Myopia, education, and social security
Abstract A potential role of social security is to protect individuals who have accumulated little or no assets for retirement. Yet, this type of social safety net could reduce human capital formation by making the life-cycle financial rewards from education less attractive. For example, social secu...
Ausführliche Beschreibung
Autor*in: |
Caliendo, Frank N. [verfasserIn] Findley, T. Scott [verfasserIn] |
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Format: |
E-Artikel |
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Sprache: |
Englisch |
Erschienen: |
2019 |
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Schlagwörter: |
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Übergeordnetes Werk: |
Enthalten in: International tax and public finance - New York, NY : Springer Science + Business Media B.V., 1994, 27(2019), 3 vom: 09. Okt., Seite 694-720 |
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Übergeordnetes Werk: |
volume:27 ; year:2019 ; number:3 ; day:09 ; month:10 ; pages:694-720 |
Links: |
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DOI / URN: |
10.1007/s10797-019-09569-2 |
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Katalog-ID: |
SPR039585816 |
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245 | 1 | 0 | |a Myopia, education, and social security |
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520 | |a Abstract A potential role of social security is to protect individuals who have accumulated little or no assets for retirement. Yet, this type of social safety net could reduce human capital formation by making the life-cycle financial rewards from education less attractive. For example, social security tax rates are correlated negatively with tertiary educational attainment across OECD countries. We construct a continuous-time overlapping-generations model with endogenous school duration that can account for this correlation, and we use the model to compute the social security tax rate that maximizes steady-state social welfare in general equilibrium. Social security in the model provides protection for retirees who arrive at retirement with no assets, and it can also redistribute wealth toward those with low earnings, but the program distorts the level of human and physical capital accumulation. In the presence of these characteristics, the social security tax rate that maximizes steady-state welfare is approximately 10%, which is about half of the average rate of 21% across the OECD. This result is robust to whether the social security program is redistributive or earnings based. | ||
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700 | 1 | |a Findley, T. Scott |e verfasserin |4 aut | |
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10.1007/s10797-019-09569-2 doi (DE-627)SPR039585816 (SPR)s10797-019-09569-2-e DE-627 ger DE-627 rakwb eng 340 330 ASE 83.00 bkl 86.00 bkl 83.52 bkl Caliendo, Frank N. verfasserin aut Myopia, education, and social security 2019 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Abstract A potential role of social security is to protect individuals who have accumulated little or no assets for retirement. Yet, this type of social safety net could reduce human capital formation by making the life-cycle financial rewards from education less attractive. For example, social security tax rates are correlated negatively with tertiary educational attainment across OECD countries. We construct a continuous-time overlapping-generations model with endogenous school duration that can account for this correlation, and we use the model to compute the social security tax rate that maximizes steady-state social welfare in general equilibrium. Social security in the model provides protection for retirees who arrive at retirement with no assets, and it can also redistribute wealth toward those with low earnings, but the program distorts the level of human and physical capital accumulation. In the presence of these characteristics, the social security tax rate that maximizes steady-state welfare is approximately 10%, which is about half of the average rate of 21% across the OECD. This result is robust to whether the social security program is redistributive or earnings based. Social security (dpeaa)DE-He213 Myopia (dpeaa)DE-He213 Educational attainment (dpeaa)DE-He213 Overlapping-generations model (dpeaa)DE-He213 Dynamic general equilibrium (dpeaa)DE-He213 Findley, T. Scott verfasserin aut Enthalten in International tax and public finance New York, NY : Springer Science + Business Media B.V., 1994 27(2019), 3 vom: 09. Okt., Seite 694-720 (DE-627)320568768 (DE-600)2016247-9 1573-6970 nnns volume:27 year:2019 number:3 day:09 month:10 pages:694-720 https://dx.doi.org/10.1007/s10797-019-09569-2 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER SSG-OLC-WIW SSG-OLC-ASE GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_26 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_101 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2070 GBV_ILN_2086 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2116 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 83.00 ASE 86.00 ASE 83.52 ASE AR 27 2019 3 09 10 694-720 |
