Jan Bonenkamp

Jan Bonenkamp
CPB Netherlands Bureau for Economic Policy Analysis | CPB · Macroeconomic Analysis

PhD

About

29
Publications
2,456
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153
Citations

Publications

Publications (29)
Article
Over the last decades, we have generally seen a gradual shift from pay-as-you-go (PAYG) to funding to finance pensions. In this paper, we develop an analytical framework that includes three models of pension design, allowing us to study the role of efficiency, redistribution, and time-consistency in pension policies. We use these models to analyze...
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In many countries, both pay-as-you-go (PAYG) and funding are used to finance pensions, although the balance between the two principles differs a lot between countries. Over the last decades, many countries made a gradual transition to more funding. In this paper, we develop an analytical framework that includes three models of pension design, allow...
Article
Full-text available
This paper stems from the observation that there are two worldwide trends, pension reform and population ageing, and asks whether the two may be related. Exploring the cases of pension reform in different countries, we find that, although they are very different, the cases share a common characteristic: they shift risks away from workers towards th...
Article
Retirement flexibility is often seen as a hedge against macroeconomic risks such as capital market risks, which justifies more risky asset portfolios. This paper analyses the robustness of this claim in both a partial equilibrium and general equilibrium setting. We show that this positive relationship between risk taking and retirement flexibility...
Article
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This paper studies the redistribution and welfare effects of increasing the flexibility of individual pension take-up. We use an overlapping-generations model with Beveridgean pay-as-you-go pensions and heterogeneous individuals who differ in ability and lifespan. We find that introducing flexible pension take-up can induce a Pareto improvement whe...
Article
Funded defined-benefit pensions add to welfare on account of providing intergenerational risk sharing, but lower it on account of inducing labour supply distortions. We show that a properly designed funded defined-benefit pension scheme involves a welfare improvement even if contributions are distortionary and even if individuals face potentially c...
Article
Collective pension contracts allow for intergenerational risk sharing with the unborn. They therefore imply a higher level of social welfare than individual accounts. Collective pension contracts also imply a suboptimal allocation of consumption across time periods and states of nature however. Hence, collective pension contracts also reduce social...
Article
Herverdeling door pensioenregelingen design 16 Herverdeling door pensioenregelingen Herverdeling wordt veelal gezien als een belangrijk kenmerk van collectieve pensioenstelsels, vooral als het gaat om de eerste pensioenpijler. Intragenerationele herverdeling, dus binnen generaties, is het gevolg van het feit dat betaalde pensioenpremies op individu...
Article
This paper studies the redistribution and welfare effects of increasing the flexibility of individual pension take-up. We use an overlapping-generations model with Beveridgean pay-as-you-go pensions and heterogeneous individuals who differ in ability and lifespan. We find that introducing flexible pension take-up can induce a Pareto improvement whe...
Article
This paper explores the interaction between retirement flexibility and portfolio choice in an overlapping-generations model. We analyse this interaction both in a partial-equilibrium and general-equilibrium setting. Retirement exibility is often seen as a hedge against capital-market risks which justifies more risky asset portfolios. We show, howev...
Article
This paper explores the interaction between retirement flexibility and portfolio choice in an overlapping - generations model. We analyze this interaction both in a partial - equilibrium and general - equilibrium setting. Retirement flexibility is often seen as a hedge against capital - market risks which justifies more risky asset portfolios. We s...
Article
This paper explores the interaction between retirement flexibility and portfolio choice in an overlapping-generations model of a closed economy. Retirement flexibility is often seen as a hedge against capital market risks which justifies more risky asset portfolios. We show, however, that this positive relationship between risk taking and retiremen...
Article
The credit crisis has reduced the funding ratios of Dutch pension funds to a historical minimum. Pension funds now face two challenges. The first is to timely restore funding ratios to safe levels without jeopardizing labour market conditions that also have worsened because of the crisis. The second is to reform schemes such that they are less vuln...
Article
In many countries, collective funded pension schemes with defined benefits (DB) are being replaced by individual schemes with defined contributions. Collective funded DB pensions may indeed reduce social welfare. This will be the case when the schemes feature income-related contributions that distort the labour-leisure decision. However, these sche...
Article
Verlenging van de hersteltermijn voor pensioenfondsen tot vijf jaar voorkomt impopulaire maatregelen zoals forse premieverhogingen en afstempeling. De consequentie is wel dat indexatie voor vele jaren wordt opgeschort. Oudere werknemers ondervinden hiervan de grootste schade.
Article
Full-text available
This paper quantifies lifetime redistribution in Dutch occupational pension schemes associated with uniform pricing. Information about the extent of redistribution is important because it will influence the public acceptance of the pension system. The uniform contribution rate is split up into a saving share and a transfer share for different socio...
Chapter
This chapter addresses the macroeconomic gains and losses of intergenerational solidarity. The benefits are mainly in better risk sharing, the losses are particularly formed by a distortion of the labour market. Besides risk sharing, intergenerational solidarity also leads to intergenerational redistribution, of which the benefits are not always cl...
Article
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We introduce a new hybrid approach to joint estimation of Value at Risk (VaR) and Expected Shortfall (ES) for high quantiles of return distributions. We investigate the relative performance of VaR and ES models using daily returns for sixteen stock market indices (eight from developed and eight from emerging markets) prior to and during the 2008 fi...
Article
We introduce a new hybrid approach to joint estimation of Value at Risk (VaR) and Expected Shortfall (ES) for high quantiles of return distributions. We investigate the relative performance of VaR and ES models using daily returns for sixteen stock market indices (eight from developed and eight from emerging markets) prior to and during the 2008 fi...
Article
Full-text available
The industrial revolution is mostly seen as a supply side phenomenon. Ever since Gilboy stated that factors of demand may have been equally important, scholars have stressed the importance of investments and technological change. This paper re-considers Gilboy?s ideas, using the dataset of the Dutch historical national accounts for the nineteenth c...
Article
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Since 1990, the CPB Netherlands Bureau for Economic Policy Analysis (CPB) has used a leading indicator in preparing short-term forecasts for the Dutch economy. This paper describes some recent methodological innovations as well as the current structure and empirical results of the revised CPB leading indicator. Special attention has been paid to th...
Article
Full-text available
This paper compares different business cycle dating methods both on theoretical and practical grounds. Weighing the pros and cons of these methods, and based on a new data set for The Netherlands in the nineteenth century, we finally recommend two preferred methods for doing further business cycle research on the economy of the Netherlands. With re...
Article
Full-text available
This paper explores the redistributive and welfare implications of a widely-applied pension reform aimed at increasing the flexibility of individual pension take-up. For that purpose, we use a two-period overlapping-generations model with a Beveridgean pay-as-you-go pension scheme and heterogeneous agents who differ in age, ability and life expecta...

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