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：The sustainability of a de ned bene t pay-as-you-go (DBPAYG) pension system is in-
vestigated in the context of an overlapping-generations model of endogenous fertility
with heterogeneous agents. The model places particular emphasis on the time costs of
child rearing. It illustrates the mechanism by which such a pension system can increase
the opportunity cost of having children and hence sow the seeds of its own destruction.
The model is then extended to allow for fertility-based payments. Such a system is more
likely to be sustainable. The model highlights a number of issues that are of relevance
to a number of OECD countries that have generous DBPAYG pension systems and
falling fertility rates.
关键词：Pay-as-you-go pension; De ned bene t; Overlapping generations; Endoge-
nous fertility; Labor participation Rate; Heterogeneous agents
