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Working Papers

Financial growth

George Kudrna and Chung Tran

This study quantifies the macroeconomic and welfare effects of three proposed fiscal measures to eliminate Australian government budget deficits and to reduce public debt by 2030, namely: (i) temporary income tax hikes; (ii) temporary consumption tax hikes (increases in the GST rate); and (iii) temporary transfer payment cuts.

Elderly friends

Hal Kendig, Kate O’Loughlin, Rafat Hussain, Karla Heese and Lisa Cannon

Attitudes to Intergenerational Equity: Baseline Findings from the Attitudes to Ageing in Australia (AAA) Study. This paper reports preliminary findings and methodology from the 2009-10 baseline data from the national Attitudes to Ageing in Australia (AAA) survey in the context of related national and international literature.

Young family at home

Mengyi Xu, Michael Sherris and Ramona Meyricke

Insurers and pension funds provide life annuities and pensions that are impacted by both aggregate mortality improvement and individual mortality heterogeneity. Aggregate population mortality trends have shown significant improvement over long periods of time.

Pensioners assessing pension information

Erik Hernæs, Simen Markussen, John Piggott, Knut Røed

We exploit a comprehensive restructuring of the early retirement system in Norway in 2011 to examine labor supply responses to pension reform strategies that rely on changes in work incentives (flexibility) or access ages (prescription), respectively.

Elderly couple researching pension options

Cagri S. Kumru, John Piggott and Athanasios C. Thanopoulos

Data analysis

Yang Shen, Michael Sherris and Jonathan Ziveyi

We present a numerical approach to the pricing of guaranteed minimum maturity benefits embedded in variable annuity contracts in the case where the guarantees can be surrendered at any time prior to maturity that improves on current approaches.

Financial growth

Cagri Kumru and John Piggott

This paper studies the interaction between capital income taxation and a means tested age pension in the context of an overlapping generations model, calibrated to the UK economy.

Data graphs

Rafal Chomik, John Piggott, Alan Woodland, George Kudrna and Cagri Kumru

Means testing can balance the need for adequate incomes in retirement with economic efficiency objectives to an extent that is seldom appreciated by policymakers. It is an inexpensive way of ensuring a minimum level of retirement income.

Researcher examining data

Jennifer Alonso-Garcia and Pierre Devolder

The notional defined contribution pension scheme combines pay-as-you-go financing and a defined contribution pension formula. The return on contributions is based on an index set by law, such as the growth rate of GDP, average wages, or contribution payments.