A note on intergenerational risk sharing and the design of pay-as-you-go pension programs
Different versions of pay-as-you-go public pension programs may have entirely different effects on the intergenerational distribution of income risk. If the pension benefit is a fixed proportion of previous labor income, a pay-as-you-go program increases the net income risk of all generations. On the other hand, a pay-as-you-go program characterized by a fixed labor income tax rate and uncertain pension benefits provides intergenerational risk sharing.
Volume (Year): 11 (1998)
Issue (Month): 3 ()
|Note:||Received: 10 December 1996 / Accepted: 24 November 1997|
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