance 2000 92, Society for Computational Economics.
  6. Börsch-Supan, Axel & Ludwig, Alexander & Winter, Joachim, 2004. "Aging, Pension Reform, and Capital Flows:," Sonderforschungsbereich 504 Publications 04-65, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim.
  7. James M. Poterba, 2001. "Demographic Structure And Asset Returns," The Review of Economics and Statistics, MIT Press, vol. 83(4), pages 565-584, November.
  8. Richard Blundell & Martin Browning & Costas Meghir, 1993. "Consumer demand and the life-cycle allocation of household expenditures," IFS Working Papers W93/11, Institute for Fiscal Studies.
  9. Laurence J. Kotlikoff & Lawrence H. Summers, 1980. "The Role of Intergenerational Transfers in Aggregate Capital Accumulation," NBER Working Papers 0445, National Bureau of Economic Research, Inc.
  10. Hubbard, R Glenn & Skinner, Jonathan & Zeldes, Stephen P, 1995. "Precautionary Saving and Social Insurance," Journal of Political Economy, University of Chicago Press, vol. 103(2), pages 360-99, April.
  11. Molnar, Gyorgy & Simonovits, Andras, 1998. "Expectations, (in)stability and (in)viability in realistic overlapping cohorts models," Journal of Economic Dynamics and Control, Elsevier, vol. 23(2), pages 303-332, September.
  12. Fehr, Hans, 1999. "Pension reform during the demographic transition," W.E.P. - Würzburg Economic Papers 8, University of Würzburg, Chair for Monetary Policy and International Economics.
  13. Christopher D. Carroll & Jody Overland & David N. Weil, 1995. "Saving and growth with habit formation," Finance and Economics Discussion Series 95-42, Board of Governors of the Federal Reserve System (U.S.).
  14. R. Glenn Hubbard & Kenneth L. Judd, 1986. "Liquidity Constraints, Fiscal Policy, and Consumption," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 17(1), pages 1-60.
  15. Catalán, Mario & Guajardo, Jaime & Hoffmaister, Alexander W., 2010. "Coping with Spain's aging: retirement rules and incentives," Journal of Pension Economics and Finance, Cambridge University Press, vol. 9(04), pages 549-581, October.
  16. Heikki Oksanen, 2004. "Public Pensions in the national accounts and public finance targets," European Economy - Economic Papers 207, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  17. Heikki Oksanen, 2004. "Public Pensions in the National Accounts and Public Finance Targets," CESifo Working Paper Series 1214, CESifo Group Munich.
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Cited by:
  1. 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.

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