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作者：Echevarria, Cruz A.; Iza, Amaia
摘要：We analyze the effects of changes in the mortality rate upon life expectancy, education, retirement age, human capital and growth in the presence of social security. We build a vintage growth, overlapping generations model in which individuals choose the length of education and the age of retirement, and where unfunded social security pensions depend on workers' past contributions. Social security has a positive effect on education, but pension benefits favor reductions in retirement age. The ...
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作者：Chetty, Raj; Looney, Adam
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：Studies of risk in developing economies have focused on consumption fluctuations as a measure of the value of insurance. A common view in the literature is that the welfare costs of risk and benefits of social insurance are small if income shocks do not cause large consumption fluctuations. We present a simple model showing that this conclusion is incorrect if the consumption path is smooth because individuals are highly risk averse. Hence, social safety nets could be valuable in low-income ec...
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作者：Di Tella, Rafael; MacCulloch, Robert
作者单位：Harvard University; Imperial College London
摘要：We show how the differences in US and European institutions can arise in a normative model. The paper focuses on the labor market and the government's decision to set unemployment benefits in response to an unemployment shock. The government balances insurance considerations with the tax burden of benefits and the possibility that they introduce adverse incentive effects whereby benefits increase unemployment. It is found that when an adverse shock occurs, benefits should be increased most whe...
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作者：Cremer, Helmuth; Gahvari, Firouz; Pestieau, Pierre
作者单位：Universite de Toulouse; University of Illinois System; University of Illinois Urbana-Champaign; University of Liege; University of Liege
摘要：This paper studies the design of a pay-as-you-go social security system in an overlapping generations model where fertility is in part stochastic and in part determined through capital investment. If investments are publicly observable, pension benefits must be linked positively to the level of investment, and payroll taxes negatively to the number of children. The outcome is characterized by full insurance with all parents, regardless of their number of children, enjoying identical consumptio...
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作者：Garlappi, Lorenzo; Huang, Jennifer
作者单位：University of Texas System; University of Texas Austin
摘要：Existing literature suggests that, in order to maximize the tax benefit of retirement accounts, investors should follow a pecking order location rule of placing highly taxed assets (e.g., bonds) in a tax-deferred account and lightly taxed assets (e.g., stocks) in a taxable account. Empirical evidence, however, documents that a large number of investors violate this rule. In this paper, we show that such violations can be optimal for risk-averse investors who face portfolio constraints. In part...
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作者：Bottazzi, Renata; Jappelli, Tullio; Padula, Mario
作者单位：University of Salerno; University of Bologna; Centre for Economic Policy Research - UK
摘要：We estimate the effect of pension reforms on households' expectations of retirement outcomes and private wealth accumulation decisions exploiting a decade of intense Italian pension reforms as a source of exogenous variation in expected pension wealth. The Survey of Household Income and Wealth, a large random sample of the Italian population, elicits expectations of the age at which workers expect to retire and of the ratio of pension benefits to pre-retirement income between 1989 and 2002. We...
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作者：Cai, Fang; Giles, John; Meng, Xin
作者单位：Michigan State University; Chinese Academy of Sciences
摘要：As population aging becomes more pronounced in the developing world, the uneven implementation of social safety nets raises important questions as to how well traditional family-based mechanisms insure elderly incomes when pension systems fail. Using a unique dataset from a recent household survey conducted in urban China, we find evidence that private transfers respond to low household income of retired workers when income falls below the poverty line. This finding is consistent with an altru...
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作者：Jack, William; Levinson, Arik; Rahardja, Sjamsu
作者单位：Georgetown University
摘要：Flexible Spending Accounts (FSAs) subsidize out-of-pocket health expenses not covered by employer-provided health insurance, making health care cheaper ex post, but also reducing the incentive to insure. We use a cross section of firm-level data to show that FSAs are indeed associated with reduced insurance coverage, and to evaluate the welfare consequences of this shift. Correcting for selection effects we find that FSAs are associated with insurance contracts that have coinsurance rates abou...
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作者：Hurd, Michael; Panis, Constantijn
作者单位：Deloitte Touche Tohmatsu Limited; RAND Corporation
摘要：Most pension plans allow a lump sum distribution upon job separation, enabling a subsequent cash-out. in the 1992-2000 HRS, 13% of entitlements were cashed-out, representing 5.3% of entitlement dollars. Among plans with a lump sum option, 20% were cashed out. Cash-outs can be rational and we broadly confirm hypotheses for cash-out determinants, but not that individuals with short expected longevity should wish to disproportionately cash out. Fears of adverse selection into the pool of pensione...
