Discussion of 'Pension Systems and the Allocation of Macroeconomic Risks' by L. Bovenberg and H. Uhlig
Résumé
General comments : An ambitious project ; It provides a quantitative characterization of optimal intergenerational risk sharing in a world in which almost everything is random (productivity, demography, longevity), and in which investment is the engine of long-run growth (Ak model). This is done in a log-linear framework. Hence it is possible to understand precisely the role of preferences and technology on the shape of the optimal policy mix. A tour de force, indeed (...).