spelling |
10.1007/s10797-019-09569-2 doi (DE-627)SPR039585816 (SPR)s10797-019-09569-2-e DE-627 ger DE-627 rakwb eng 340 330 ASE 83.00 bkl 86.00 bkl 83.52 bkl Caliendo, Frank N. verfasserin aut Myopia, education, and social security 2019 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Abstract A potential role of social security is to protect individuals who have accumulated little or no assets for retirement. Yet, this type of social safety net could reduce human capital formation by making the life-cycle financial rewards from education less attractive. For example, social security tax rates are correlated negatively with tertiary educational attainment across OECD countries. We construct a continuous-time overlapping-generations model with endogenous school duration that can account for this correlation, and we use the model to compute the social security tax rate that maximizes steady-state social welfare in general equilibrium. Social security in the model provides protection for retirees who arrive at retirement with no assets, and it can also redistribute wealth toward those with low earnings, but the program distorts the level of human and physical capital accumulation. In the presence of these characteristics, the social security tax rate that maximizes steady-state welfare is approximately 10%, which is about half of the average rate of 21% across the OECD. This result is robust to whether the social security program is redistributive or earnings based. Social security (dpeaa)DE-He213 Myopia (dpeaa)DE-He213 Educational attainment (dpeaa)DE-He213 Overlapping-generations model (dpeaa)DE-He213 Dynamic general equilibrium (dpeaa)DE-He213 Findley, T. Scott verfasserin aut Enthalten in International tax and public finance New York, NY : Springer Science + Business Media B.V., 1994 27(2019), 3 vom: 09. Okt., Seite 694-720 (DE-627)320568768 (DE-600)2016247-9 1573-6970 nnns volume:27 year:2019 number:3 day:09 month:10 pages:694-720 https://dx.doi.org/10.1007/s10797-019-09569-2 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER SSG-OLC-WIW SSG-OLC-ASE GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_26 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_101 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2070 GBV_ILN_2086 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2116 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 83.00 ASE 86.00 ASE 83.52 ASE AR 27 2019 3 09 10 694-720 |
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10.1007/s10797-019-09569-2 doi (DE-627)SPR039585816 (SPR)s10797-019-09569-2-e DE-627 ger DE-627 rakwb eng 340 330 ASE 83.00 bkl 86.00 bkl 83.52 bkl Caliendo, Frank N. verfasserin aut Myopia, education, and social security 2019 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Abstract A potential role of social security is to protect individuals who have accumulated little or no assets for retirement. Yet, this type of social safety net could reduce human capital formation by making the life-cycle financial rewards from education less attractive. For example, social security tax rates are correlated negatively with tertiary educational attainment across OECD countries. We construct a continuous-time overlapping-generations model with endogenous school duration that can account for this correlation, and we use the model to compute the social security tax rate that maximizes steady-state social welfare in general equilibrium. Social security in the model provides protection for retirees who arrive at retirement with no assets, and it can also redistribute wealth toward those with low earnings, but the program distorts the level of human and physical capital accumulation. In the presence of these characteristics, the social security tax rate that maximizes steady-state welfare is approximately 10%, which is about half of the average rate of 21% across the OECD. This result is robust to whether the social security program is redistributive or earnings based. Social security (dpeaa)DE-He213 Myopia (dpeaa)DE-He213 Educational attainment (dpeaa)DE-He213 Overlapping-generations model (dpeaa)DE-He213 Dynamic general equilibrium (dpeaa)DE-He213 Findley, T. Scott verfasserin aut Enthalten in International tax and public finance New York, NY : Springer Science + Business Media B.V., 1994 27(2019), 3 vom: 09. Okt., Seite 694-720 (DE-627)320568768 (DE-600)2016247-9 1573-6970 nnns volume:27 year:2019 number:3 day:09 month:10 pages:694-720 https://dx.doi.org/10.1007/s10797-019-09569-2 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER SSG-OLC-WIW SSG-OLC-ASE GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_26 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_101 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2070 GBV_ILN_2086 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2116 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 83.00 ASE 86.00 ASE 83.52 ASE AR 27 2019 3 09 10 694-720 |
