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Our most academic publication offers research and surveys on monetary policy, national and international developments, banking, and more. The content is written for an economically informed readership—from the undergraduate student to the PhD.

Vol. 91, No. 1 (Posted 2009-01-01)

Optimal Response to a Transitory Demographic Shock in Social Security Financing

by Juan Carlos Conesa and Carlos Garriga

The authors consider a transitory demographic shock that affects negatively the financing of retirement pensions—that is, workers either would have to pay more or retirees would receive less. In contrast to the existing literature, the authors endogenously determine optimal policies rather than explore the implications of exogenous parametric responses.

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Programs are available upon request. Please contact Carlos Garriga at

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