Public pensions and take-off
Published online by Cambridge University Press: 01 April 2003
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.
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- © 2003 Cambridge University Press
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