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Identifier to cite or link to this item: https://hdl.handle.net/10086/25410

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Title
Designing an Optimal Public Pension System
Creator
Creator Name
Fujii, Takao Fujii, Takao
Affiliation
Affiliation Name
Kobe University
Creator Name
Hayashi, Fumiaki Hayashi, Fumiaki
Affiliation
Affiliation Name
Kobe University
Creator Name
Iritani, Jun Iritani, Jun
Affiliation
Affiliation Name
Fukuyama University
Creator Name
Oguro, Kazumasa Oguro, Kazumasa
Affiliation
Affiliation Name
Hitotsubashi University
Editor
Contributor Name
一橋大学経済研究所世代間問題研究機構 = Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University
Key Word
Overlapping generations model
public pension
optimal burden rate
JEL
D30
D60
D90
H21
H60
Abstract
This paper uses a two-period overlapping generations model in order to provide a theoretical design for an optimal public pension system based on a partial equilibrium analysis. Household preferences only depend on two periods consumption and leisure and is homogeneous of degree m with respect to consumption in the working and retired periods. We present characteristic features of an optimal public pension system in this paper. First, differences in the population growth rate do not affect the relative level of the optimal net lifetime burden rate of each generation. Second, if m≠0 or m<1, the optimal public pension system can be expressed explicitly. Third, the difference between the market time-preference rate and social time-preference rate provides a crucial insight into the optimal burden rate of each generation.
Publisher
Institute of Economic Research, Hitotsubashi University
Issued Date
2013-01
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
CIS Discussion paper series ; No. 578
Relation
Related Identifier
URI
  http://cis.ier.hit-u.ac.jp/English/index.html
Number of Pages
40
Appears in Collections
CIS Discussion paper series
URL
https://hdl.handle.net/10086/25410