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Since its founding in 2001, the Journal of Pension Economics and Finance (JPEF) has served as the only peer-reviewed journal focusing on pension economics and finance issues. Through its association with the OECD and the International Organisation of Pension Supervisors (IOPS), JPEF has become an influential outlet for research on pension issues and is widely circulated to the top academic departments as well as leading regulators, policymakers and international organisations.
The purpose of this regular newsletter is to summarise the research content of JPEF, making it more broadly accessible. You can see the articles from the latest issue by following the links below.
Recent articles
Variable payout annuities and dynamic portfolio choice in retirement - WOLFRAM J. HORNEFF, RAIMOND H. MAURER, OLIVIA S. MITCHELL and MICHAEL Z. STAMOS
Many retirees hope to continue earning capital market rewards on their saving while avoiding outliving their funds during retirement. We model a dynamic utility maximizing investor who seeks to benefit from holding both equity and longevity insurance. Read abstract
Enhancing Retirement Security Through the Tax Code: The Efficacy of Tax-Based Subsidies in Life Annuity Markets - WILLIAM M. GENTRY and CASEY G. ROTHSCHILD
The under-development of existing annuity markets coupled with the secular trend away from traditional pensions towards defined contribution accounts in the U.S. raises significant concerns about the adequacy of retirement income for future retirees. Read abstract
To work or to work out: a moral-hazard interpretation of labor supply, retirement, and investments in longevity - STEFAN HUPFELD
In a moral-hazard model with multiple tasks, an agent engages in different activities, labelled work, delayed retirement, and work out (investments in longevity). The latter imposes higher effort costs on weekly labor supply, but increases possibilities for life time labor supply. Read abstract
Measuring retirement resource adequacy - PETER J. BRADY
To maintain their standard of living during retirement, it is often assumed that individuals need to save enough to replace 75–80% of their final pay. This paper develops a replacement rate measure that better corresponds with a replacement of consumption by properly accounting for savings, taxes, and owner-occupied housing. Read abstract
Public pension systems and distortions of intra-EU mobility: the Lodge Test - ROBERT FENGE and JAKOB VON WEIZSÄCKER
In this paper, we analyse how national public pension systems can distort intra-EU movements of workers despite the existing totalization/proratization agreement. As a benchmark test, we propose the ‘Lodge Test’ of mobility neutrality... Read abstract
Fiscal sustainability and public debt in an endogenous growth model - JESÚS FERNÁNDEZ-HUERTAS MORAGA and JEAN-PIERRE VIDAL
This paper investigates fiscal sustainability in an overlapping generations economy with endogenous growth coming from human capital formation through educational spending. We assess how budgetary imbalances affect economic dynamics and the outlook for economic growth, thereby providing a rationale for fiscal rules ensuring sustainability. Read abstract
Chief executive officers and the pay–pension tradeoff - JOSEPH GERAKOS
The theory of equalizing differences predicts that workers trade pay for benefits, but empirical confirmation of such tradeoffs is rare. This study investigates the extent to which chief executive officers (CEOs) trade pay for pension benefits. Read abstract
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Journal of Pension Economics and Finance
