A tradeoff between the output and current account effects of pension reform /

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Bibliographic Details
Author / Creator:	Catalán, Mario, 1972-
Imprint:	[Washington, D.C.] : International Monetary Fund, ©2012.
Description:	1 online resource (24 pages)
Language:	English
Series:	IMF working paper ; WP/12/283 IMF working paper ; WP/12/283.
Subject:	Industrial productivity -- Econometric models. Balance of payments -- Econometric models. Pensions -- Econometric models. Balance of payments -- Econometric models. Industrial productivity -- Econometric models. Pensions -- Econometric models.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/11301849

Hidden Bibliographic Details
Other authors / contributors:	Magud, Nicolas. International Monetary Fund. Institute for Capacity Development.
ISBN:	9781616358570 1616358572 1475563949 9781475563948 1475576358 9781475576351 9781475563948 9781475576351
Digital file characteristics:	data file
Notes:	Title from PDF title page (IMF Web site, viewed December 6, 2012). "Institute for Capacity Development." "December 2012." Includes bibliographical references.
Summary:	We compare the long-term output and current account effects of pension reforms that increase the retirement age with those of reforms that cut pension benefits, conditional on reforms achieving similar fiscal targets. We show the presence of a policy trade-off. Pension reforms that increase the retirement age have a large positive effect on output, but a small (and often negative) effect on the current account. In contrast, reforms that cut pension benefits improve the current account balance but reduce output. Mixed pension reforms, which extend the working life and cut pension benefits, can simultaneously boost output and the current account.

Table of Contents:

Cover; Contents; Abstract; I. Introduction; II. The Model; III. Results; A. Baseline; B. Reform I: Increasing the Retirement Age; C. Reform II: Cutting Pension Benefits; D. The Long-Run Tradeoff between Output and the Current Account; References; Tables; 1. Baseline Parameter Values; 2. Results; Figures; 1. Baseline Household's Wage, Pension, Disposable Income, Consumption, and Saving Profiles by Age; 2. Effects of Pension Reforms o Household's Disposable Income and Consumption Profiles by Age; 3. Effects of Pension Reforms on Household's Labor Effort Profile by Age.

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