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Public pensions and take-off

Published online by Cambridge University Press:  01 April 2003

KAZUTOSHI MIYAZAWA
KAZUTOSHI MIYAZAWA
Affiliation:
Faculty of Economics, Nanzan University, Yamazato, Showa, Nagoya 466-8673, Japan (e-mail: [email protected])
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Abstract

This paper examines the effects of unfunded public pensions on national income, growth rate, and employment in a model à la Lucas (1988) consistent with the empirical finding in Schoeni (1997). Our model shows that a public pension system can lead to a take-off from a low growth trap to a higher growth equilibrium.

Type
Research Article
Information
Journal of Pension Economics & Finance , Volume 2 , Issue 1 , March 2003 , pp. 25 - 39
Copyright
© 2003 Cambridge University Press

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Footnotes

I would like to thank an anonymous referee for useful comments. This research is supported by the Grants-in-Aid of the Japan Society for the Promotion of Science (No. 13630023). All errors are of course mine.