G2TT
来源类型Discussion paper
规范类型论文
来源IDDP2807
DP2807 Monetary Policy Rules and the Exchange Rate
PIerpaolo Benigno; Gianluca Benigno
发表日期2001-05-29
出版年2001
语种英语
摘要This Paper uses stochastic simulations on calibrated models to assess the steady state impact of different pension arrangements in an environment where financial markets are less than perfect. Surprisingly little is known about the optimal split between funded and unfunded systems when there are sources of uninsurable risk that are allocated in different ways by different types of pension system and where there are imperfections in financial markets (eg transaction costs or adverse selection). This Paper calculates the expected welfare of agents in different economies where in the steady state the importance of unfunded state pensions differs. We estimate how the optimal level of unfunded state pensions depends on rate of return and income risks and also upon the actuarial fairness of annuity contracts. We focus on the case of Japan where ageing is rapid and unfunded pensions are currently generous.
主题Financial Economics ; International Macroeconomics ; Public Economics
关键词Pensions Portfolio allocation Demographics Annuities Risk-sharing
URLhttps://cepr.org/publications/dp2807
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/531865
推荐引用方式
GB/T 7714
PIerpaolo Benigno,Gianluca Benigno. DP2807 Monetary Policy Rules and the Exchange Rate. 2001.
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