effects of public pensions and credit rationing. These implications are not much affected by whether altruism is assumed or …

higher‐return tax‐advantaged private pensions and in housing. Second, we find that only the most patient households achieve …

pensions and on a particular type of unfunded (PAYG) pension. Surprisingly little is known about the optimal split between … state the importance of PAYG pensions differs. We estimate how the optimal level of unfunded, state pensions depends on rate …

We present new empirical evidence on the distribution of earnings, income and wealth among entrepreneurs in Germany. We …-scale overlapping-generations model that can replicate these findings. As an application, we compute the equilibrium effects of a reform … Germany does not help to improve its fiscal sustainability, and only an increase in the retirement age to 70 years will help …

pension payments in Germany and to what extent the existence and the magnitude of these reduction rates influence people s …

's 1999 notional defined-contribution pension reform in stabilizing this imbalance. Unlike many international counterparts …

equilibrium involving an old-age pensions system, partly financed by PAYG and partly by a capital reserve system, and what will be …