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.

中文翻译：

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降低OASI收益的宏观经济影响：七个重叠世代模型的比较

在本文中，我们使用七个不同的定量一般均衡重叠世代（OLG）模型评估了社会保障的老年和遗属保险（OASI）福利减少的影响。我们比较了从2031年开始将OASI收益预期减少三分之一对维持当前计划收益的经济的影响。我们发现许多模型在预算和宏观经济总量方面产生了质量上相似的结果。但是，影响的大小因模型的结构和校准策略而异。