%0 Report
        %A Praag, Bernard M. S. van
%A Cardoso, Pedro
        %T "Should I Pay for You or for Myself?" The Optimal Level and Composition of Retirement Benefit Systems
        %D 2001
        %8 2001 Jan
        %I Institute of Labor Economics (IZA)
        %C Bonn
        %7 IZA Discussion Paper
        %N 249
        %U https://www.iza.org/publications/dp249
        %X Feldstein [1985] posed the questions of what would be the optimal level of retirement benefit, and what would be the optimal mix between the pay-as-you-go system and the funded pension system under the assumption of an exogenous interest rate. We reconsider the problem with the addition of a flexible production function and, consequently, an endogenous interest rate. Moreover, we allow the contributions rate è to be negative as well. In the case of a negative è , the retired subsidize the workers out of their saved capital. This case turns out to be the optimal one in situations of low population growth.
        %K welfare systems
%K retirement benefits
%K funded pensions
%K pay-as-you-go systems
%K Social security