期刊
AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
卷 7, 期 2, 页码 1-39出版社
AMER ECONOMIC ASSOC
DOI: 10.1257/mac.20130322
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资金
- Chicago Booth
- China's Social Science Foundation [122D074]
- ERC Advanced Grant Macroinequality [324085]
- ESOP
- Swiss National Science Foundation [100014-122636]
- ERG Advanced Grant Microinequality [324085]
- ERC [IPCDP-229883]
- European Research Council (ERC) [324085] Funding Source: European Research Council (ERC)
We analyze intergenerational redistribution in emerging economies with the aid of an overlapping generations model with endogenous labor supply. Growth is initially high but declines over time. A version of the model calibrated to China is used to analyze the welfare effects of alternative pension reforms. Although a reform of the current system is necessary to achieve financial sustainability, delaying its implementation implies large welfare gains for the (poorer) current generations, imposing only small costs on (richer) future generations. In contrast, a fully funded reform harms current generations, with small gains to future generations.
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