Labor Supply and Retirement Policy in an Overlapping Generations Model with Stochastic Fertility
No hay miniatura disponible
Fecha
Título de la revista
ISSN de la revista
Título del volumen
Editor
Resumen
Descripción
Using a stochastic general equilibrium
model with overlapping generations, this paper studies a
policy rule for the retirement age aiming at offsetting the
effects on the supply of labor following fertility changes.
The authors find that the retirement age should increase
more than proportionally to the direct fall in labor supply
caused by a fall in fertility. The robustness of this result
is checked against alternative model specifications and
parameter values. The efficacy of the policy rule depends
crucially on the link between the preference for leisure and
the response of the intensive margin of labor supply to
changes in the statutory retirement age. The model has
subsequently been calibrated for Brazil by Jorgensen (2010),
in the context of the Brazil Aging Study.
Palabras clave
AGGREGATE INCOME, ALLOCATION OF RESOURCES, BABIES, BABY, BABY BOOM, BUSINESS CYCLE, CAPITAL INVESTMENT, CHANGES IN FERTILITY, CONSUMPTION INCREASES, CONTRIBUTION RATE, DEBT, DECLINE IN FERTILITY, DECLINES IN FERTILITY, DEMOGRAPHIC TRENDS, DEPENDENCY RATIO, DEPENDENCY RATIOS, DISCOUNT RATE, DOWNWARD PRESSURE, EARLY RETIREMENT, ECONOMIC DECISIONS, ECONOMIC GROWTH, ECONOMIC IMPLICATIONS, ECONOMIC THEORY, ELASTICITY, ELASTICITY OF SUBSTITUTION, ELDERLY, ENDOGENOUS VARIABLES, EXOGENOUS SHOCK, EXOGENOUS VARIABLE, FERTILITY, FERTILITY DECLINE, FERTILITY RATE, FERTILITY RATES, FUTURE RESEARCH, GENERAL EQUILIBRIUM, GROSS RETURN, GROWTH RATE, HUMAN CAPITAL, IMPERFECT COMPETITION, INDEXATION, INNOVATIONS, LABOR ECONOMICS, LABOR FORCE, LABOR FORCES, LABOR SUPPLY, LABOUR, LONGEVITY ADJUSTMENT, LOW FERTILITY, LOWER FERTILITY, MARKET EQUILIBRIUM, NUMBER OF CHILDREN, NUMBER OF WORKERS, OPPORTUNITY COST, OPTIMIZATION, OVERLAPPING GENERATIONS MODEL, PAYROLL TAX, PENSION, PENSION CONTRIBUTION, PENSION CONTRIBUTIONS, PENSION SYSTEM, PENSION SYSTEMS, POLICY FRAMEWORK, POLICY MAKERS, POLICY RESEARCH, POLICY RESEARCH WORKING PAPER, POLICY RESPONSE, POLITICAL ECONOMY, POPULATION DYNAMICS, POPULATION GROWTH, POPULATION GROWTH RATE, PRODUCTIVITY, PROGRESS, RATE OF GROWTH, REAL WAGES, REPLACEMENT RATE, RESPECT, RETIREES, RETIREMENT, RETIREMENT AGE, RETIREMENT PERIOD, RETIREMENT PERIODS, RETIREMENT POLICY, SOCIAL SECURITY, SOCIAL SECURITY REFORM, TAX RATE, TAXATION, UTILITY FUNCTION, WAGE RATE, WEALTH, WORKER, WORKERS, WORKING HOURS