Savings, social security, and bequests in an OLG model. A simulation exercise for Austria
This 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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