Conesa, Juan Carlos; Garriga, Carlos - Federal Reserve Bank of St. Louis - 2007
intergenerational redistribution device, and hence changing the system
itself cannot generate welfare gains. Alternatively, if the … Implicit Debt and Pareto
system is an intergenerational redistribution scheme, or
quivalently an implicit debt scheme. The …, thus
making explicit the implicit debt of social security.
Since intergenerational redistribution cannot itself generate …