| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6077 |
| DP6077 The Return to Knowledge Hierarchies | |
| Thomas N. Hubbard; Luis Garicano | |
| 发表日期 | 2007-02-14 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | We investigate intergenerational risk sharing in two-pillar pension systems with a pay-as-you-go pillar and a funded pillar. We consider shocks in productivity, depreciation of capital and inflation. The funded pension pillar can be either defined contribution or defined benefit, with benefits defined in real or nominal terms or indexed to wages. Optimal intergenerational risk sharing can be achieved only in the presence of a defined benefit pension system with appropriate restrictions on investment policy of the funded pillar. In this way, both generations have similar exposures to financial and human capital risks. |
| 主题 | International Macroeconomics |
| 关键词 | (funded) pensions Fiscal policy Nominal assets Risk sharing Overlapping generations |
| URL | https://cepr.org/publications/dp6077 |
| 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/534916 |
| 推荐引用方式 GB/T 7714 | Thomas N. Hubbard,Luis Garicano. DP6077 The Return to Knowledge Hierarchies. 2007. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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