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Pension funding and individual accounts in economies with life-cyclers and myopes

机译:拥有生命周期和近视的经济体中的养老金和个人账户

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摘要

The present paper Studies the growth and efficiency consequences of pension funding with individual retirement accounts in a general equilibrium overlapping generations model with idiosyncratic lifespan and labor income uncertainty. We distinguish between economies with rational and hyperbolic consumers and compare the consequences of voluntary and mandatory retirement plans. Three major findings are derived in our study: First, we quantify the commitment effect of social security for myopic individuals by roughly 1 percent of aggregate resources. It is possible to recapture this commitment technology in IRAs, if those are annuitized. Second, despite the fact that our consumers have an operative bequest motive, the welfare gain from the (implicit) longevity insurance of the pension system is significant and amounts to roughly 0.5 percent of aggregate resources. However, mandatory annuitization reduces unintended bequests so that future generations are significantly hurt. Finally, our results highlight the importance of liquidity effects for social security analysis. These efficiency gains are only attainable if accounts are voluntary and not mandatory.
机译:本文研究了在具有特殊寿命和劳动收入不确定性的一般均衡重叠世代模型中,具有个人退休帐户的养老金的增长和效率后果。我们区分具有理性和双曲线消费者的经济体,并比较自愿性和强制性退休计划的后果。我们的研究得出了三个主要发现:首先,我们通过近总资源的1%来量化近视个体的社会保障承诺效果。如果IRA中有这些承诺技术,则可以重新获得该承诺技术。其次,尽管我们的消费者有可动用的遗赠动机,但养老金系统的(隐性)寿命保险所带来的福利收益是巨大的,约占总资源的0.5%。但是,强制性年金化减少了意外的遗赠,从而严重损害了后代。最后,我们的结果突出了流动性效应对社会保障分析的重要性。仅当帐户是自愿的而不是强制性的时,才能实现这些效率提高。

著录项

  • 作者

    Fehr Hans; Kindermann Fabian;

  • 作者单位
  • 年度 2009
  • 总页数
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类

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