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A Framework for Pension Policy Analysis in Ireland: PENMOD, a Dynamic Simulation Model

  • Callan, Tim
  • Van de Ven, Justin

This paper describes a structural dynamic microsimulation model of the household that has been developed to explore behavioural responses to pensions policy counterfactuals in Ireland. The model is based upon the life-cycle theory of behaviour, which assumes that individuals make their decisions to maximise expected lifetime utility, subject to expectations that are consistent with the prevailing decision making environment. The model is calibrated to match Irish survey data.

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Paper provided by Economic and Social Research Institute (ESRI) in its series Papers with number WP400.

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Date of creation: Aug 2011
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Handle: RePEc:esr:wpaper:wp400
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  1. repec:nsr:niesrd:283 is not listed on IDEAS
  2. Mary Gregory & Sara Connolly, 2007. "Moving Down: Women`s Part-time Work and Occupational Change in Britain 1991-2001," Economics Series Working Papers 359, University of Oxford, Department of Economics.
  3. Alicia H. Munnell, 1991. "Are pensions worth the cost?," Working Papers 91-2, Federal Reserve Bank of Boston.
  4. Hall, Robert E, 1988. "Intertemporal Substitution in Consumption," Journal of Political Economy, University of Chicago Press, vol. 96(2), pages 339-57, April.
  5. Gallant, A. Ronald & Tauchen, George, 1996. "Which Moments to Match?," Econometric Theory, Cambridge University Press, vol. 12(04), pages 657-681, October.
  6. Deaton,Angus & Muellbauer,John, 1980. "Economics and Consumer Behavior," Cambridge Books, Cambridge University Press, number 9780521296762.
  7. Orazio P. Attanasio & Susann Rohwedder, 2003. "Pension Wealth and Household Saving: Evidence from Pension Reforms in the United Kingdom," American Economic Review, American Economic Association, vol. 93(5), pages 1499-1521, December.
  8. repec:tpr:qjecon:v:112:y:1997:i:2:p:443-77 is not listed on IDEAS
  9. Pierre-Olivier Gourinchas & Jonathan A. Parker, 1999. "Consumption Over the Life Cycle," NBER Working Papers 7271, National Bureau of Economic Research, Inc.
  10. Michal Myck & Gillian Paull, 2004. "The role of employment experience in explaining the gender wage gap," IFS Working Papers W04/16, Institute for Fiscal Studies.
  11. Richard Disney & Carl Emmerson & Matthew Wakefield, 2007. "Tax reform and retirement saving incentives: evidence from the introduction of stakeholder pensions in the UK," IFS Working Papers W07/19, Institute for Fiscal Studies.
  12. Lee, Bong-Soo & Ingram, Beth Fisher, 1991. "Simulation estimation of time-series models," Journal of Econometrics, Elsevier, vol. 47(2-3), pages 197-205, February.
  13. repec:esr:resser:rs14 is not listed on IDEAS
  14. Richard Blundell & Martin Browning & Costas Meghir, 1994. "Consumer Demand and the Life-Cycle Allocation of Household Expenditures," Review of Economic Studies, Oxford University Press, vol. 61(1), pages 57-80.
  15. Laibson, David I., 1997. "Golden Eggs and Hyperbolic Discounting," Scholarly Articles 4481499, Harvard University Department of Economics.
  16. James Sefton & Justin vandeVen & Martin Weale, 2008. "Means Testing Retirement Benefits: fostering equity or discouraging savings?," Economic Journal, Royal Economic Society, vol. 118(528), pages 556-590, 04.
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