On Long-term Forecasting of Social Security: A Robustness Analysis

On Long-term Forecasting of Social Security: A Robustness Analysis In this paper we present a macro-economic demographic growth modelhaving a special focus on social security. It is designed to study the variability of responses of the system in presence of risks and uncertainties. Here we analyze the robustness of the model towards uncertainties in parameterspecifications, introduced by ARCH-M models with the incorporation ofintervention processes. The parameters varied are labor force participationrates (one of the key sources of uncertainty in the social security policydebate), and the parameters of the production function (the key source ofuncertainty in any long-run economic analysis). The sensitivity analysisfocuses on two variables: assets of the private pension system and thebalance of the public `Pay As You Go' pension system. Special attentionis given to convergence properties of the macro-economic model. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Quality & Quantity Springer Journals

On Long-term Forecasting of Social Security: A Robustness Analysis

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Kluwer Academic Publishers
Copyright © 2001 by Kluwer Academic Publishers
Social Sciences; Methodology of the Social Sciences; Social Sciences, general
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