The Intragenerational Redistributive Effects of Unfunded Pension Programs

December 1, 1998

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

This paper provides a quantitative evaluation of the intracohort redistributive elements of the U.S. social security system in the context of a computable general equilibrium model. It determines how the well-being of individuals that differ by gender, race, and education is affected by the government’s social security policy. Differences in life expectancy and labor productivity translate into differences in capital accumulation and labor supply distortions that are responsible for the observed welfare difference between individuals of the same age cohort.

Subject: Aging, Education, Financial institutions, Health, Labor, Population and demographics, Securities, Wages

Keywords: Aging, annuity market, average earnings, benchmark economy, calibration procedure, consumer durables, demographics, earnings profile, expected return, heterogeneity, production function, productivity peak, rate of return, redistribution, Securities, sensitivity analysis, share parameter, simulation, Social Security, Wages, WP

Pages:
34
Volume:
1998
DOI:
https://doi.org/10.5089/9781451859089.001
Issue:
180
Series:
Working Paper No. 1998/180
Stock No:
WPIEA1801998
ISBN:
9781451859089
ISSN:
1018-5941

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