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Redistribution, Pension Systems and Capital Accumulation

In this paper we study the macroeconomic impact of a policy which changes the redistributive properties of an unfunded pension system. Using an overlapping generations model with a closed economy and heterogenous agents, we show that a weaker linkbetween contributions and benefits has an impact on the level of capital per capita if and only if there are inequalities of length of life. Furthermore, this policy has positive implications for every agent of the economy if the system has a defined-benefitstructure. The tax rate and inequalities decrease, whereas the wealth of each agent increases. However, with a defined-contribution pension system, this policy has a negative impact on every macroeconomic variable except on the wealth of the poorest agents.