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Andreas Wagener
''Equilibrium dynamics with different types of pay-as-you-go pension schemes''
( 2003, Vol. 8 No.6 )
We analyse the steady-state equilibrium dynamics of an OLG economy with a pay-as-you-go (PAYG) pension scheme that relates old-age pensions to previous earnings. Contrary to an economy where PAYG pensions depend on the earnings of those currently working, such an economy may experience complex equilibrium dynamics with endogenous cycles and bifurcations.
Keywords: bifurcations
JEL: H5 - National Government Expenditures and Related Policies National Government Expenditures and Related Policies: General
Manuscript Received : Apr 23 2003 Manuscript Accepted : Apr 23 2003

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