Life Cycle, Employment and Retirement Course 2 Social security issues Jean-Olivier HAIRAULT, Professeur à Paris I Panthéon-Sorbonne et à lEcole dEconomie.

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Presentation transcript:

Life Cycle, Employment and Retirement Course 2 Social security issues Jean-Olivier HAIRAULT, Professeur à Paris I Panthéon-Sorbonne et à lEcole dEconomie de Paris (EEP)

Different issues

Capital accumulation vs. insurance But

Defined benefit vs. Defined contribution

PAYG vs. funded

Impact on capital accumulation

Saving motives

The role of altruism

The role of altruism: references De Nardi, M., Wealth Inequality and Intergenerational Links, Review of Economic Studies 71 (July 2004), A Welfare Analysis of Social Security in a Dynastic Framework, (Luisa Fuster, Ayse İmrohoroğlu and Selahattin İmrohoroğlu), International Economic Review, Vol. 44, No. 4, November Elimination of Social Security in a Dynastic Framework, (Luisa Fuster, Ayse İmrohoroğlu and Selahattin İmrohoroğlu), Review of Economic Studies. forthcomingElimination of Social Security in a Dynastic Framework

Life uncertainty and annuity provisions

Income uncertainty and SS progressivity

Income uncertainty: References The Risk-Sharing Implications of Alternative Social Security Arrangements, Storesletten, K., C. I. Telmer and A. Yaron, Carnegie-Rochester Conference Series on Public Policy 50 (June 1999), A Welfare Analysis of Social Security in a Dynastic Framework, (Luisa Fuster, Ayse İmrohoroğlu and Selahattin İmrohoroğlu), International Economic Review, Vol. 44, No. 4, November 2003.

Capital rate of return uncertainty

Capital Rate of return uncertainty: References Intergenerational Risk-Sharing and Risk-Taking of a Pension Fund, Gollier, C., Journal of Public Economics (December, 2007) Krueger, D. and F. Kubler, Pareto-Improving Social Security Reform When Financial Markets are Incomplete!? American Economic Review, June, Dirk Krueger & Felix Kubler, "Intergenerational Risk- Sharing via Social Security when Financial Markets Are Incomplete," American Economic Review, American Economic Association, vol. 92(2), pages , May.Intergenerational Risk- Sharing via Social Security when Financial Markets Are IncompleteAmerican Economic Review

Redistribution

Inequality and Social Security: References On the Distributional Effects of Social Security Reform, Huggett, M. and G. Ventura, Review of Economic Dynamics (July 1999), Inequality and Social Security Reforms, Journal of Economic Dynamics and Control, (J.O Hairault and F. Langot), Le caractère plus égalitaire de la retraite par répartition: une cause entendue? (joint with F. Langot), in Revue d'Economie Politique, 2002, vol. 112, p

Impact on labor supply decisions

Intensive margin Individual hours Elimination of Social Security in a Dynastic Framework, (Luisa Fuster, Ayse İmrohoroğlu and Selahattin İmrohoroğlu), Review of Economic Studies. forthcomingElimination of Social Security in a Dynastic Framework

Extensive margin

Retirement Age and Social Security Provisions : References Economics of retirement, Alan L. Gustman and Thomas L. Steinmeier Ageing and retirement age. What can we learn from the Overlapping Generations Model ? Antoine d'Autume Blanchet D. and L. Caussat (2000), Le libre choix de lâge de la retraite, approche économique, in Retraites choisies et progressives, D. Taddei ed., Rapport du Conseil dAnalyse Economique, La Documentation française Gruber, J. and D.Wise, Social Security and Retirement: An International Comparison, American Economic Review 88 (May 1998), Inciter à différer le départ en retraite: une analyse en termes de courbe de Laffer (joint with F. Langot and T. Sopraseuth), in Revue d'Economie Politique, 2005, 115, p Quantifying the Laffer Curve on the Continued Activity Tax in a Dynastic Framework. International Economic Review, (J.O. Hairault, F. Langot and T. Sopraseuth), Forthcoming. Quantifying the Laffer Curve on the Continued Activity Tax in a Dynastic Framework