Due to the accelerating demographic change of the population the
reform of the existing pension systems constitutes one of the
greatest political challenges in most European countries.
A theoretical discussion of different pension reforms must
incorporate not only the demographic aspect but also the role of
financial market risk and the impact on production and
employment.
These notes develop a dynamic macroeconomic model which
incorporates these aspects within a flexible theoretical framework.
The proposed approach provides a large scale population model and
features a sound description of the production side as well as of
the financial side of the economy and their interactions with the
pension system.
Within this framework various adjustment policies of the pension
system are studied under different population scenarios. The
consequences for the economy and the welfare of consumers are
analyzed and compared.
General
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