insurance against income uncertainty. This insurance comes at the expense of efficiency loss due to labor supply distortions … efficiency gains. However, prior research financed the transitory costs of the reform by taxing consumption. We show that in the …

insurance against income uncertainty. This insurance comes at the expense of efficiency loss due to labor supply distortions … efficiency gains. However, prior research financed the transitory costs of the reform by taxing consumption. We show that in the …

system, we increase the degree of progressivity and compute the resulting macroeconomic, welfare and efficiency effects … that reductions in the benefit level (i.e. privatization) will only reduce economic efficiency …

system, we increase the degree of progressivity and compute the resulting macroeconomic, welfare and efficiency effects. For … that reductions in the benefit level (i.e. privatization) will only reduce economic efficiency. -- stochastic OLG model …

features of social security programs, and explore "political" theories of Social Security. This paper discusses the "efficiency … theories", which view creation of the SS program as a full of partial solution to some market failure. Efficiency explanations … efficiency explanations are compared with the international and historical facts and used to derive implications for replacing …