Title page for etd-0528118-094526


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URN etd-0528118-094526
Author Zi-ning Wang
Author's Email Address No Public.
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Department Economics
Year 2017
Semester 2
Degree Master
Type of Document
Language zh-TW.Big5 Chinese
Title The Macroeconomic Effects of Pension Reforms
Date of Defense 2018-06-04
Page Count 51
Keyword
  • welfare
  • dynamic stochastic general equilibrium model
  • pension reforms
  • multiplier effect
  • transfer payments
  • Abstract Pension reforms have become an important topic in high-income countries because of aging population. From the perspective of transfer reduction, this paper studies the macroeconomic effects of pension reforms, using a calibrated DSGE model. It finds that the output effects of pension reduction depend crucially on the fiscal adjustment instruments. When the saved pension expenditure is spent on productive public investment, a one-dollar reduction in pension transfers can lead to a long-run output to rise by 0.5. If instead the saved pension is spent on unproductive government consumption, the long-run output effect is near 0. Regardless fiscal adjustment methods, pension reform has a negative effect on the consumption of the retired both in the short and long runs.
    Advisory Committee
  • Juin-jen Chang - chair
  • Chih-yu Yang - co-chair
  • Shu-chun Yang - advisor
  • Files
  • etd-0528118-094526.pdf
  • Indicate in-campus at 5 year and off-campus access at 5 year.
    Date of Submission 2018-06-28

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