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Record Nr. |
UNINA9910823537703321 |
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Autore |
Catalan Mario |
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Titolo |
A Tradeoff between the Output and Current Account Effects of Pension Reform / / Mario Catalan, Nicolas Magud |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2012 |
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ISBN |
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1-4755-7934-9 |
1-4755-7635-8 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (25 p.) |
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Collana |
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Altri autori (Persone) |
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Disciplina |
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Soggetti |
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Industrial productivity - Econometric models |
Balance of payments - Econometric models |
Pensions - Econometric models |
Aging |
Balance of payments |
Current Account Adjustment |
Current account |
Demography |
Economics of the Elderly |
Economics of the Handicapped |
Expenditure |
Exports and Imports |
Income economics |
International economics |
Labor economics |
Labor Economics: General |
Labor |
Labour |
Macroeconomics |
Non-labor Market Discrimination |
Nonwage Labor Costs and Benefits |
Open Economy Macroeconomics |
Pension reform |
Pension spending |
Pensions |
Population & demography |
Population aging |
Population and demographics |
Private Pensions |
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Public Finance |
Short-term Capital Movements |
Social Security and Public Pensions |
Spain |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Description based upon print version of record. |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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Cover; Abstract; Contents; 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; Tables; 1. Baseline Parameter Values; 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 |
4. The Long-Run Tradeoff between Output and the Current Account2. Results; Appendix: Household's Optimization Problem; References |
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Sommario/riassunto |
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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. |
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