안녕하세요,
산업경제연구소에서 2023년 제9차 세미나 일정을 안내 드립니다.
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※ 제9차 세미나는 소상공인 경제생태계 연구센터(CRC)와 공동으로 개최합니다.
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발표 논문 제목
: Unmasking Social Security: Navigating the Impact on Welfare Distribution
일시
: 2023. 12. 07. (목) 13:30 - 14:30
장소
: 온라인 zoom ☞ https://inha-ac-kr.zoom.us/j/
회의 ID : 837 0009 4334
암호 : 231207
발표자
: 김응식 교수(University of Kansas)
논문 초록
: This paper quantitatively examines the distributional welfare implications of a pay as-you-go old-age social security system using a lifecycle model with ex-ante heterogeneity in both preferences and lifecycle income streams of individuals, classified by their education levels. The quantitative evaluation shows that introducing a minimum pension leads to sizable aggregate welfare gains, despite substantial crowding out because of stronger gains from old-age insurance against business cycle risk given preference heterogeneity. Additionally, the welfare analysis shows a U-shaped welfare effect in that both high (college-educated) and low (highschool dropouts) income groups are advantaged, while the middle (high-school graduates) income group is disadvantaged by the welfare system. The welfare gain of the high-income group significantly dominates that of the low-income group despite the redistributive function of social security from more well-off to poorer households. One key reason is the correlation of preferences and life cycle income conditional on education levels that advantage high-income earners through an income effect. The other reason is an interaction between preferences and borrowing constraints that generates more welfare losses for lower-income groups by worsening consumption smoothing. This paper also provides an algorithm to solve a large-scale lifecycle model with preference and income heterogeneity, aggregate shocks, borrowing constraints, and multiple assets.
기타 문의
: 산업경제연구소 간사 윤영진 (Tel. 032-860-7780 / Mail. youngjin@inha.ac.kr)