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

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  • Klaus Neusser

Abstract

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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Article provided by Springer in its journal Journal of Economics.

Volume (Year): 7 (1993)
Issue (Month): 1 (December)
Pages: 133-155

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Handle: RePEc:kap:jeczfn:v:7:y:1993:i:1:p:133-155
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  1. Gerhard Orosel, 1991. "Inheritance and inequality when wealth enters the utility function," Journal of Economics, Springer, vol. 53(2), pages 133-160, June.
  2. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
  3. Gary S. Becker, 1974. "A Theory of Social Interactions," NBER Working Papers 0042, National Bureau of Economic Research, Inc.
  4. B. Douglas Bernheim, 1987. "Dissaving After Retirement: Testing the Pure Life Cycle Hypothesis," NBER Working Papers 1409, National Bureau of Economic Research, Inc.
  5. Summers, Lawrence H, 1981. "Capital Taxation and Accumulation in a Life Cycle Growth Model," American Economic Review, American Economic Association, vol. 71(4), pages 533-44, September.
  6. Bernheim, B Douglas & Shleifer, Andrei & Summers, Lawrence H, 1985. "The Strategic Bequest Motive," Journal of Political Economy, University of Chicago Press, vol. 93(6), pages 1045-76, December.
  7. Hurd, Michael D, 1989. "Mortality Risk and Bequests," Econometrica, Econometric Society, vol. 57(4), pages 779-813, July.
  8. Kotlikoff, Laurence J & Spivak, Avia, 1981. "The Family as an Incomplete Annuities Market," Journal of Political Economy, University of Chicago Press, vol. 89(2), pages 372-91, April.
  9. Alan J. Auerbach & Laurence J. Kotlikoff & Robert P. Hagemann & Giuseppe Nicoletti, 1989. "The Economic Dynamics of an Ageing Population: The Case of Four OECD Countries," OECD Economics Department Working Papers 62, OECD Publishing.
  10. Kotlikoff, Laurence J, 1988. "Intergenerational Transfers and Savings," Journal of Economic Perspectives, American Economic Association, vol. 2(2), pages 41-58, Spring.
  11. Laitner, John, 1984. "Transition time paths for overlapping-generations models," Journal of Economic Dynamics and Control, Elsevier, vol. 7(2), pages 111-129, May.
  12. Christian Keuschnigg, 1990. "Internationale und intertemporale Effekte der Kapitaleinkommensbesteuerung," Discussion Paper Serie A 300, University of Bonn, Germany.
  13. Weil, Philippe, 1989. "Overlapping families of infinitely-lived agents," Journal of Public Economics, Elsevier, vol. 38(2), pages 183-198, March.
  14. Lindbeck, Assar & Weibull, Jorgen W, 1986. " Intergenerational Aspects of Public Transfers, Borrowing and Debt," Scandinavian Journal of Economics, Wiley Blackwell, vol. 88(1), pages 239-67.
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Cited by:

  1. K. Farmer & K.W. Steininger, 1999. "Reducing CO2-Emissions Under Fiscal Retrenchment: A Multi-Cohort CGE-Model for Austria," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 13(3), pages 309-340, April.
  2. Henrik Petersen, Jorn, 1998. "Recent research on public pension systems. A review," Labour Economics, Elsevier, vol. 5(1), pages 91-108, March.
  3. Wendner, Ronald, 2001. "An applied dynamic general equilibrium model of environmental tax reforms and pension policy," Journal of Policy Modeling, Elsevier, vol. 23(1), pages 25-50, January.

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