Smoothing the Implicit Tax Rate in a Pay-as-you-go Pension System
In this paper, we analyze how the implicit tax rate can be smoothed in a pay-as-you-go system if life expectancy increases or if the rate of population growth declines. We show that generation-specific contribution or replacement rates are necessary to smooth the implicit tax rate. Partial funding of the pension system is indispensable if the rate of population growth falls. If life expectancy increases, the contribution rate fluctuates and may not converge to a new steady state value unless funded elements are introduced.
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Volume (Year): 57 (2000)
Issue (Month): 3 (May)
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- Kifmann, Mathias & Schindler, Dirk, 2000. "Demographic changes and the implicit tax rate in a pay-as-you-go pension system," Discussion Papers, Series I 308, University of Konstanz, Department of Economics.
- Blanchet, Didier & Kessler, Denis, 1991. "Optimal Pension Funding with Demographic Instability and Endogenous Returns on Investment," Journal of Population Economics, Springer;European Society for Population Economics, vol. 4(2), pages 137-154, May.
- Breyer, Friedrich & Kifmann, Mathias & Stolte, Klaus, 1997. "Rentenzugangsalter und Beitragssatz zur Rentenversicherung," Discussion Papers, Series II 332, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
- Homburg, Stefan & Richter, Wolfram, 1990. "Eine effizienzorientierte Reform der GRV," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 183-191..
- Schnabel, Reinhold, 1998. "Rates of return of the German pay-as-you-go pension system," Papers 98-56, Sonderforschungsbreich 504.
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