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Pension funding in a Keynesian model of growth

Author

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  • Codrina Rada

    (Department of Economics, University of Utah, Salt Lake City, UT, USA)

Abstract

This paper extends the post-Keynesian model of growth to reflect the feedback between pension funding, income distribution, and capital accumulation in an economy with overlapping generations. Different causal structures highlight factors that impact provision of pensions; conditions under which pension schemes promote economic and employment growth; and class conflict over the distribution of income. One key conclusion is that, as long as capital accumulation remains exogenous, policy and economic behavior of workers and retirees impact economic activity and sustainability of pension funding over transient paths but not at the steady state.

Suggested Citation

  • Codrina Rada, 2017. "Pension funding in a Keynesian model of growth," Review of Keynesian Economics, Edward Elgar Publishing, vol. 5(1), pages 94-106, January.
    • Handle: RePEc:elg:rokejn:v:5:y:2017:i:1:p94-106
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    More about this item

    Keywords

    fully funded pensions; social security; Keynesian economics; distributive conflict;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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