Intragenerational redistribution in unfunded pension systems

This paper studies the intracohort redistributive aspects of the United Sta tes social security system in the context of a computable general equilibri um model. It determines how the well-being of individuals who differ by gen der race, and education is affected by government social security policy. D ifferences in life expectancy and labor productivity translate into differe nces in capital accumulation and labor supply distortions that are responsi ble for the observed welfare difference between individuals of the same age cohort. [JEL: E62, H55, H61, J1].