We analyze the vulnerability of pension schemes with respect to demographic and economic risks. We focus on economic, budgetary and welfare effects.
2. Pension system and risk sharing between generations
What type of pension contribution and what kind of indexation policies and pension fund investment policies can be considered optimal, subject to the constraint of continuity of the pension scheme?
3. Risk sharing in pension schemes in the presence of economic and demographic risks: applied stochastic modelling
How do collective DC schemes compare with pure DB schemes and hybrid schemes that combine elements of pure DB and DC schemes? How do the welfare gains of intergenerational risk sharing compare with the welfare losses that are due to labour market distortions?
4. International spillovers from monetary, pension and retirement policies
This project focuses on various types of important macroeconomic interactions between countries. Pension reforms should thus ideally be judged from an international angle, which will provide insight into the effects that reforms in our own country may have on the economies of other countries, and vice versa. How do pension reforms in countries with pay-as-you-go (PAYG) schemes affect countries with funded systems? The international spillover effects of aging will also be explored.
5. Pension reforms, income distribution and the labor market
What kinds of effects might pension policy reforms have on economic growth? Focusing on the switch to a more funded pension scheme, the researchers analyze the consequences in an economy that consists of a capital-intensive commodity sector with endogenous growth and a labor-intensive services sector.
6. Economic effects of the supervisory framework for pension funds
We explore the effects of elements of supervision policies. In particular, we focus on the nominal nature the supervision contract and the restrictions that pension funds face in using typical policy instruments.
