Social Security, Optimality and Equilibria in a Stochastic Overlapping Generations Economy

Gabrielle Demange and Guy Laroque

Post-Print from HAL

Abstract: Social security institutions implement intergenerational transfers and distribute risks over time. To compare various social security designs, we study an overlapping generations model with demographic shocks. Production takes place through a neoclassical production function subject to productivity shocks. We give a near characterization of optimal allocations. We study rational expectations equilibria when contributions are mandatory, based on labor and capital income. We also describe the equilibria of an economy with a voluntary pay-as-you-go social security fund, and show that they have a long-run optimality property. An example with Cobb-Douglas production and utility functions illustrates the results.

Keywords: Endogenous Growth; Exhaustible Resources; International Trade (search for similar items in EconPapers)
Date: 2000-01
References: Add references at CitEc
Citations: View citations in EconPapers (24)

Published in Journal of Public Economic Theory, 2000, 2 (1), pp.1-23

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Journal Article: Social Security, Optimality, and Equilibria in a Stochastic Overlapping Generations Economy (2000)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00670902

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().