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10.1007/s10797-019-09569-2 doi (DE-627)SPR039585816 (SPR)s10797-019-09569-2-e DE-627 ger DE-627 rakwb eng 340 330 ASE 83.00 bkl 86.00 bkl 83.52 bkl Caliendo, Frank N. verfasserin aut Myopia, education, and social security 2019 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Abstract A potential role of social security is to protect individuals who have accumulated little or no assets for retirement. Yet, this type of social safety net could reduce human capital formation by making the life-cycle financial rewards from education less attractive. For example, social security tax rates are correlated negatively with tertiary educational attainment across OECD countries. We construct a continuous-time overlapping-generations model with endogenous school duration that can account for this correlation, and we use the model to compute the social security tax rate that maximizes steady-state social welfare in general equilibrium. Social security in the model provides protection for retirees who arrive at retirement with no assets, and it can also redistribute wealth toward those with low earnings, but the program distorts the level of human and physical capital accumulation. In the presence of these characteristics, the social security tax rate that maximizes steady-state welfare is approximately 10%, which is about half of the average rate of 21% across the OECD. This result is robust to whether the social security program is redistributive or earnings based. Social security (dpeaa)DE-He213 Myopia (dpeaa)DE-He213 Educational attainment (dpeaa)DE-He213 Overlapping-generations model (dpeaa)DE-He213 Dynamic general equilibrium (dpeaa)DE-He213 Findley, T. Scott verfasserin aut Enthalten in International tax and public finance New York, NY : Springer Science + Business Media B.V., 1994 27(2019), 3 vom: 09. Okt., Seite 694-720 (DE-627)320568768 (DE-600)2016247-9 1573-6970 nnns volume:27 year:2019 number:3 day:09 month:10 pages:694-720 https://dx.doi.org/10.1007/s10797-019-09569-2 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER SSG-OLC-WIW SSG-OLC-ASE GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_26 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_101 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2070 GBV_ILN_2086 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2116 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 83.00 ASE 86.00 ASE 83.52 ASE AR 27 2019 3 09 10 694-720 |
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10.1007/s10797-019-09569-2 doi (DE-627)SPR039585816 (SPR)s10797-019-09569-2-e DE-627 ger DE-627 rakwb eng 340 330 ASE 83.00 bkl 86.00 bkl 83.52 bkl Caliendo, Frank N. verfasserin aut Myopia, education, and social security 2019 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier Abstract A potential role of social security is to protect individuals who have accumulated little or no assets for retirement. Yet, this type of social safety net could reduce human capital formation by making the life-cycle financial rewards from education less attractive. For example, social security tax rates are correlated negatively with tertiary educational attainment across OECD countries. We construct a continuous-time overlapping-generations model with endogenous school duration that can account for this correlation, and we use the model to compute the social security tax rate that maximizes steady-state social welfare in general equilibrium. Social security in the model provides protection for retirees who arrive at retirement with no assets, and it can also redistribute wealth toward those with low earnings, but the program distorts the level of human and physical capital accumulation. In the presence of these characteristics, the social security tax rate that maximizes steady-state welfare is approximately 10%, which is about half of the average rate of 21% across the OECD. This result is robust to whether the social security program is redistributive or earnings based. Social security (dpeaa)DE-He213 Myopia (dpeaa)DE-He213 Educational attainment (dpeaa)DE-He213 Overlapping-generations model (dpeaa)DE-He213 Dynamic general equilibrium (dpeaa)DE-He213 Findley, T. Scott verfasserin aut Enthalten in International tax and public finance New York, NY : Springer Science + Business Media B.V., 1994 27(2019), 3 vom: 09. Okt., Seite 694-720 (DE-627)320568768 (DE-600)2016247-9 1573-6970 nnns volume:27 year:2019 number:3 day:09 month:10 pages:694-720 https://dx.doi.org/10.1007/s10797-019-09569-2 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_SPRINGER SSG-OLC-WIW SSG-OLC-ASE GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_26 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_101 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_171 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_250 GBV_ILN_281 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_636 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2037 GBV_ILN_2038 GBV_ILN_2039 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2070 GBV_ILN_2086 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2107 GBV_ILN_2108 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2116 GBV_ILN_2118 GBV_ILN_2119 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2144 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2188 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2446 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4328 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 83.00 ASE 86.00 ASE 83.52 ASE AR 27 2019 3 09 10 694-720 |
