名义账户利率理论溯源及其应用局限性

名义账户利率是名义账户制度的核心要素，也是选择名义账户利率指数化变量的主要依据。探讨名义账户利率实质上就等同于研究现收现付制养老金制度的内部收益率问题。在厘清现收现付制经济含义基础上，通过对相关理论的梳理、归纳和推演，名义账户制利率本质上就是“黄金律”条件下的经济增长率。但是，因为受制于经济、人口和养老金制度实际运行状况，这一利率理论应用局限性也非常明显，从而为进一步的应用讨论提供支持和借鉴。

Origin of Notional Defined Contribution Interest Rate Theory and Its Limitations in Application

The determination of the interest rate is the core element of the notional defined contribution ( NDC) system, and it is also the main basis for the choice of the interest rate index. The interest rate is essentially equivalent to internal rate of return of PAYG pension system. By combing the relevant theory, induction and deduction, the interest rate is essentially the economic growth rate at the Golden Rule level rule. However, due to subject to the actual operation of the economic, population and pension system, there are very obvious limitations for the application of the theory.