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On the Distributional Effects of Social Security Reform

Author

Listed:
  • Mark Huggett

    (ITAM)

  • Gustavo Ventura

    (University of Western Ontario)

Abstract

How will the distribution of welfare, consumption and leisure across households be affected by social security reform? This paper addresses this question for social security reforms with a two-tier structure by comparing steady states under a realistic version of the current US system and under the two-tier system. The first tier is a mandatory, defined-contribution pension offering a retirement annuity proportional to the value of taxes paid, whereas the second tier guarantees a minimum retirement income. Our findings, which are summarized in the introduction, do not in general favor the implementation of pay-as-you go versions of the two-tier system for the US economy. (Copyright: Elsevier)

Suggested Citation

  • Mark Huggett & Gustavo Ventura, 1999. "On the Distributional Effects of Social Security Reform," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 2(3), pages 498-531, July.
    • Handle: RePEc:red:issued:v:2:y:1999:i:3:p:498-531
    DOI: 10.1006/redy.1999.0051
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    Keywords

    social security; distribution;

    JEL classification:

    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • H53 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Welfare Programs

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