Social security as Markov equilibrium in OLG models: a note
I refine and extend the Markov perfect equilibrium of the social security policy game in Forni (2005) for the special case of logarithmic utility. Under the restriction that the policy function be continuous, instead of differentiable, the equilibrium is globally well defined and its dynamics always stable. (Copyright: Elsevier)
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Volume (Year): 14 (2011)
Issue (Month): 3 (July)
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References listed on IDEAS
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- Gonzalez-Eiras, Martin & Niepelt, Dirk, 2008.
"The future of social security,"
Journal of Monetary Economics,
Elsevier, vol. 55(2), pages 197-218, March.
- Martin Gonzalez-Eiras & Dirk Niepelt, 2007. "The Future of Social Security," Working Papers 07.02, Swiss National Bank, Study Center Gerzensee.
- Gonzalez-Eiras, Martin & Niepelt, Dirk, 2007. "The Future of Social Security," CEPR Discussion Papers 6245, C.E.P.R. Discussion Papers.
- Kaiji Chen & Zheng Song, 2014. "Markovian Social Security in Unequal Societies," Scandinavian Journal of Economics, Wiley Blackwell, vol. 116(4), pages 982-1011, October.
- Zheng Song & Kaiji Chen, 2009. "Markovian Social Security in Unequal Societies," 2009 Meeting Papers 318, Society for Economic Dynamics.
- Mateos-Planas, Xavier, 2008. "A quantitative theory of social security without commitment," Journal of Public Economics, Elsevier, vol. 92(3-4), pages 652-671, April. Full references (including those not matched with items on IDEAS)