Modeling Pension Systems

List of Figures List of Tables Introduction Part I - Micro Level 1 Life cycle 2 Life insurance with life annuity 3 Fully funded systems 4 Unfunded systems 5 Mixed systems 6 Contributions, taxes and inflation Part II - Macro Level 7 Demographic process 8 Macroeconomics of pension systems 9 Transition between pension systems 10 Distribution of pensions Part III - Special Topics 11 Optimal consumption path 12 Flexible retirement 13 A closed model of overlapping cohorts 14 Macroeffects of combined indexation 15 Prefunding the unfunded system 16 A dynamic model of German pension reform 17 Political models 18 General pension accounting for Hungary 19 Closing remarks A - Designing optimal benefit rules B - Overlapping generations Solutions to problems Notations References Index