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Global Demographic Change and Climate Policies

Gerlagh, Reyer - 2017

Between 1950 and 2017, world average life expectancy increased from below-50 to above-70, while the fertility rate …

Persistent link: https://www.econbiz.de/10012947882

Sharing Demographic Risk - Who is Afraid of the Baby Bust?

Ludwig, Alexander; Reiter, Michael - 2021

We model the optimal reaction of a public PAYG pension system to demographic shocks. We compare the ex-ante first best and second best solution of a Ramsey planner with full commitment to the outcome under simple third best rules that mimic the pension systems observed in the real world. The...

Persistent link: https://www.econbiz.de/10013316485

The Tragedy of Annuitization

Heijdra, Ben J. - 2010

We construct a tractable discrete-time overlapping generations model of a closed economy and use it to study government redistribution of accidental bequests and private annuities in general equilibrium. Individuals face longevity risk as there is a positive probability of passing away before...

Persistent link: https://www.econbiz.de/10013139630

Fertility, Human Capital Accumulation, and the Pension System

Cremer, Helmuth; Gahvari, Firouz; Pestieau, Pierre - 2021

This paper provides a unified treatment of externalities associated with fertility and human capital accumulation as … part through education. In addition to the customary externality source associated with a change in average fertility rate … alone entails a higher fertility rate and a lower ratio of high- to low-ability children, as compared to using education …

Persistent link: https://www.econbiz.de/10013316338

Did the Black Death Cause Economic Development by 'Inventing' Fertility Restriction?

Edwards, Jeremy S. S. - 2018

unmarried women, thereby delaying female marriage, lowering fertility, and unleashing economic growth. We show that this …

Persistent link: https://www.econbiz.de/10012916356

Public Funding of Higher Education

Viaene, Jean-Marie - 2011

Recent criticism from different sides has expressed the view that, with scarce resources, there is little justification for massive public funding of higher education. Central to the debate is the conjecture that colleges and universities use their resources inefficiently and focus...

Persistent link: https://www.econbiz.de/10013119638

The Evolution of Public Spending on Higher Education in a Democracy

Haupt, Alexander - 2006

This paper analyses political forces that cause an initial expansion of public spending on higher education and an ensuing decline in subsidies. Growing public expenditures increase the future size of the higher income class and thus boost future demand for education. This demand shift implies...

Persistent link: https://www.econbiz.de/10012783323

Intergenerational Risk-Sharing Through Funded Pensions and Public Debt

Chen, Damiaan H. J. - 2014

We explore the benefits of intergenerational risk-sharing through both private funded pensions and via the public debt. We use a multi-period overlapping generations model with a PAYG pension pillar, a funded pension pillar and a government. Shocks are smoothed via the public debt and variations...

Persistent link: https://www.econbiz.de/10013058155

Intergenerational Risk Sharing by Means of Pay-as-You-Go Programs - an Investigation of Alternative Mechanisms

Thogersen, Oystein - 2007

A pay-as-you-go (paygo) pension program may provide intergenerational pooling of risks to individuals' labor and capital income over the life cycle. By means of a model that provides illuminating closed form solutions, we demonstrate that the magnitude of the optimal paygo program and the nature...

Persistent link: https://www.econbiz.de/10012778396

Alternative Social Security Systems and Growth

Kaganovič, Michail I.; Zilcha, Itzhak - 2021

Demographic trends in most developed economies are characterized by rising longevity and decreasing birthrates. These trends endanger the sustainability of the current public pension systems. Therefore social security reform proposals are on the agenda in many countries. This paper demonstrates...

Persistent link: https://www.econbiz.de/10013316496