English, Article, Journal or magazine article edition: quantifying the inefficiency of the US social insurance system Mark Huggett; Jaun Carlos Parra

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Bookmark: http://trove.nla.gov.au/version/30551
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • quantifying the inefficiency of the US social insurance system
Author
  • Mark Huggett
  • Jaun Carlos Parra
Physical Description
  • preprint
Notes
  • How far is the US social insurance system from an efficient system? We answer this question within a model where agents receive idiosyncratic, labor-productivity shocks that are privately observed. When social security and income taxation comprise the social insurance system, the maximum possible efficiency gain is equivalent to a $12.3$ percent increase in consumption. This occurs when labor productivity differences are set to the permanent differences estimated in US data.
  • private information, efficient allocations, social security
  • RePEc:red:sed006:55
Language
  • English
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