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Saving and pension reform in general equilibrium models
In this paper we study saving and pension reform in the context of general equilibrium models. We discuss some of the reasons for the existence of a social security system. We highlight the key features of the US data that a general equilibrium model of saving and social security should match: the l...
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| Published in: | Oxford review of economic policy 2001-03, Vol.17 (1), p.20-39 |
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| Main Authors: | , , |
| Format: | Article |
| Language: | English |
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| cited_by | cdi_FETCH-LOGICAL-c421t-50f2b1e50a9c85f918650cab41b1fb5618dee58b05acb63ddbb22be4f2e811fe3 |
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| container_end_page | 39 |
| container_issue | 1 |
| container_start_page | 20 |
| container_title | Oxford review of economic policy |
| container_volume | 17 |
| creator | De Nardi, M Imrohoroglu, S Sargent, TJ |
| description | In this paper we study saving and pension reform in the context of general equilibrium models. We discuss some of the reasons for the existence of a social security system. We highlight the key features of the US data that a general equilibrium model of saving and social security should match: the life-cycle profiles of savings, consumption and hours worked, and the aggregate capital-output ratio and saving rate. We describe the structure of a general equilibrium model, and discuss how its parameters are estimated or calibrated from the data. We present the quantitative results from some policy experiments previously computed in the literature, first in the context of stationary demographics and then with an ageing population, and highlight the key policy prescriptions that we learn from these experiments. We conclude by providing some directions for future research. |
| doi_str_mv | 10.1093/oxrep/17.1.20 |
| format | article |
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We conclude by providing some directions for future research.</description><subject>Age</subject><subject>Demography</subject><subject>Economic policy</subject><subject>Equilibrium models</subject><subject>General equilibrium model</subject><subject>Income taxes</subject><subject>Life cycles</subject><subject>Parametric models</subject><subject>Payroll taxes</subject><subject>Pension schemes</subject><subject>Pensions</subject><subject>Population ageing</subject><subject>Retirement</subject><subject>Retirement age</subject><subject>Savings</subject><subject>Savings rates</subject><subject>Social security</subject><subject>Social security tax</subject><issn>0266-903X</issn><issn>1460-2121</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2001</creationdate><recordtype>article</recordtype><sourceid>C18</sourceid><sourceid>8BJ</sourceid><recordid>eNp90M1LAzEQBfAgCtbq0aOwJ_GydSbZZLdHW7UVBMUvxEtIdmcluh9t0kr9712t1JunOcyPB-8xdogwQBiK03blaXaK6QAHHLZYDxMFMUeO26wHXKl4COJ5l-2F8AYAPEmwx9J78-Ga18g0RTSjJri2iTyVra8j10Sv1JA3VUTzpauc9W5ZR3VbUBX22U5pqkAHv7fPHi8vHsbT-PpmcjU-u47zhOMillByiyTBDPNMlkPMlITc2AQtllYqzAoimVmQJrdKFIW1nFtKSk4ZYkmiz47XuTPfzpcUFrp2IaeqMg21y6BFxruWmergyb8QQSipRMp5R-M1zX0bQtdWz7yrjf_skP5eUv8sqTHVqDl0_mjt38Ki9RvMhYIUEP_yXFjQavM3_l2rVKRST59fdDJ6ur07n4z0WHwBgMSAjw</recordid><startdate>20010301</startdate><enddate>20010301</enddate><creator>De Nardi, M</creator><creator>Imrohoroglu, S</creator><creator>Sargent, TJ</creator><general>Oxford University Press</general><scope>BSCLL</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>C18</scope><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope></search><sort><creationdate>20010301</creationdate><title>Saving and pension reform in general equilibrium models</title><author>De Nardi, M ; Imrohoroglu, S ; Sargent, TJ</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c421t-50f2b1e50a9c85f918650cab41b1fb5618dee58b05acb63ddbb22be4f2e811fe3</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2001</creationdate><topic>Age</topic><topic>Demography</topic><topic>Economic policy</topic><topic>Equilibrium models</topic><topic>General equilibrium model</topic><topic>Income taxes</topic><topic>Life cycles</topic><topic>Parametric models</topic><topic>Payroll taxes</topic><topic>Pension schemes</topic><topic>Pensions</topic><topic>Population ageing</topic><topic>Retirement</topic><topic>Retirement age</topic><topic>Savings</topic><topic>Savings rates</topic><topic>Social security</topic><topic>Social security tax</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>De Nardi, M</creatorcontrib><creatorcontrib>Imrohoroglu, S</creatorcontrib><creatorcontrib>Sargent, TJ</creatorcontrib><collection>Istex</collection><collection>CrossRef</collection><collection>Humanities Index</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><jtitle>Oxford review of economic policy</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>De Nardi, M</au><au>Imrohoroglu, S</au><au>Sargent, TJ</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Saving and pension reform in general equilibrium models</atitle><jtitle>Oxford review of economic policy</jtitle><addtitle>Oxf Rev Econ Policy</addtitle><date>2001-03-01</date><risdate>2001</risdate><volume>17</volume><issue>1</issue><spage>20</spage><epage>39</epage><pages>20-39</pages><issn>0266-903X</issn><eissn>1460-2121</eissn><abstract>In this paper we study saving and pension reform in the context of general equilibrium models. 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| fulltext | fulltext |
| identifier | ISSN: 0266-903X |
| ispartof | Oxford review of economic policy, 2001-03, Vol.17 (1), p.20-39 |
| issn | 0266-903X 1460-2121 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_38246086 |
| source | EconLit s plnými texty; International Bibliography of the Social Sciences (IBSS); JSTOR Archival Journals and Primary Sources Collection; Oxford Journals Online; Humanities Index |
| subjects | Age Demography Economic policy Equilibrium models General equilibrium model Income taxes Life cycles Parametric models Payroll taxes Pension schemes Pensions Population ageing Retirement Retirement age Savings Savings rates Social security Social security tax |
| title | Saving and pension reform in general equilibrium models |
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