NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Miguel Sánchez-Romero

Institute of Statistics and Mathematical Methods
in Economics, Vienna University of Technology
Wiedner Hauptstr. 8-10/E105-3
1040 Vienna Austria
and Wittgenstein Centre of Demography
and Global Human Capital (IIASA, VID/ÖAW, WU)

E-Mail: Miguel.Sanchez@oeaw.ac.at
Institutional Affiliation: TU Wien, Institute of Statistics and Mathematical Methods in Economics

NBER Working Papers and Publications

June 2019Redistributive Effects of Different Pension Systems When Longevity Varies by Socioeconomic Status
with Ronald D. Lee, Alexia Prskawetz: w25944
We propose a general analytical framework to model the redistributive features of alternative pension systems when individuals face ex ante differences in mortality. Differences in life expectancy between high and low socioeconomic groups are often large and have widened recently in many countries. Such longevity gaps affect the actuarial fairness and progressivity of public pension systems. However, behavioral responses to longevity and policy complicate analysis of possible reforms. Here we consider how various pension systems would perform in a general equilibrium OLG setting with heterogeneous longevity and ability. We evaluate redistributive effects of three Notional Defined Contribution plans and three Defined Benefit plans, calibrated on the US case. Compared to a benchmark non-redi...
 
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