05627oam 22013454 450 991082353770332120200520144314.01-4755-7934-91-4755-7635-8(CKB)2550000001041574(EBL)1607087(SSID)ssj0000943957(PQKBManifestationID)11503133(PQKBTitleCode)TC0000943957(PQKBWorkID)10995267(PQKB)10757673(Au-PeEL)EBL1607087(CaPaEBR)ebr10661265(OCoLC)820480787(IMF)WPIEE2012283(IMF)WPIEA2012283(MiAaPQ)EBC1607087(EXLCZ)99255000000104157420020129d2012 uf 0engur|n|---|||||txtccrA Tradeoff between the Output and Current Account Effects of Pension Reform /Mario Catalan, Nicolas Magud1st ed.Washington, 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 modelsAgingimfBalance of paymentsimfCurrent Account AdjustmentimfCurrent accountimfDemographyimfEconomics of the ElderlyimfEconomics of the HandicappedimfExpenditureimfExports and ImportsimfIncome economicsimfInternational economicsimfLabor economicsimfLabor Economics: GeneralimfLaborimfLabourimfMacroeconomicsimfNon-labor Market DiscriminationimfNonwage Labor Costs and BenefitsimfOpen Economy MacroeconomicsimfPension reformimfPension spendingimfPensionsimfPopulation & demographyimfPopulation agingimfPopulation and demographicsimfPrivate PensionsimfPublic FinanceimfShort-term Capital MovementsimfSocial Security and Public PensionsimfSpainimfIndustrial productivityEconometric models.Balance of paymentsEconometric models.PensionsEconometric models.AgingBalance of paymentsCurrent Account AdjustmentCurrent accountDemographyEconomics of the ElderlyEconomics of the HandicappedExpenditureExports and ImportsIncome economicsInternational economicsLabor economicsLabor Economics: GeneralLaborLabourMacroeconomicsNon-labor Market DiscriminationNonwage Labor Costs and BenefitsOpen Economy MacroeconomicsPension reformPension spendingPensionsPopulation & demographyPopulation agingPopulation and demographicsPrivate PensionsPublic FinanceShort-term Capital MovementsSocial Security and Public Pensions331.2522;332.152Catalan Mario1599618Magud Nicolas1207017DcWaIMFBOOK9910823537703321A Tradeoff between the Output and Current Account Effects of Pension Reform4244382UNINA