Sharing High Growth across Generations: Pensions and Demographic Transition in China
通过内生劳动供给的世代交叠模型，分析中国养老金改革对代际福利的影响，发现延迟改革对当前较贫困一代有利，而对未来较富裕一代成本较小。
We analyze intergenerational redistribution in emerging economies with the aid of an overlapping generations model with endogenous labor supply. Growth is initially high but declines over time. A version of the model calibrated to China is used to analyze the welfare effects of alternative pension reforms. Although a reform of the current system is necessary to achieve financial sustainability, delaying its implementation implies large welfare gains for the (poorer) current generations, imposing only small costs on (richer) future generations. In contrast, a fully funded reform harms current generations, with small gains to future generations.