Savings, Social Security and Bequests in an OLG Model. A Simulation Exercise for Austria
AbstractThis paper analyses the relation between savings, social security, and bequests in an OLG model. The social security system is modelled on a pay-as-you-go basis to replicate aspects of the Austrian pension scheme. A bequest motive is introduced by postulating that households derive utility from bequeathing wealth to their heirs. The parameters of the model are chosen to replicate important characteristics of the Austrian economy. The simulations focus on the effects of transitory and permanent changes in labor supply growth. These exercises demonstrate the importance of bequests for understanding qualitatively as well as quantitatively the saving behavior of private households. Copyright Springer-Verlag 1993
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Bibliographic InfoPaper provided by University of Vienna, Department of Economics in its series Vienna Economics Papers with number vie9201.
Date of creation: Feb 1991
Date of revision:
Publication status: published in Journal of Economics/Zeitschrift für Nationalökonomie.
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Web page: http://www.univie.ac.at/vwl
Other versions of this item:
- Klaus Neusser, 1993. "Savings, social security, and bequests in an OLG model. A simulation exercise for Austria," Journal of Economics, Springer, vol. 58(1), pages 133-155, December.
- Klaus Neusser, 1993. "Savings, social security, and bequests in an OLG model. A simulation exercise for Austria," Journal of Economics, Springer, vol. 7(1), pages 133-155, December.
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