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Social security and the interactions between aggregate and idiosyncratic risk
Harenberg, Daniel; Ludwig, Alexander - 2014 - This Version: July 9, 2014
We ask whether a PAYG-financed social security system is welfare improving in an economy with idiosyncratic and aggregate risk. We argue that interactions between the two risks are important for this question. One is a direct interaction in the form of a countercyclical variance of idiosyncratic...
Persistent link: https://www.econbiz.de/10010374428
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Social security and the interactions between aggregate and idiosyncratic risk
Harenberg, Daniel; Ludwig, Alexander - 2014 - This version: March 20, 2014
We ask whether a PAYG-financed social security system is welfare improving in an economy with idiosyncratic and aggregate risk. We argue that interactions between the two risks are important for this question. One is a direct interaction in the form of a countercyclical variance of idiosyncratic...
Persistent link: https://www.econbiz.de/10010359333
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Social Security and the Interactions between Aggregate and Idiosyncratic Risk
Harenberg, Daniel - 2014
We ask whether a PAYG-financed social security system is welfare improving in an economy with idiosyncratic and aggregate risk. We argue that interactions between the two risks are important for this question. One is a direct interaction in the form of a countercyclical variance of idiosyncratic...
Persistent link: https://www.econbiz.de/10013056438
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Social Security and the Interactions between Aggregate and Idiosyncratic Risk
Harenberg, Daniel - 2014
We ask whether a PAYG-financed social security system is welfare improving in an economy with idiosyncratic and aggregate risk. We argue that interactions between the two risks are important for this question. One is a direct interaction in the form of a countercyclical variance of idiosyncratic...
Persistent link: https://www.econbiz.de/10013056696
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A narrative account of legislated social security changes for Germany
Gechert, Sebastian; Paetz, Christoph; Villanueva, Paloma - 2016
Exploiting official historical records of the German Bundestag and Bundesrat, the Federal Ministry of Labour and Social Affairs and the German statutory pension insurance scheme, we construct a narrative of legislated social security changes for Germany between 1970 and 2013 in order to identify...
Persistent link: https://www.econbiz.de/10011477469
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Demographic change and the German current account surplus
Schön, Matthias - 2019 - Preliminary version
This paper analyses whether the severe demographic change in Germany causes its high current account surpluses. An ageing population both increases the supply and lowers demand of capital in an economy. Due to a longer life span individuals save more. Fewer workers reduce the optimal capital...
Persistent link: https://www.econbiz.de/10012266985
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Sharing demographic risk: who is afraid of the baby bust?
Ludwig, Alexander; Reiter, Michael - 2008
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/10010264455
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Sharing Demographic Risk : Who is Afraid of the Baby Bust?
Ludwig, Alexander - 2009
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/10013157425
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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
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The Role of Social Security in Household Decisions : VAR Estimates of Saving and Fertility Behaviour in Germany
Cigno, Alessandro; Casolaro, Luca; Rosati, Furio Camillo - 2021
Estimating saving and fertility simultaneously by the VAR method, we find that social security cover has a positive … effect on household saving, and a negative effect on fertility. In Germany, as in other countries where the hypothesis was … saving in the form of pension contributions tends to displace intra-family transfers, rather than asset formation. However …
Persistent link: https://www.econbiz.de/10013321181