Will Social Security Survive the Baby Boom?
In this paper we consider the design and implementation of a pay-as-you-go social insurance system as a problem in political economy. We consider whether a society of forward looking rational economic agents would implement a system in which the level of benefits can depend on the relative shares of different age groups in the population. We calibrate a model economy to match long-run features of the US economy and then look at the nature of the social security system that results.
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|Date of creation:||1996|
|Date of revision:|
|Contact details of provider:|| Postal: UNIVERSITY OF ROCHESTER, CENTER FOR MANUFACTURING AND OPERATIONS MANAGEMENT, WILLIAM E. SIMON GRADUATE SCHOOL OF BUSINESS ADMINISTRATION,|
Web page: http://www.simon.rochester.edu/
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- Hansson, Ingemar & Stuart, Charles, 1989. "Social Security as Trade among Living Generations," American Economic Review, American Economic Association, vol. 79(5), pages 1182-95, December.
- Guido Tabellini, 1989.
"The Politics of Intergenerational Redistribution,"
NBER Working Papers
3058, National Bureau of Economic Research, Inc.
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- Rustichini, Aldo & Boldrin, Michele, 1995.
"Equilibria with social security,"
UC3M Working papers. Economics
3903, Universidad Carlos III de Madrid. Departamento de Economía.
- Grandmont, Jean-Michel, 1978. "Intermediate Preferences and the Majority Rule," Econometrica, Econometric Society, vol. 46(2), pages 317-30, March.
- H. Verbon, 1987. "The rise and evolution of public pension systems," Public Choice, Springer, vol. 52(1), pages 75-100, January.
- Kramer, Gerald H, 1973. "On a Class of Equilibrium Conditions for Majority Rule," Econometrica, Econometric Society, vol. 41(2), pages 285-97, March.
- Kotlikoff, Laurence J & Persson, Torsten & Svensson, Lars E O, 1988. "Social Contracts as Assets: A Possible Solution to the Time-Consistency Problem," American Economic Review, American Economic Association, vol. 78(4), pages 662-77, September.
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