期刊名称：Discussion Papers / School of Business, University of New South Wales
出版年度：2009
卷号：2009
出版社：Sydney
摘要：Welfare comparisons between funded and pay-as-you-go (PAYG) pension systems are
often made using the Aaron condition. However, the Aaron condition as usually stated
is not precise enough about the exact form of the PAYG pension system. PAYG pen-
sion systems can be either of the de ned-bene t or de ned-contribution variety. They
can also di
er with regard to intra-generational redistribution. For example, pension
bene ts can be
at or earnings related. Here, four alternative PAYG pension systems
are considered. It is shown that each system generates its own Aaron condition. In
addition, the standard Aaron condition assumes that the wage rate and labor partici-
pation rate does not vary across individuals and that the rate of population growth is
constant and exogenous. These assumptions are also relaxed. Using US data covering
the period 1933-2001, I then show that the results of comparisons between PAYG and
funded systems depend critically on exactly which variety of PAYG system is being
compared, and that PAYG systems are becoming less attractive over time as fertility
rates decline.
关键词：Aaron Condition; Pay-As-You-Go Pension; Funded Pension; De ned Con-
tribution; De ned Bene t; Labor Participation Rate; Fertility Rate
