This article presents a theoretical contribution to the field of overlapping-generations general equilibrium modelling, i.e. an upgrade of this branch of models with a pension system. Within the pension block we model both the first pension pillar, financed on a pay-as-you-go basis, and the fully-funded second pillar of the Slovenian pension system. The modelling of the first pension pillar is based on cash flows of the mandatory pension insurance institution, the relationship between the pension base and the pension, and the process of harmonising pension growth to wage growth. The modelling of the second pillar centres on implementation of the liquidity constraint. Use was made of supplementary pension profiles, and the ratio between premia paid and pensions paid out from supplementary pension insurance. The category of total pension was also introduced, and the model ensured that at every point households adjusted the scope of labour supply and their current consumption towards the target total pension.
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number
10350.
Find related papers by JEL classification: C68 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Computable General Equilibrium Models H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions D91 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Consumer Choice; Life Cycle Models and Saving D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
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