Generational Policy and Aging in Closed and Open Dynamic General Equilibrium Models

Fehr, Hans; Jokisch, Sabine; Kallweit, Manuel; Kindermann, Fabian; Kotlikoff, Laurence J.

doi:10.1016/b978-0-444-59568-3.00027-4

Cited by 13 publications

(16 citation statements)

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“…The national income accounts data for China may not, in this regard, be fully reliable. In Fehr et al (2013) we have explored higher Chinese time preference and larger government saving with no material change in our findings. Kotlikoff et al (2007).…”

Section: Production Preference and Policy Parametersmentioning

confidence: 95%

The world’s interconnected demographic/fiscal transition

Fehr

Jokisch

Kotlikoff

2013

The Journal of the Economics of Ageing

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Section: Production Preference and Policy Parametersmentioning

confidence: 95%

The world’s interconnected demographic/fiscal transition

Fehr

Jokisch

Kotlikoff

2013

The Journal of the Economics of Ageing

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“…Application of mathematical methods in pension fund revenue formation is demonstrated in the publications by A. P. Arkhipov [9], H. Gerber [10], G. I. Falin [11], H. Ferr, S. Jokisch, M. Kallweit, F. Kindermann, L. J. Kotlikoff [12].…”

Section: Literature Reviewmentioning

confidence: 99%

World Experience and Russian Practice of the Pension System’s Revenue Formation: Mathematic Methods of Estimation

Budko

Fedotov

2017

JTR

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The article is devoted to the methods of revenue formation of the Pension system. Effective functioning of the Pension system in any country depends on the applied methods of revenue formation of the State Pension system. Thus, the problems of the Russian pension system disclosed in the article are caused by the inefficient methods of revenue formation of the Pension Fund of Russia. The theoretical views on conditions that determine the quality of the work of the pension system are reviewed. The methods of revenue formation of State pension systems in different countries of the world and conducted pension reforms are analyzed. The studies evaluating the effectiveness and sustainability of State pension systems usually use mathematical methods and actuarial calculations. Mathematical apparatus applied in the article allowed calculating the formal conditions of balance of the State pension system, considering compliance with the equivalency and compensatory contributions and payments. The publication outlines the mathematical formulas that describe the conditions of equivalence and retribution observance. The study revealed that the methods of revenue formation of State pension systems are social insurance and social security. Social insurance applies the techniques of pension social risks redistributing insurance and social security uses tax tricks redistribution of the National income. The method of social security reduces the motivation of contributors to pay obligatory payments to the State Pension Fund. Therefore, in Russia there is significant evasion. The authors considered using the distribution and accumulation method of revenue formation of the State Pension system. The article demonstrates that, various methods of revenue formation of the State Pension system are actively used in the world KEYWORDS Pension, Pension Fund, pension insurance, revenue, tax, grant, tax evasion, mathematical methods, pension accumulation, international experience HIGHLIGHTS 1. The balance between the pension system revenue and the expenses for pensions is an important characteristics of a national pension systems 2. The stability of the pension system based on the distribution method of forming revenue is ensured by the compliance of the insurance premium tariff with the macroeconomic and demographic conditions of the country's development; the stability of the pension system based on a funded method of forming revenue is ensured by the real annual return of pension savings placed in investment assets ISSN 2412-8872Journal of Tax Reform. 2017. T. 3, № 3. С. 199-215 3. The Russian pension system is unbalanced due to the significant scale of evasion from the pension insurance contributions 4. Mathematical calculations have shown that solving the problems of the Russian pension system is possible by increasing the motivation of citizens and organizations to pay the pension insurance contributions; expand the application of the funded method of pension system revenue formation and ensure a real level of return on the asse...

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“…This assumption follows Fehr et al (2013) and simplifies the analysis; however, it may imply too much substitutability between labor and capital in production, as Chirinko, Fazzari, and Meyer (2004) suggest that the elasticity of substitution in production is on the order of 0.4 (rather than the value of 1.0 implied by the Cobb-Douglas production functions). The various weighting parameters in the production functions and utility function are set to replicate as closely as possible the actual patterns of aggregate production and consumption.…”

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confidence: 99%

“…These are chosen to be consistent with the initial equilibrium and with empirical estimates and parameters used in other CGE studies, especially Altig et al (2001), Auerbach and Kotlikoff (1987), Rogers (1993, 1996), and Fehr et al (2013). Our choices regarding several of the most critical parameters can be summarized as follows.…”

mentioning

confidence: 99%

“…Note that because we assume a constant rate of population growth in our model, we cannot analyze the effects of demographic changes, including the fiscal imbalances that currently plague the United States and many other countries due to an aging population. The model can, however, be extended to allow varying rates of population growth for a finite time period, as long as population growth eventually returns to a constant steady state growth rate; for example, Auerbach and Kotlikoff (1987) make such a modification in their analysis of reform of the Social Security system in the United States, and Fehr et al (2013) construct a multiregional model that analyzes demographic changes in great detail.…”

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confidence: 99%

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