OPTIMAL FISCAL POLICY IN THE DESIGN OF SOCIAL SECURITY REFORMS*
采用最优财政政策方法，在全部政策空间中寻找社会保障私有化改革的最优设计，发现改革主要通过减少劳动供给扭曲带来显著福利收益，而储蓄扭曲减少的贡献较小。
The quantitative literature has documented that a privatization of the social security system generates large long‐run welfare gains at the cost of welfare losses for transition generations. In this article, we maximize over the entire policy space, following the optimal fiscal policy approach. The resulting allocation, by construction, lies on the constrained Pareto frontier. We find that the optimal design of reforms exhibits sizeable welfare gains arising from a reduction in labor supply distortions. In contrast, the welfare gains coming from the reduction of savings distortions are relatively small.