Optimal pensions with endogenous labour supply
研究在经典Diamond世代交叠模型中，如何通过两部分的现收现付养老金制度实现最优资本积累且不扭曲劳动供给，并发现储蓄不足时应结合负所得税与消费税来复制最优配置。
We show that a two-part pension system provides optimal capital accumulation without distorting labour supply, thereby achieving the first-best . An economy with too little retirement saving should combine a negative income tax with a consumption tax to replicate the first-best allocation without using any lump-sum taxes. Our results are shown in a classic Diamond overlapping generations model that is augmented with endogenous labour supply on the intensive margin. • We study a Diamond OLG model with endogenous labour supply and marginal taxes. • Social welfare-maximizing public pensions are derived for geometric discounting. • Two-part paygo pension replicates the first-best allocation for any initial capital. • Consumption and income taxes should have the same size but opposite sign. • Under-saving requires a positive consumption tax and a negative income tax.