Social Security Reform with Impure Intergenerational Altruism

Fang Yang

Discussion Papers from University at Albany, SUNY, Department of Economics

Abstract: This paper studies the long-run aggregate and welfare effect of eliminating Social Security in a quantitative dynamic general equilibrium life-cycle model where parents and their chidren are linked by voluntary and accidental bequests. Social Security in this model with impure altruism has a smaller effect on capital accumulation than in a pure life-cycle model, a bigger effect than in a model with two-sided altruism. The welfare gain of eliminating Social Security system under impure altruism is smaller than that in a pure life-cycle model, and bigger than that in a model with two-sided altruism.

Date: 2012
New Economics Papers: this item is included in nep-age, nep-dem, nep-dge and nep-pub
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Journal Article: Social security reform with impure intergenerational altruism (2013)
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