Risk Sharing and Efficiency Implications of Progressive Pension Arrangements*
量化德国渐进式养老金改革的福利效果，发现引入50%的固定福利份额和相当于平均收入30%的基本免税额能带来3.3%的资源效率提升。
Abstract This paper aims to quantify the welfare effects of progressive pension arrangements in Germany. Starting from a purely contribution‐related benefit system, we introduce basic allowances for contributions and a flat benefit fraction. Since our overlapping‐generations model takes into account variable labor supply, borrowing constraints as well as stochastic income risk, we can compare the labor supply, the liquidity and the insurance effects of the policy reform. Our simulations indicate that it would be optimal to introduce a flat benefit share of 50 percent and a basic allowance that amounts to 30 percent of average income. Such a reform would yield an aggregate efficiency gain of 3.3 percent of resources.