Will social security survive the baby boom?
In this paper we consider the design and implementation of a pay-as-you-go social insurance system as a problem in political economy. We consider whether a society of forward looking rational economic agents would implement a system in which the level of benefits can depend on the relative shares of different age groups in the population. We calibrate a model economy to match long-run features of the US economy and then look at the nature of the social security system that results.
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Volume (Year): 45 (1996)
Issue (Month): 1 (December)
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References listed on IDEAS
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- Hansson, Ingemar & Stuart, Charles, 1989. "Social Security as Trade among Living Generations," American Economic Review, American Economic Association, vol. 79(5), pages 1182-95, December.
- Rustichini, Aldo & Boldrin, Michele, 1995.
"Equilibria with social security,"
UC3M Working papers. Economics
3903, Universidad Carlos III de Madrid. Departamento de Economía.
- Kotlikoff, Laurence J & Persson, Torsten & Svensson, Lars E O, 1988. "Social Contracts as Assets: A Possible Solution to the Time-Consistency Problem," American Economic Review, American Economic Association, vol. 78(4), pages 662-77, September.
- Tabellini, Guido, 1991.
"The Politics of Intergenerational Redistribution,"
Journal of Political Economy,
University of Chicago Press, vol. 99(2), pages 335-57, April.
- Jungenfelt, K., 1991. "An Analysis of Pay as you go Pension Systems as Dynastic Clubs," Papers 497, Stockholm - International Economic Studies.
- Grandmont, Jean-Michel, 1978. "Intermediate Preferences and the Majority Rule," Econometrica, Econometric Society, vol. 46(2), pages 317-30, March.
- Browning, Edgar K, 1975. "Why the Social Insurance Budget Is Too Large in a Democracy," Economic Inquiry, Western Economic Association International, vol. 13(3), pages 373-88, September.
- Kramer, Gerald H, 1973. "On a Class of Equilibrium Conditions for Majority Rule," Econometrica, Econometric Society, vol. 41(2), pages 285-97, March.
- H. Verbon, 1987. "The rise and evolution of public pension systems," Public Choice, Springer, vol. 52(1), pages 75-100, January.
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