Andersen, Torben M.; Bhattacharya, Joydeep; Gestsson, Marías Halldór
(2021-03-02)
Under dynamic efficiency, a pay-as-you-go (PAYG) pension scheme helps the current generation of retirees but hurts future generations because they are forced to save via a return-dominated scheme. Abandoning it is deemed welfare-improving but typically ...