Social security reforms and early retirement |
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Authors: | Hans Fehr Wenche Irén Sterkeby Øystein Thøgersen |
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Institution: | (1) Department of Economics, University of Würzburg, Sanderring 2, D-97070 Würzburg, Germany (Fax: +49-931-888-7129; e-mail: hans.fehr@mail.uni-wuerzburg.de), DE;(2) Department of Economics, Norwegian School of Management, P.O. Box 580 N-1302 Sandvika, Norway (Fax: +47-67-557-675; e-mail: wenche.i.sterkeby@bi.no), NO;(3) Department of Economics, Norwegian School of Economics and Business Administration, Helleveien 30, N-5045 Bergen, Norway (Fax: +47-55-959-543; e-mail: oystein.thogersen@nhh.no), NO |
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Abstract: | Many reform proposals of the social security systems in various OECD economies suggest to scale down the non-actuarial parts
of the pension systems. These reforms have a flavor of increased efficiency at the costs of welfare losses for low-income
individuals. Assessing the economic effects, we investigate five different reform proposals by means of a numerical overlapping
generations model for the Norwegian economy. The model features an endogenous retirement age and heterogeneous individuals
within generations. It turns out that the various reforms, which scale down the public non-actuarial pension system, lead
to increases in the retirement age and steady-state welfare gains for all income classes.
Received: 7 December 2000/Accepted: 29 January 2002
All correspondence to ?ystein Th?gersen. Financial support from the Research Council of Norway (The Economic Research Program
on Taxation) is gratefully acknowledged. We are indebted to Lans Bovenberg, John Ermisch, Erling Steigum and two referees
for valuable comments and useful discussion. Responsible editor: John F. Ermisch. |
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Keywords: | JEL classification: H55 H23 E62 |
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