Intergenerational sharing of unhedgeable inflation risk
研究了集体养老金计划成员在缺乏合适金融工具时如何通过代际风险分担安排来共享通胀风险，发现这比个人或同代计划更能优化风险分配并提升福利，对荷兰和英国尤其有益。
We explore how members of a collective pension scheme can share inflation risks in the absence of suitable financial market instruments. Using intergenerational risk-sharing arrangements, risks can be allocated better across the scheme's participants than would be the case in a strictly individual- or cohort-based pension scheme, as these can only lay off risks via existing financial market instruments. Hence, intergenerational sharing of these risks enhances welfare. In view of the sizes of their funded pension sectors, this would be particularly beneficial for the Netherlands and the U.K.