TY  - BOOK
AU  - Catalan,Mario
AU  - Magud,Nicolas E.
TI  - A Tradeoff between the Output and Current Account Effects of Pension Reform
T2  - IMF Working Papers; Working Paper
SN  - 1475563949 :
SN  - 1018-5941
PY  - 2012///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Dynamic General Equilibrium Model
KW  - imf
KW  - External Balance
KW  - Open Economy Macroeconomics
KW  - Pension Benefits
KW  - Pension Reform
KW  - Retirement Age
KW  - Spain
N2  - 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
UR  - http://elibrary.imf.org/view/IMF001/20123-9781475563948/20123-9781475563948/20123-9781475563948.xml
UR  - http://www.imfbookstore.org/IMFORG/9781475563948
ER  -