Title of article :
Intergenerationalrisksharingandfiscalpolicy$
Author/Authors :
Henning Bohn، نويسنده ,
Issue Information :
روزنامه با شماره پیاپی سال 2008
Abstract :
Risk-sharingimplicationsofalternativefiscalpoliciesarecomparedinastochastic
production economywithoverlappinggenerations.Exanteefficiencyisshowntobe
achievablewithoptimaltransfers,regardlessofdistributionalconcerns.ForCRRA
preferences, stylizedreal-worldpolicies(notablysafedebtandsafepensions)arefound
inefficientinthedirectionofimposingnotenoughproductivityriskonretireesandtoo
much onfuturegenerations.Safetransferscanberationalizedasefficientifpreferences
displayage-increasingriskaversion,suchashabitformation.Theubiquityofsafe
transfers suggeststhatgovernmentstreattheyoungasmorerisktolerantthanolder
cohorts.
Keywords :
AggregaterisksOptimal risksharingIntergenerationaltransfersOverlappinggenerationsSocial securityFiscal policy
Journal title :
Journal of Monetary Economics
Journal title :
Journal of Monetary Economics
