Labor Supply and Retirement Policy in an Overlapping Generations Model with Stochastic Fertility

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dc.creatorJorgensen, Ole Hagen
dc.creatorJensen, Svend E. Hougaard
dc.date2012-03-19T18:41:13Z
dc.date2012-03-19T18:41:13Z
dc.date2010-07-01
dc.date.accessioned2026-07-01T01:12:30Z
dc.descriptionUsing 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.
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dc.formattext/plain
dc.identifierhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100727134920
dc.identifierhttps://hdl.handle.net/10986/3867
dc.identifier10.1596/1813-9450-5382
dc.identifier.urihttp://hdl.handle.net/123456789/416117
dc.languageEnglish
dc.relationPolicy Research working paper ; no. WPS 5382
dc.rightsCC BY 3.0 IGO
dc.rightshttp://creativecommons.org/licenses/by/3.0/igo/
dc.rightsWorld Bank
dc.subjectAGGREGATE INCOME
dc.subjectALLOCATION OF RESOURCES
dc.subjectBABIES
dc.subjectBABY
dc.subjectBABY BOOM
dc.subjectBUSINESS CYCLE
dc.subjectCAPITAL INVESTMENT
dc.subjectCHANGES IN FERTILITY
dc.subjectCONSUMPTION INCREASES
dc.subjectCONTRIBUTION RATE
dc.subjectDEBT
dc.subjectDECLINE IN FERTILITY
dc.subjectDECLINES IN FERTILITY
dc.subjectDEMOGRAPHIC TRENDS
dc.subjectDEPENDENCY RATIO
dc.subjectDEPENDENCY RATIOS
dc.subjectDISCOUNT RATE
dc.subjectDOWNWARD PRESSURE
dc.subjectEARLY RETIREMENT
dc.subjectECONOMIC DECISIONS
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC IMPLICATIONS
dc.subjectECONOMIC THEORY
dc.subjectELASTICITY
dc.subjectELASTICITY OF SUBSTITUTION
dc.subjectELDERLY
dc.subjectENDOGENOUS VARIABLES
dc.subjectEXOGENOUS SHOCK
dc.subjectEXOGENOUS VARIABLE
dc.subjectFERTILITY
dc.subjectFERTILITY DECLINE
dc.subjectFERTILITY RATE
dc.subjectFERTILITY RATES
dc.subjectFUTURE RESEARCH
dc.subjectGENERAL EQUILIBRIUM
dc.subjectGROSS RETURN
dc.subjectGROWTH RATE
dc.subjectHUMAN CAPITAL
dc.subjectIMPERFECT COMPETITION
dc.subjectINDEXATION
dc.subjectINNOVATIONS
dc.subjectLABOR ECONOMICS
dc.subjectLABOR FORCE
dc.subjectLABOR FORCES
dc.subjectLABOR SUPPLY
dc.subjectLABOUR
dc.subjectLONGEVITY ADJUSTMENT
dc.subjectLOW FERTILITY
dc.subjectLOWER FERTILITY
dc.subjectMARKET EQUILIBRIUM
dc.subjectNUMBER OF CHILDREN
dc.subjectNUMBER OF WORKERS
dc.subjectOPPORTUNITY COST
dc.subjectOPTIMIZATION
dc.subjectOVERLAPPING GENERATIONS MODEL
dc.subjectPAYROLL TAX
dc.subjectPENSION
dc.subjectPENSION CONTRIBUTION
dc.subjectPENSION CONTRIBUTIONS
dc.subjectPENSION SYSTEM
dc.subjectPENSION SYSTEMS
dc.subjectPOLICY FRAMEWORK
dc.subjectPOLICY MAKERS
dc.subjectPOLICY RESEARCH
dc.subjectPOLICY RESEARCH WORKING PAPER
dc.subjectPOLICY RESPONSE
dc.subjectPOLITICAL ECONOMY
dc.subjectPOPULATION DYNAMICS
dc.subjectPOPULATION GROWTH
dc.subjectPOPULATION GROWTH RATE
dc.subjectPRODUCTIVITY
dc.subjectPROGRESS
dc.subjectRATE OF GROWTH
dc.subjectREAL WAGES
dc.subjectREPLACEMENT RATE
dc.subjectRESPECT
dc.subjectRETIREES
dc.subjectRETIREMENT
dc.subjectRETIREMENT AGE
dc.subjectRETIREMENT PERIOD
dc.subjectRETIREMENT PERIODS
dc.subjectRETIREMENT POLICY
dc.subjectSOCIAL SECURITY
dc.subjectSOCIAL SECURITY REFORM
dc.subjectTAX RATE
dc.subjectTAXATION
dc.subjectUTILITY FUNCTION
dc.subjectWAGE RATE
dc.subjectWEALTH
dc.subjectWORKER
dc.subjectWORKERS
dc.subjectWORKING HOURS
dc.titleLabor Supply and Retirement Policy in an Overlapping Generations Model with Stochastic Fertility

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