Aydede, Yigit - In: Journal of Economic Policy Reform 13 (2010) 2, pp. 179-190
This paper examines the increase in generational selfishness in parametric reforms of pay-as-you-go (PAYG) pension systems as a potential outcome of the time-inconsistency problem in optimal policies. When an adverse demographic shock occurs, the planner has to decide on its generational...