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Caliendo, Frank N. |
spellingShingle |
Caliendo, Frank N. ddc 340 bkl 83.00 bkl 86.00 bkl 83.52 misc Social security misc Myopia misc Educational attainment misc Overlapping-generations model misc Dynamic general equilibrium Myopia, education, and social security |
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340 330 ASE 83.00 bkl 86.00 bkl 83.52 bkl Myopia, education, and social security Social security (dpeaa)DE-He213 Myopia (dpeaa)DE-He213 Educational attainment (dpeaa)DE-He213 Overlapping-generations model (dpeaa)DE-He213 Dynamic general equilibrium (dpeaa)DE-He213 |
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myopia, education, and social security |
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Myopia, education, and social security |
abstract |
Abstract A potential role of social security is to protect individuals who have accumulated little or no assets for retirement. Yet, this type of social safety net could reduce human capital formation by making the life-cycle financial rewards from education less attractive. For example, social security tax rates are correlated negatively with tertiary educational attainment across OECD countries. We construct a continuous-time overlapping-generations model with endogenous school duration that can account for this correlation, and we use the model to compute the social security tax rate that maximizes steady-state social welfare in general equilibrium. Social security in the model provides protection for retirees who arrive at retirement with no assets, and it can also redistribute wealth toward those with low earnings, but the program distorts the level of human and physical capital accumulation. In the presence of these characteristics, the social security tax rate that maximizes steady-state welfare is approximately 10%, which is about half of the average rate of 21% across the OECD. This result is robust to whether the social security program is redistributive or earnings based. |
abstractGer |
Abstract A potential role of social security is to protect individuals who have accumulated little or no assets for retirement. Yet, this type of social safety net could reduce human capital formation by making the life-cycle financial rewards from education less attractive. For example, social security tax rates are correlated negatively with tertiary educational attainment across OECD countries. We construct a continuous-time overlapping-generations model with endogenous school duration that can account for this correlation, and we use the model to compute the social security tax rate that maximizes steady-state social welfare in general equilibrium. Social security in the model provides protection for retirees who arrive at retirement with no assets, and it can also redistribute wealth toward those with low earnings, but the program distorts the level of human and physical capital accumulation. In the presence of these characteristics, the social security tax rate that maximizes steady-state welfare is approximately 10%, which is about half of the average rate of 21% across the OECD. This result is robust to whether the social security program is redistributive or earnings based. |
abstract_unstemmed |
Abstract A potential role of social security is to protect individuals who have accumulated little or no assets for retirement. Yet, this type of social safety net could reduce human capital formation by making the life-cycle financial rewards from education less attractive. For example, social security tax rates are correlated negatively with tertiary educational attainment across OECD countries. We construct a continuous-time overlapping-generations model with endogenous school duration that can account for this correlation, and we use the model to compute the social security tax rate that maximizes steady-state social welfare in general equilibrium. Social security in the model provides protection for retirees who arrive at retirement with no assets, and it can also redistribute wealth toward those with low earnings, but the program distorts the level of human and physical capital accumulation. In the presence of these characteristics, the social security tax rate that maximizes steady-state welfare is approximately 10%, which is about half of the average rate of 21% across the OECD. This result is robust to whether the social security program is redistributive or earnings based. |
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3 |
title_short |
Myopia, education, and social security |
url |
https://dx.doi.org/10.1007/s10797-019-09569-2 |
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Findley, T. Scott |
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10.1007/s10797-019-09569-2 |
up_date |
2024-07-04T00:37:22.362Z |
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score |
7.399123 |