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Savings, Social Security and Bequests in an OLG Model. A Simulation Exercise for Austria

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  • Klaus NEUSSER

Abstract

This paper analyses the relation between savings, social security, and bequests in an OLG model. The social security system is modelled on a pay-as-you-go basis to replicate aspects of the Austrian pension scheme. A bequest motive is introduced by postulating that households derive utility from bequeathing wealth to their heirs. The parameters of the model are chosen to replicate important characteristics of the Austrian economy. The simulations focus on the effects of transitory and permanent changes in labor supply growth. These exercises demonstrate the importance of bequests for understanding qualitatively as well as quantitatively the saving behavior of private households. Copyright Springer-Verlag 1993
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Suggested Citation

  • Klaus NEUSSER, 1991. "Savings, Social Security and Bequests in an OLG Model. A Simulation Exercise for Austria," Vienna Economics Papers vie9201, University of Vienna, Department of Economics.
  • Handle: RePEc:vie:viennp:vie9201
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    References listed on IDEAS

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    1. Becker, Gary S, 1974. "A Theory of Social Interactions," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1063-1093, Nov.-Dec..
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    7. Summers, Lawrence H, 1981. "Capital Taxation and Accumulation in a Life Cycle Growth Model," American Economic Review, American Economic Association, vol. 71(4), pages 533-544, September.
    8. Bernheim, B Douglas & Shleifer, Andrei & Summers, Lawrence H, 1986. "The Strategic Bequest Motive," Journal of Labor Economics, University of Chicago Press, vol. 4(3), pages 151-182, July.
    9. Christian Keuschnigg, 1990. "Internationale und intertemporale Effekte der Kapitaleinkommensbesteuerung," Discussion Paper Serie A 300, University of Bonn, Germany.
    10. Hurd, Michael D, 1989. "Mortality Risk and Bequests," Econometrica, Econometric Society, vol. 57(4), pages 779-813, July.
    11. Alan J. Auerbach & Laurence J. Kotlikoff & Robert P. Hagemann & Giuseppe Nicoletti, 1989. "The Economic Dynamics of an Ageing Population: The Case of Four OECD Countries," OECD Economics Department Working Papers 62, OECD Publishing.
    12. Kotlikoff, Laurence J, 1988. "Intergenerational Transfers and Savings," Journal of Economic Perspectives, American Economic Association, vol. 2(2), pages 41-58, Spring.
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    Cited by:

    1. K. Farmer & K.W. Steininger, 1999. "Reducing CO2-Emissions Under Fiscal Retrenchment: A Multi-Cohort CGE-Model for Austria," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 13(3), pages 309-340, April.
    2. Wendner, Ronald, 2001. "An applied dynamic general equilibrium model of environmental tax reforms and pension policy," Journal of Policy Modeling, Elsevier, vol. 23(1), pages 25-50, January.
    3. Henrik Petersen, Jorn, 1998. "Recent research on public pension systems. A review," Labour Economics, Elsevier, vol. 5(1), pages 91-108, March.

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