Is altruism important for understanding the long-run effects of social security?
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- dc.contributor.author Fuster, Luisaca
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2017-07-26T10:49:54Z
- dc.date.available 2017-07-26T10:49:54Z
- dc.date.issued 1997-09-01
- dc.date.modified 2017-07-23T02:03:12Z
- dc.description.abstract This paper quantifies the effects of social security on capital accumulation and wealth distribution in a life cycle framework with altruistic individuals. The main findings of this paper are that the current U.S. social security system has a significant impact on capital accumulation and wealth distribution. I find that social security crowds out 8\% of the capital stock of an economy without social security. This effect is driven by the distortions of labor supply due to the taxation of labor income rather than by the intergenerational redistribution of income imposed by the social security system. In contrast to previous analysis of social security, I found that social security does not affect the savings rate of the economy. Another interesting finding is that even though the current U.S. social security system is progressive in its benefits, it may lead to a more disperse distribution of wealth.
- dc.format.mimetype application/pdfca
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=234
- dc.identifier.citation Review of Economic Dynamics 2, 3, (1999), pp. 616-637
- dc.identifier.uri http://hdl.handle.net/10230/712
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 234
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword social security
- dc.subject.keyword capital accumulation
- dc.subject.keyword altruism
- dc.subject.keyword wealth distribution
- dc.subject.keyword Macroeconomics and International Economics
- dc.title Is altruism important for understanding the long-run effects of social security?ca
- dc.type info:eu-repo/semantics/workingPaper