Intergenerational Risk Sharing, Pensions, and Endogenous Labour Supply in General Equilibrium*
研究发现，一个由现收现付第一支柱和完全积累、工资指数化第二支柱构成的两层养老金体系，能在不扭曲劳动供给的情况下实现最优代际风险分担，达到帕累托最优。
Abstract We show that a two‐tier pension system, with a pay‐as‐you‐go first tier and a fully funded, defined wage‐indexed second tier, can provide for optimal intergenerational risk‐sharing without distorting the labour supply, thereby achieving the first best. Other arrangements with a fully‐funded second tier fail to achieve the first best.