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The Macroeconomics of Pay-As-You-Go Pension Schemes in an Aging Society
Lionel Artige, Laurent Cavenaile, and Pierre Pestieau Link to more items from this source
May 21, 2014
"This paper analyzes and compares the macroeconomic performance of defined-benefit and defined-contribution pay-as-you-go pension systems when population ages. When the fertility rate decreases or longevity rises, it is shown that a shift from defined benefit (defined total benefit or defined annuities) to defined contribution always results in higher per-capita income and life-cycle welfare at the steady state."

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