Resumen de A Simple Model of Aggregate Pension Expenditure

Ángel de la Fuente Moreno

• This paper develops a simple model that can be used to analyze the long-term sustainability of the contributive pension system and the steady-state response of pension expenditure to changes in some key demographic and economic variables, in the characteristics of the average pensioner an d in the parameters that describe how pensions are calculated in Spain as a function of workers� Socia l Secu rity contribution histories.