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The risk sharing effects of social security and the stochastic properties of income growth
(Report2002:51, Research report, 2002-12)
Time-series analyses of output and productivity data suggest that shocks are fairly persistent. This has implications for the intergenerational risk-sharing effects of pay-as-you-go (paygo) social security programs. By ...
Designing social security : a portfolio choice approach
(Report2001:34, Research report, 2001-10)
Public social security systems may provide diversification of risks to individuals' life-time income. Capturing that a pay-as-you-go program (paygo) may be considered as a "quasi-asset", we study the optimal size of the ...
Intergenerational risk sharing by means of pay-as-you-go programs : an investigation of alternative mechanisms
(Report2006:12, Research report, 2006-05)
A pay-as-you-go (paygo) pension program may provide intergenerational pooling of risks to individuals’ labor and capital income over the life cycle. By means of illuminating closed form solutions we demonstrate that the ...