The current study assesses the role of the pay-as-you-go system as an intergenerational redistributive mechanism while immigration control is considered. A theoretical model of a small open economy populated with overlapping generations of heterogeneous agents is used to show that skill-favouring immigration policies are, under rather permissive conditions, welfare depriving for the overall population. However, the policy-setting generation is shown to benefit from immigration control, thus decreasing the welfare for the future population.

中文翻译：

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PAYG优先迁移的挑战

当前的研究评估了现收现付系统作为代际再分配机制的作用，同时考虑了移民控制。一个小型的开放经济理论模型，其中填充了一代又一代的异质代理，这些模型表明，在相当宽松的条件下，有利于技能的移民政策剥夺了整个人口的福利。然而，事实证明，制定政策的一代受益于移民控制，从而降低了未来人口的福利。