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SUMMARY:15.04.2026 - Svetlana Pashchenko (University of Georgia)
DTSTART;TZID=Europe/Berlin:20260415T120000
DTEND;TZID=Europe/Berlin:20260415T131500
DTSTAMP:20260525T080905Z
UID:80de01382df04f409080e578ea8ec445@www.econ.uni-bonn.de
CREATED:20260316T114442Z
DESCRIPTION:What is the best way to reform Social Security? Academic liter
 ature offers diverging advice. There is a well-known result that the optim
 al size of Social Security is zero\, implying it is best to phase the prog
 ram out. Other studies argue that much can be gained by redesigning the pr
 ogram\, given its current size. We provide a unified analysis that examine
 s how the optimal size of Social Security depends on the key features of i
 ts design. We first develop a theoretical decomposition tracing the progra
 m's welfare effects to (i) income redistribution\, (ii) distortions on the
  annuitization level\, and (iii) intertemporal distortions. We then quanti
 tatively assess the role of these channels. We show that the zero-optimal-
 size result arises because Social Security is too distortive and not redis
 tributive enough. Once these design flaws are corrected\, it is even optim
 al to increase the size of the program.
LAST-MODIFIED:20260330T104449Z
URL:https://www.econ.uni-bonn.de/macro/en/seminars/mef-seminar-summer-26/s
 vetlana-pashchenko-u-georgia
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