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Computational Methods for the Study of Dynamic Economies$
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Ramon Marimon and Andrew Scott

Print publication date: 2001

Print ISBN-13: 9780199248278

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0199248273.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 23 January 2021

Computing Models of Social Security

Computing Models of Social Security

(p.221) 10 Computing Models of Social Security
Computational Methods for the Study of Dynamic Economies

Ayşe İmrohoroğlu

Selahattin İmrohoroğlu

Douglas H. Joines

Oxford University Press

A core topic of current economic research (and policy debate) is the evaluation of social security systems and their possible reforms. Shows how models of social security can be computed in economies where agents have uncertain lifespans and earnings profiles. In particular, it shows how to solve stationary equilibria and (within a linear quadratic formulation) how to solve transitional equilibria, such as the transition following a reform of the system. The two main sections of the chapter present: a model of social security with heterogeneous agents, which is related to several recent large‐scale general equilibrium, overlapping generations models; and a linear quadratic model of social security. These are both versions of an overlapping generations model with incomplete markets, and both assume that private annuity markets are missing, but they differ in their preference structures and certain other respects.

Keywords:   dynamic economics models, earnings profiles, economic reform, general equilibrium models, heterogeneous agents, incomplete markets, lifespan, linear quadratic models, macroeconomics, overlapping generations models, social security, stationary equilibria, transitional equilibria

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