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A Tradeoff between the Output and Current Account Effects of Pension Reform / Mario Catalan, Nicolas Magud.
- Format:
- Book
- Government document
- Author/Creator:
- Catalan, Mario.
- Series:
- IMF Working Papers; Working Paper ; No. 2012/283
- IMF Working Papers
- Language:
- English
- Subjects (All):
- Industrial productivity--Econometric models.
- Industrial productivity.
- Balance of payments--Econometric models.
- Balance of payments.
- Pensions--Econometric models.
- Pensions.
- Physical Description:
- 1 online resource (25 p.)
- Edition:
- 1st ed.
- Place of Publication:
- Washington, D.C. : International Monetary Fund, 2012.
- Language Note:
- English
- 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.
- Contents:
- Cover; Abstract; Contents; 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; Tables; 1. Baseline Parameter Values; 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 Account2. Results; Appendix: Household's Optimization Problem; References
- Notes:
- Description based upon print version of record.
- Includes bibliographical references.
- Description based on print version record.
- ISBN:
- 9781475579345
- 1475579349
- 9781475576351
- 1475576358
- OCLC:
- 820480787
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