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Macroeconomic Effects of Reducing OASI Benefits: A Comparison of Seven Overlapping-Generations Models

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  • Jaeger Nelson
  • Kerk Phillips

Abstract

In this paper, we evaluate the effects of a reduction in Social Security’s Old-Age and Survivors Insurance (OASI) benefits using seven different quantitative general equilibrium overlapping-generations (OLG) models. We compare the effects of an anticipated one-third reduction in OASI benefits beginning in 2031 on an economy that maintains currently scheduled benefits. We find many of the models generate qualitatively similar results concerning budgetary and macroeconomic aggregates; however, the magnitude of the effects varies owing to the models’ structure and calibration strategies.

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  • Jaeger Nelson & Kerk Phillips, 2019. "Macroeconomic Effects of Reducing OASI Benefits: A Comparison of Seven Overlapping-Generations Models," National Tax Journal, National Tax Association;National Tax Journal, vol. 72(4), pages 671-692, December.
    • Handle: RePEc:ntj:journl:v:72:y:2019:i:4:p:671-692
    DOI: 10.17310/ntj.2019.4.02
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    Cited by:

    1. Erin Cottle Hunt, 2021. "Adaptive Learning, Social Security Reform, and Policy Uncertainty," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 53(4), pages 677-714, June.
    2. Rachel Moore & Brandon Pecoraro, 2020. "Dynamic Scoring: An Assessment of Fiscal Closing Assumptions," Public Finance Review, , vol. 48(3), pages 340-353, May.
    3. Jaeger Nelson, 2020. "Welfare Implications of Uncertain Social Security Reform," Public Finance Review, , vol. 48(4), pages 425-466, July.

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