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On welfare effects of increasing retirement age

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dc.abstract.enWe develop an OLG model with realistic assumptions about longevity to analyze the welfare effects of raising the retirement age. We look at a scenario where an economy has a pay-as-you-go defined benefit scheme and compare it to a scenario with defined contribution schemes (funded or notional). We show that, initially, in both types of pension system schemes the majority of welfare effects comes from adjustments in taxes and/or prices. After the transition period, welfare effects are predominantly generated by the preference for smoothing inherent in many widely used models. We also show that although incentives differ between defined benefit and defined contribution systems, the welfare effects are of comparable magnitude under both schemes. We provide an explanation for this counter-intuitive result.(original abstract)
dc.affiliationUniwersytet Warszawski
dc.contributor.authorMakarski, Krzysztof
dc.contributor.authorTyrowicz, Joanna
dc.date.accessioned2024-01-25T15:49:30Z
dc.date.available2024-01-25T15:49:30Z
dc.date.issued2019
dc.description.financeNie dotyczy
dc.identifier.doi10.1016/J.JPOLMOD.2018.11.002
dc.identifier.issn0161-8938
dc.identifier.urihttps://repozytorium.uw.edu.pl//handle/item/114898
dc.languageeng
dc.pbn.affiliationmanagement and quality studies
dc.relation.ispartofJournal of Policy Modeling
dc.rightsClosedAccess
dc.sciencecloudnosend
dc.subject.enLongevity
dc.subject.enRetirement age
dc.subject.enPension system reform
dc.subject.enWelfare
dc.subject.plWelfare
dc.subject.plwiek emerytalny
dc.subject.plreforma systemu emerytalnego
dc.subject.pldobrobyt
dc.titleOn welfare effects of increasing retirement age
dc.typeJournalArticle
dspace.entity.typePublication