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The Welfare Effects of Pay-As-You-Go Retirement Programs: The Role of Tax and Benefit Timing.

It is well known that pay-as-you-go retirement programs reduce steady-state welfare and the capital stock in dynamically efficient overlapping generation (OLG) economies. The common two-period OLG model obscures, however, the relationship between the magnitude of these effects and the ages at which...

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Published in:Contemporary Economic Policy Vol. 25; no. 2; pp. 282 - 293
Main Author: Viard, Alan D.
Format: Article
Published: Wiley-Blackwell April 2007
Subjects:
Overlapping generations model (Economics)
Welfare economics
Retirement & economics
Taxation
Mathematical models
Online Access:View this record in EBSCOhost