期刊名称：CORE Discussion Papers / Center for Operations Research and Econometrics (UCL), Louvain
出版年度：2000
卷号：2000
出版社：Center for Operations Research and Econometrics (UCL), Louvain
摘要：This paper shows that shifting the portfolio allocation of the social security trust fund towards more
equity investment, ceteris paribus, reduces the aggregate capital stock as well as the average
consumption level of all individuals except the poor retirees who receive an increase but at the cost of a
large increase in uncertainty. If a larger capital stock is desired, reducing the supply of publicly supplied
goods is the most effective tool. That change also increases the average private consumption of all the
young and the wealthy retirees although it does reduce the average consumption and uncertainty of the
old non-savers.
