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Equilibrium dynamics with different types of pay-as-you-go pension schemes

Andreas Wagener

Economics Bulletin, 2003, vol. 8, issue 6, 1-12

Abstract: We analyse the steady-state equilibrium dynamics of an OLG economy with a pay-as-you-go (PAYG) pension scheme that relates old-age pensions to previous earnings. Contrary to an economy where PAYG pensions depend on the earnings of those currently working, such an economy may experience complex equilibrium dynamics with endogenous cycles and bifurcations.

Keywords: bifurcations (search for similar items in EconPapers)
JEL-codes: H5 (search for similar items in EconPapers)
Date: 2003-04-23
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