The paper presents a large scale overlapping generation model with
heterogeneous agents, where the family is the decision unit. We
calibrate the model for three European countries – France, Italy and
Sweden – which show marked differences in the design of some public
programs. We examine the properties in terms of annual and lifetime
redistribution of a number of tax-benefit programs, by studying the
impact of removing from our model economies some or all of them.
We find that whether one considers a life-cycle or an annual horizon,
and whether behavioral responses are accounted for or not, has a large
impact on the results. The model may provide useful insights for pol-
icy makers on which kind of reforms are more likely to achieve specific equity objectives.

Netspar, Network for Studies on Pensions, Aging and Retirement, is een denktank en kennisnetwerk. Netspar is gericht op een goed geïnformeerd pensioendebat.

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