LEADER 05574oam 22013214 450 001 9910779641103321 005 20230802010335.0 010 $a1-4755-7934-9 010 $a1-4755-7635-8 035 $a(CKB)2550000001041574 035 $a(EBL)1607087 035 $a(SSID)ssj0000943957 035 $a(PQKBManifestationID)11503133 035 $a(PQKBTitleCode)TC0000943957 035 $a(PQKBWorkID)10995267 035 $a(PQKB)10757673 035 $a(MiAaPQ)EBC1607087 035 $a(Au-PeEL)EBL1607087 035 $a(CaPaEBR)ebr10661265 035 $a(OCoLC)820480787 035 $a(IMF)WPIEE2012283 035 $a(IMF)WPIEA2012283 035 $a(EXLCZ)992550000001041574 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 12$aA Tradeoff between the Output and Current Account Effects of Pension Reform /$fMario Catalan, Nicolas Magud 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (25 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-61635-857-2 311 $a1-4755-6394-9 320 $aIncludes bibliographical references. 327 $aCover; 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 327 $a4. The Long-Run Tradeoff between Output and the Current Account2. Results; Appendix: Household's Optimization Problem; References 330 3 $aWe compare the long-term output and current account effects of pension reforms that increase the retirement age with those of reforms that cut pension benefits, conditional on reforms achieving similar fiscal targets. We show the presence of a policy trade-off. Pension reforms that increase the retirement age have a large positive effect on output, but a small (and often negative) effect on the current account. In contrast, reforms that cut pension benefits improve the current account balance but reduce output. Mixed pension reforms, which extend the working life and cut pension benefits, can simultaneously boost output and the current account. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/283 606 $aIndustrial productivity$xEconometric models 606 $aBalance of payments$xEconometric models 606 $aPensions$xEconometric models 606 $aLabor$2imf 606 $aMacroeconomics$2imf 606 $aPublic Finance$2imf 606 $aDemography$2imf 606 $aExports and Imports$2imf 606 $aOpen Economy Macroeconomics$2imf 606 $aSocial Security and Public Pensions$2imf 606 $aNonwage Labor Costs and Benefits$2imf 606 $aPrivate Pensions$2imf 606 $aLabor Economics: General$2imf 606 $aEconomics of the Elderly$2imf 606 $aEconomics of the Handicapped$2imf 606 $aNon-labor Market Discrimination$2imf 606 $aCurrent Account Adjustment$2imf 606 $aShort-term Capital Movements$2imf 606 $aPensions$2imf 606 $aLabour$2imf 606 $aincome economics$2imf 606 $aPopulation & demography$2imf 606 $aInternational economics$2imf 606 $aPension reform$2imf 606 $aPension spending$2imf 606 $aAging$2imf 606 $aExpenditure$2imf 606 $aPopulation and demographics$2imf 606 $aCurrent account$2imf 606 $aBalance of payments$2imf 606 $aLabor economics$2imf 606 $aPopulation aging$2imf 607 $aSpain$2imf 615 0$aIndustrial productivity$xEconometric models. 615 0$aBalance of payments$xEconometric models. 615 0$aPensions$xEconometric models. 615 7$aLabor 615 7$aMacroeconomics 615 7$aPublic Finance 615 7$aDemography 615 7$aExports and Imports 615 7$aOpen Economy Macroeconomics 615 7$aSocial Security and Public Pensions 615 7$aNonwage Labor Costs and Benefits 615 7$aPrivate Pensions 615 7$aLabor Economics: General 615 7$aEconomics of the Elderly 615 7$aEconomics of the Handicapped 615 7$aNon-labor Market Discrimination 615 7$aCurrent Account Adjustment 615 7$aShort-term Capital Movements 615 7$aPensions 615 7$aLabour 615 7$aincome economics 615 7$aPopulation & demography 615 7$aInternational economics 615 7$aPension reform 615 7$aPension spending 615 7$aAging 615 7$aExpenditure 615 7$aPopulation and demographics 615 7$aCurrent account 615 7$aBalance of payments 615 7$aLabor economics 615 7$aPopulation aging 700 $aCatalan$b Mario$01463971 701 $aMagud$b Nicolas$01207017 801 0$bDcWaIMF 906 $aBOOK 912 $a9910779641103321 996 $aA Tradeoff between the Output and Current Account Effects of Pension Reform$93691342 997 $aUNINA