05574oam 22013214 450 991077964110332120230802010335.01-4755-7934-91-4755-7635-8(CKB)2550000001041574(EBL)1607087(SSID)ssj0000943957(PQKBManifestationID)11503133(PQKBTitleCode)TC0000943957(PQKBWorkID)10995267(PQKB)10757673(MiAaPQ)EBC1607087(Au-PeEL)EBL1607087(CaPaEBR)ebr10661265(OCoLC)820480787(IMF)WPIEE2012283(IMF)WPIEA2012283(EXLCZ)99255000000104157420020129d2012 uf 0engur|n|---|||||txtccrA Tradeoff between the Output and Current Account Effects of Pension Reform /Mario Catalan, Nicolas MagudWashington, D.C. :International Monetary Fund,2012.1 online resource (25 p.)IMF Working PapersDescription based upon print version of record.1-61635-857-2 1-4755-6394-9 Includes bibliographical references.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 Age4. The Long-Run Tradeoff between Output and the Current Account2. Results; Appendix: Household's Optimization Problem; ReferencesWe 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.IMF Working Papers; Working Paper ;No. 2012/283Industrial productivityEconometric modelsBalance of paymentsEconometric modelsPensionsEconometric modelsLaborimfMacroeconomicsimfPublic FinanceimfDemographyimfExports and ImportsimfOpen Economy MacroeconomicsimfSocial Security and Public PensionsimfNonwage Labor Costs and BenefitsimfPrivate PensionsimfLabor Economics: GeneralimfEconomics of the ElderlyimfEconomics of the HandicappedimfNon-labor Market DiscriminationimfCurrent Account AdjustmentimfShort-term Capital MovementsimfPensionsimfLabourimfincome economicsimfPopulation & demographyimfInternational economicsimfPension reformimfPension spendingimfAgingimfExpenditureimfPopulation and demographicsimfCurrent accountimfBalance of paymentsimfLabor economicsimfPopulation agingimfSpainimfIndustrial productivityEconometric models.Balance of paymentsEconometric models.PensionsEconometric models.LaborMacroeconomicsPublic FinanceDemographyExports and ImportsOpen Economy MacroeconomicsSocial Security and Public PensionsNonwage Labor Costs and BenefitsPrivate PensionsLabor Economics: GeneralEconomics of the ElderlyEconomics of the HandicappedNon-labor Market DiscriminationCurrent Account AdjustmentShort-term Capital MovementsPensionsLabourincome economicsPopulation & demographyInternational economicsPension reformPension spendingAgingExpenditurePopulation and demographicsCurrent accountBalance of paymentsLabor economicsPopulation agingCatalan Mario1463971Magud Nicolas1207017DcWaIMFBOOK9910779641103321A Tradeoff between the Output and Current Account Effects of Pension Reform3691342UNINA