Who should bear the risk of economic growth?
Autor(a) principal: | |
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Data de Publicação: | 2020 |
Outros Autores: | |
Tipo de documento: | Relatório |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | https://hdl.handle.net/10438/29054 |
Resumo: | How is aggregate risks optimally shared between workers and retirees? We break this question in two parts. First, how ought risk to be shared between two groups of agents: one which must be provided incentives to make effort and other, which no longer be incentivized? Second, since incentives may be backloaded through pension entitlements, how does backloading optimally vary across states of nature? After formalizing these two aspects of the problem, we show that perfect risk sharing is optimal for log utility and when aggregate productivity growth is i.i.d.. For all other cases, departures from perfect risk sharing are welfare improving if more risk is born by retirees (resp. workers) when productivity growth is persistent (resp. mean reverting). Our numerical implementations however suggest that perfect risk sharing is approximately optimal for commonly used parameter values. |
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Abreu, Rafael Costa BerrielCosta, Carlos Eugênio daEscolas::EPGE2020-05-05T13:16:50Z2020-05-05T13:16:50Z20202020-05-030104-8910https://hdl.handle.net/10438/29054How is aggregate risks optimally shared between workers and retirees? We break this question in two parts. First, how ought risk to be shared between two groups of agents: one which must be provided incentives to make effort and other, which no longer be incentivized? Second, since incentives may be backloaded through pension entitlements, how does backloading optimally vary across states of nature? After formalizing these two aspects of the problem, we show that perfect risk sharing is optimal for log utility and when aggregate productivity growth is i.i.d.. For all other cases, departures from perfect risk sharing are welfare improving if more risk is born by retirees (resp. workers) when productivity growth is persistent (resp. mean reverting). Our numerical implementations however suggest that perfect risk sharing is approximately optimal for commonly used parameter values.engEscola de Pós-Graduação em Economia da FGVEnsaios Econômicos;817Social SecurityIntergenerational risk sharingHeterogeneous workersCompartilhamento de riscoSeguro socialTrabalhadores heterogêneosSeguro socialDesenvolvimento econômicoWho should bear the risk of economic growth?info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/reportreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessORIGINALfgv-epge-ensaio-economico-817.pdffgv-epge-ensaio-economico-817.pdfMain Paperapplication/pdf1008531https://repositorio.fgv.br/bitstreams/5cbeae88-734c-4193-8d58-ec662a5ce6f6/downloadb93009ade57da20e48f78e31ac366aadMD51TEXTfgv-epge-ensaio-economico-817.pdf.txtfgv-epge-ensaio-economico-817.pdf.txtExtracted 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dc.title.eng.fl_str_mv |
Who should bear the risk of economic growth? |
title |
Who should bear the risk of economic growth? |
spellingShingle |
Who should bear the risk of economic growth? Abreu, Rafael Costa Berriel Social Security Intergenerational risk sharing Heterogeneous workers Compartilhamento de risco Seguro social Trabalhadores heterogêneos Seguro social Desenvolvimento econômico |
title_short |
Who should bear the risk of economic growth? |
title_full |
Who should bear the risk of economic growth? |
title_fullStr |
Who should bear the risk of economic growth? |
title_full_unstemmed |
Who should bear the risk of economic growth? |
title_sort |
Who should bear the risk of economic growth? |
author |
Abreu, Rafael Costa Berriel |
author_facet |
Abreu, Rafael Costa Berriel Costa, Carlos Eugênio da |
author_role |
author |
author2 |
Costa, Carlos Eugênio da |
author2_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.author.fl_str_mv |
Abreu, Rafael Costa Berriel Costa, Carlos Eugênio da |
dc.subject.eng.fl_str_mv |
Social Security Intergenerational risk sharing Heterogeneous workers |
topic |
Social Security Intergenerational risk sharing Heterogeneous workers Compartilhamento de risco Seguro social Trabalhadores heterogêneos Seguro social Desenvolvimento econômico |
dc.subject.por.fl_str_mv |
Compartilhamento de risco Seguro social Trabalhadores heterogêneos |
dc.subject.bibliodata.por.fl_str_mv |
Seguro social Desenvolvimento econômico |
description |
How is aggregate risks optimally shared between workers and retirees? We break this question in two parts. First, how ought risk to be shared between two groups of agents: one which must be provided incentives to make effort and other, which no longer be incentivized? Second, since incentives may be backloaded through pension entitlements, how does backloading optimally vary across states of nature? After formalizing these two aspects of the problem, we show that perfect risk sharing is optimal for log utility and when aggregate productivity growth is i.i.d.. For all other cases, departures from perfect risk sharing are welfare improving if more risk is born by retirees (resp. workers) when productivity growth is persistent (resp. mean reverting). Our numerical implementations however suggest that perfect risk sharing is approximately optimal for commonly used parameter values. |
publishDate |
2020 |
dc.date.accessioned.fl_str_mv |
2020-05-05T13:16:50Z |
dc.date.available.fl_str_mv |
2020-05-05T13:16:50Z |
dc.date.issued.fl_str_mv |
2020 2020-05-03 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/report |
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report |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://hdl.handle.net/10438/29054 |
dc.identifier.issn.none.fl_str_mv |
0104-8910 |
identifier_str_mv |
0104-8910 |
url |
https://hdl.handle.net/10438/29054 |
dc.language.iso.fl_str_mv |
eng |
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eng |
dc.relation.ispartofseries.none.fl_str_mv |
Ensaios Econômicos;817 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
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