The Welfare Effects of Social Security with Individual and Aggregate Risk: A Macroeconomic Analysis

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The objective of the research program of this proposal is to study the welfare implications of interactions between different social insurance institutions when households face multiple risks in the course of their life-cycle and when macroeconomic feedback of policy reforms is taken into account. The aim is to understand these interactions and thereby to come up with answers to the important question how to jointly implement education policies, social security policies and redistributive policies - either through the pension system or through unemployment insurance or, most generally, the general tax and transfer system - in order to mitigate the adverse efficiency and distributional consequences of demographic change over the next decades. To this purpose, the analysis of interactions of social insurance institutions will provide important insights into the question about the welfare optimal degree of redistribution though pension payments in retirement vis-à-vis through taxation and transfer payments during the working period.