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dc.contributor.author Rahman, M Saifur
dc.date.accessioned 2008-09-19T20:46:50Z
dc.date.available 2008-09-19T20:46:50Z
dc.date.issued 2008-09-19
dc.identifier.uri http://ssrn.com/abstract=1270643 en
dc.identifier.uri http://www.iub.edu/~caepr/RePEc/PDF/2008/CAEPR2008-024.pdf en
dc.identifier.uri http://hdl.handle.net/2022/3199
dc.description.abstract In this paper, I analyze consumption, aggregate savings, output and welfare implications of five different social security arrangements whenever there is demographic uncertainty. Following Bohn (2002), I analyze the effect of an uncertain population growth in an extended version of a modified Life-cycle model developed by Gertler (1999). Population growth dampens savings and output under all arrangements. Pay-as-you-go-Defined Benefit system appears to fare better than all other alternatives, falling short of the private annuity market with no pension system. But social security in general increases social welfare, with Fully Funded systems faring the best. Thus there appears to be a clear trade-off between growth and social welfare. The social security system also reduces the volatility of the economy. en
dc.format.extent 577934 bytes
dc.format.mimetype application/pdf
dc.language.iso en_US en
dc.publisher Center for Applied Economics and Policy Research en
dc.relation.ispartofseries CAEPR Working Papers en
dc.relation.ispartofseries 2008-024 en
dc.relation.isversionof This paper is also available on SSRN and RePEc. en
dc.subject CAEPR en
dc.subject Center for Applied Economics and Policy Research en
dc.subject Demographic uncertainty en
dc.subject Social welfare en
dc.subject Life-cycle model en
dc.subject Annuity market en
dc.subject Pay-as-you-go en
dc.subject Fully funded en
dc.subject Defined benefit en
dc.subject Defined contribution en
dc.subject alternative social security arrangements en
dc.title Demographic Uncertainty and Welfare in a Life-cycle Model under Alternative Public Pension Systems en
dc.type Working Paper en


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