全球智库信息集成服务系统(G2TT): DP7094 Estimating the Effect of a Retraining Program on the Re-Employment Rate of Displaced Workers

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP7094
	DP7094 Estimating the Effect of a Retraining Program on the Re-Employment Rate of Displaced Workers
	Denis Fougère; Julien Pouget; Sandra Cavaco
发表日期	2008-12-23
出版年	2008
语种	英语
摘要	We explore intergenerational and international risk sharing in a general equilibrium multiple-country model with two-tier pensions systems. The exact design of the funded tier is key for the way in which risks are shared over the various generations. The laissez-faire market solution fails to provide an optimal allocation because the young cannot share in the risks. However, the existence of wage-indexed bonds combined with a pension system with a fully-funded second tier that pays defined wage-indexed benefits can reproduce the first best. If wage-indexed bonds are not available, mimicking the first best is not possible, except under special circumstances. We also explore whether national pension funds want to deviate from the first best by increasing domestic equity holdings. With wage-indexed bonds this incentive is absent, while there is indeed such an incentive when wage-indexed bonds do not exist.
主题	International Macroeconomics
关键词	Funded pensions Risk sharing Overlapping generations Defined wage-indexed benefits Wage-indexed bonds
URL	https://cepr.org/publications/dp7094
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/535931
推荐引用方式 GB/T 7714	Denis Fougère,Julien Pouget,Sandra Cavaco. DP7094 Estimating the Effect of a Retraining Program on the Re-Employment Rate of Displaced Workers. 2008.