Government debt and social security in a life-cycle economy

Mark Gertler
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引用次数: 250

Abstract

This paper develops a tractable overlapping generations model that is useful for analyzing both the short- and long-run impact of fiscal policy and social security. It modifies the Blanchard (1985)/Weil (1987) framework to allow for life-cycle behavior. This is accomplished by introducing random transition from work to retirement, and then from retirement to death. The transition probabilities may be picked to allow for realistic average lengths of life, work, and retirement. The resulting framework is not appreciably more difficult to analyze than the standard Cass/Koopmans one-sector growth model: besides the capital stock, there is only one additional state variable: the distribution of wealth between workers and retirees. The model also allows for variable labor supply. Under reasonable parameter values government debt and social security have significant effects on capital intensity.

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生命周期经济中的政府债务和社会保障
本文建立了一个易于处理的代际重叠模型,该模型可用于分析财政政策和社会保障的短期和长期影响。它修改了Blanchard (1985)/Weil(1987)框架,以允许生命周期行为。这是通过引入从工作到退休,然后从退休到死亡的随机过渡来实现的。转换概率的选择可以考虑到实际的平均寿命、工作和退休时间。由此得出的框架并不比标准的卡斯/库普曼斯单部门增长模型更难分析:除了资本存量,只有一个额外的状态变量:工人和退休人员之间的财富分配。该模型还考虑了可变的劳动力供给。在合理的参数值下,政府债务和社会保障对资本密集度有显著影响。
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