Tradeoff between the Output and Current Account Effects of Pension Reform.

By: Catalan, MarioContributor(s): Magud, Nicolas EMaterial type: TextTextSeries: IMF Working PapersPublisher: Washington : International Monetary Fund, 2012Copyright date: ©2012Description: 1 online resource (25 pages)Content type: text Media type: computer Carrier type: online resourceISBN: 9781475576351Subject(s): Balance of payments -- Econometric models | Industrial productivity -- Econometric models | Pensions -- Econometric modelsGenre/Form: Electronic books.Additional physical formats: Print version:: Tradeoff between the Output and Current Account Effects of Pension ReformDDC classification: 331.2522 | 332.152 LOC classification: HD7091 -- .C38 2012ebOnline resources: Click to View
Contents:
Cover -- Contents -- Abstract -- I. Introduction -- II. The Model -- III. Results -- A. Baseline -- B. Reform I: Increasing the Retirement Age -- C. Reform II: Cutting Pension Benefits -- D. The Long-Run Tradeoff between Output and the Current Account -- References -- Tables -- 1. Baseline Parameter Values -- 2. Results -- Figures -- 1. Baseline Household's Wage, Pension, Disposable Income, Consumption, and Saving Profiles by Age -- 2. Effects of Pension Reforms o Household's Disposable Income and Consumption Profiles by Age -- 3. Effects of Pension Reforms on Household's Labor Effort Profile by Age -- 4. The Long-Run Tradeoff between Output and the Current Account -- Appendix: Household's Optimization Problem.
Summary: We compare the long-term output and current account effects of pension reforms that increase the retirement age with those of reforms that cut pension benefits, conditional on reforms achieving similar fiscal targets. We show the presence of a policy trade-off. Pension reforms that increase the retirement age have a large positive effect on output, but a small (and often negative) effect on the current account. In contrast, reforms that cut pension benefits improve the current account balance but reduce output. Mixed pension reforms, which extend the working life and cut pension benefits, can simultaneously boost output and the current account.
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Cover -- Contents -- Abstract -- I. Introduction -- II. The Model -- III. Results -- A. Baseline -- B. Reform I: Increasing the Retirement Age -- C. Reform II: Cutting Pension Benefits -- D. The Long-Run Tradeoff between Output and the Current Account -- References -- Tables -- 1. Baseline Parameter Values -- 2. Results -- Figures -- 1. Baseline Household's Wage, Pension, Disposable Income, Consumption, and Saving Profiles by Age -- 2. Effects of Pension Reforms o Household's Disposable Income and Consumption Profiles by Age -- 3. Effects of Pension Reforms on Household's Labor Effort Profile by Age -- 4. The Long-Run Tradeoff between Output and the Current Account -- Appendix: Household's Optimization Problem.

We compare the long-term output and current account effects of pension reforms that increase the retirement age with those of reforms that cut pension benefits, conditional on reforms achieving similar fiscal targets. We show the presence of a policy trade-off. Pension reforms that increase the retirement age have a large positive effect on output, but a small (and often negative) effect on the current account. In contrast, reforms that cut pension benefits improve the current account balance but reduce output. Mixed pension reforms, which extend the working life and cut pension benefits, can simultaneously boost output and the current account.

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2018. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.

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