George Kudrna and Chung Tran
In this study, we quantify the macroeconomic and welfare effects of alternative fiscal consolidation plans in the context of a small open economy.
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Working Papers
2016Nov
Rafal Chomik and John Piggott
Abstract: Pension savings commonly attract lower taxes to encourage self-provision or to maintain neutrality between current and future consumption. As a result, in countries where funded pensions are prominent, tax costs appear large and poorly targeted while benefits seem unsubstantiated. Yet much of the criticism of tax arrangements is misconceived. In this paper we explain the basic concepts, tackle concerns related to the scale and fairness of tax expenditures, and present policy reform proposals. We do this by way of illustrative examples of saving over the lifecycle and across the earnings distribution. These are based on the Australian retirement income system – an instructive case, since it has significant pre-funding and high levels of measured tax expenditures that, in turn, attract considerable political interest.
2016Oct
Rafal Chomik
There is a growing recognition that social security systems with a wide scope and comprehensive coverage are an essential part of sustainable development and an ambition worth pursuing vigorously.
2016Sep
Jennifer Alonso-Garcia, Maria del Carmen Boado-Penas and Pierre Devolder
There are three main challenges facing public pension systems.
2016Sep
Jennifer Alonso-García and Beatriz Rosado-Cebrián
The recent global financial crisis has intensified the public debate on the sustainability of pay-as-you-go pension schemes.
2016Aug
Peter McDonald
Migration is one of the three demographic processes that contribute to changes in the size of a population, the other two being fertility and mortality.
2016Aug
Ermanno Pitacco
This paper provides some introductory remarks to critical biometric aspects underlying risk identification and risk assessment for life annuity portfolios and pension funds.
2016Jul
Juergen Jung, Chung Tran and Matthew Chambers
We quantify the effects of population aging on the US healthcare system. Our analysis is based on a stochastic general equilibrium overlapping generations model of endogenous health accumulation calibrated to match pre-2010 U.S. data.
2016Jul
Shang Wu, Hazel Bateman and Ralph Stevens
Whereas there is ample evidence that life-contingent income products (life annuities) have the potential to improve individual welfare, combining them with health-contingent income products (resulting in so-called life care annuities) would serve to further increase welfare for individuals who are exposed to uncertain out-of-pocket healthcare expenditure later in life.