@techreport{oai:kobe-cufs.repo.nii.ac.jp:00001859,
 author = {Fujii , Takao and Iritani , Jun},
 issue = {50},
 month = {Mar},
 note = {In this study, we analyze the effects of a pay-as-you-go pension system on capital
accumulation, welfare, and income inequality under a two-period overlapping
generations model with heterogeneous agents. We focus on a policy, namely,
an increase of constant contribution  nanced by decreasing income proportional
contribution, while leaving intact constant and income proportional bene ts. We
establish three results. First, the policy increases capital accumulation. Second,
the policy increases Negishi-type social welfare, while other social welfare, such
as Benthamian or Rawlsian welfare, does not necessarily increase. Third, we
present a necessary and sufficient condition for the policy to decrease lifetime
income inequality measured by the coefficient of variation.},
 title = {Pay as you go pension system with heterogenous households : capital accumulation, welfare and income inequality},
 year = {2015}
}