This paper studies the long-run aggregate and welfare effects of eliminating Social Security in a quantitative dynamic … bigger effect than in a model with two-sided altruism. The welfare gain of eliminating Social Security system under impure …

-sectional distribution of asset holdings can be particularly affected, which is important for welfare analysis. The paper recommends using …

argued that quantitative welfare losses from missing assets are small when time horizons are long and shocks are transitory … uncertainty welfare losses can be substantial. Furthermore we show that in this model welfare losses from incomplete markets do … increase as well. In this case the welfare loss of incomplete markets remains constant even as agents' rate of time preference …

transitional dynamics for the basic model following the social security reform we obtain important welfare gains for workers at the …