Bagchi, Shantanu; Jung, Juergen - 2022
, profit-maximizing firms, incomplete insurance markets, and agovernment that provides pensions and health insurance. We … calibrate this model to the U.S. economy andperform two computational experiments: (i) cutting Social Security’s payroll tax and … implications ofboth experiments: downsizing Social Security always leads to higher overall welfare, but the welfare gainis larger …