The effects of annuities, bequests, and aging in an overlapping generations model of endogenous growth

被引：34
|
作者：
Pecchenino, RA [1 ]
Pollard, PS [1 ]
机构：
[1] FED RESERVE BANK ST LOUIS,ST LOUIS,MO
来源：
ECONOMIC JOURNAL | 1997年 / 107卷 / 440期
关键词：
D O I：
10.1111/1468-0297.00140
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We examine the effects of introducing actuarially fair annuity markers into an overlapping generations model of endogenous growth. The complete annuitisation of agents' wealth is not, in general, dynamically optimal; the degree of annuitisation that is dynamically optimal depends nonmonotonically on the expected length of retirement and on the pay-as-you-go social security tax rate. The government has an incentive to restrict the availability of actuarially fair annuities contracts, and can often move the economy from a pay-as-you-go to a fully-funded social security system via voluntary contributions to a government sponsored, actuarially fair pension today accompanied by reductions in social security taxes tomorrow.
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页码：26 / 46
页数：21
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