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Inequality in an OLG Economy with Heterogeneous Cohorts and Pension Systems

Author

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  • Tyrowicz, Joanna

    (University of Warsaw)

  • Makarski, Krzysztof

    (Warsaw School of Economics)

  • Bielecki, Marcin

    (University of Warsaw)

Abstract

We analyze the consumption and wealth inequality in an OLG model with mandatory pension systems. Our framework features within cohort heterogeneity of endowments and heterogeneity of preferences. We allow for population aging and gradual decline in TFP growth. We show four main results. First, increasing longevity translates to substantial increases in aggregate consumption inequality and wealth inequality. Second, a pension system reform from a defined benefit to a defined contribution works to reinforce consumption inequality and reduce wealth inequality. Third, minimum pension benefits are able to partially counteract an increase in inequality introduced by the defined contribution system, at a fiscal cost. Fourth the minimum pension benefit guarantee mostly addresses the sources of inequality which stem from differentiated endowments rather than those which stem from heterogeneous preferences.

Suggested Citation

  • Tyrowicz, Joanna & Makarski, Krzysztof & Bielecki, Marcin, 2018. "Inequality in an OLG Economy with Heterogeneous Cohorts and Pension Systems," IZA Discussion Papers 11621, Institute of Labor Economics (IZA).
  • Handle: RePEc:iza:izadps:dp11621
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    Cited by:

    1. Laszlo Goerke, 2020. "Horizontal FDI in a Dynamic Cournot - Oligopoly with Endogenous Entry," IAAEU Discussion Papers 202003, Institute of Labour Law and Industrial Relations in the European Union (IAAEU).
    2. Joanna Tyrowicz & Krzysztof Makarski & Marcin Bielecki, 2018. "Inequality in an OLG economy with heterogeneous cohorts and pension systems," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 16(4), pages 583-606, December.
    3. Acedański, Jan, 2017. "Heterogeneous expectations and the distribution of wealth," Journal of Macroeconomics, Elsevier, vol. 53(C), pages 162-175.
    4. Joanna Tyrowicz & Krzysztof Makarski & Marcin Bielecki, 2018. "Inequality in an OLG economy with heterogeneous cohorts and pension systems," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 16(4), pages 583-606, December.
    5. Magda Malec, 2017. "Redystrybucja wewnątrzpokoleniowa w systemie emerytalnym," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 4, pages 63-81.
    6. Janusz Jabłonowski, 2021. "MPC out of Augmented Wealth in Poland," Central European Journal of Economic Modelling and Econometrics, Central European Journal of Economic Modelling and Econometrics, vol. 13(3), pages 253-286, September.
    7. Laszlo Goerke & Michael Neugart, 2020. "Thorstein Veblen, Joan Robinson, and George Stigler (probably) never met: Social Preferences, Monopsony, and Government Intervention," IAAEU Discussion Papers 202001, Institute of Labour Law and Industrial Relations in the European Union (IAAEU).
    8. Diego Wachs & Jorge Onrubia, 2021. "Automatic adjustment mechanisms in public pension reforms: Effects over fiscal sustainability, adequacy, and fairness," Working Papers 2021-05, FEDEA.
    9. Vanesa Jorda & Jose M. Alonso, 2020. "What works to mitigate and reduce relative (and absolute) inequality?: A systematic review," WIDER Working Paper Series wp-2020-152, World Institute for Development Economic Research (UNU-WIDER).

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    More about this item

    Keywords

    defined contribution; longevity; inequality; wealth; consumption; defined benefit;
    All these keywords.

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation: Models and Applications
    • C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement

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