de Sousa, João Brogueira; Díaz-Saavedra, Julián; … - In: SERIEs - Journal of the Spanish Economic Association 13 (2022) 3, pp. 513-556
welfare. It complements the two classical systems of public insurance: pay-as-you-go (PAYG) pensions and unemployment … existing PAYG pension and UI systems with a welfare maximizing 6% BP tax would raise welfare by 0.96% of average consumption at …%. In both economies, the annuity retirement option is an important component of the welfare gains. …