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The Dark Side of Wage Indexed Pensions


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Title: The Dark Side of Wage Indexed Pensions
Authors: Erlandzon, Karl
Carlsson, Evert
Issue Date: 2005
University: Göteborg University. School of Business, Economics and Law
Extent: 44 pages
862341 bytes
Publication type: Report
Series/Report no.: Working Papers in Economics, nr 178
Keywords: Life-cycle; portfolio choice; pensions
Abstract: This paper investigates some welfare effects of forced saving through a mandatory pension scheme. The framework for the analysis is a life-cycle model of a borrowing constrained individual´s consumption and portfolio choice in the presence of uncertain labour income and realistically calibrated tax and pension systems. Pension benefits stem from both a defined benefit and a notionally defined contribution part, the latter being indexed to stochastic aggregate labour income. We show that agents ... more
ISSN: 1403-2465
URI: http://hdl.handle.net/2077/2856
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