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Note on Longevity and Aggregate Savings

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  • Eytan Sheshinski

Abstract

In a recent paper in this journal, Bloom, Canning and Graham (2003) model the effect of changes in longevity on individual savings. They proceed to present empirical findings about the relation between longevity and "aggregate savings." There is a missing link between their empirics and theory: the changes in the populations age density distribution due to increased longevity. This note provides such an aggregation analysis within a simple model with uncertain survival, endogenous life-cycle consumption and retirement age. It is shown that, with continuous annuitization, an increase in expected longevity raises aggregate steady-state savings. The magnitude of this effect depends on the economy's age-specific distribution and on the elasticity of optimum retirement to changes in longevity. Copyright The editors of the "Scandinavian Journal of Economics" 2006 .

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Scandinavian Journal of Economics.

Volume (Year): 108 (2006)
Issue (Month): 2 (07)
Pages: 353-356

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Handle: RePEc:bla:scandj:v:108:y:2006:i:2:p:353-356

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Web page: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-9442

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Cited by:
  1. Johan Fourie, 2012. "The wealth of the Cape Colony: Measurements from probate inventories," Working Papers 268, Economic Research Southern Africa.
  2. Aylit Tina Romm & Martha Wolny, 2012. "The Impact of Later Retirement Ages on Aggregate Household Savings and Saving Rates: An Analysis of OECD Countries," Working Papers 269, Economic Research Southern Africa.
  3. Eytan Sheshinski, 2006. "Longevity and Aggregate Savings," CESifo Working Paper Series 1828, CESifo Group Munich.
  4. David E. Bloom & David Canning & Rick Mansfield & Michael Moore, 2006. "Demographic Change, Social Security Systems, and Savings," NBER Working Papers 12621, National Bureau of Economic Research, Inc.
  5. Gielen, Anne C., 2007. "Working Hours Flexibility and Older Workers' Labor Supply," IZA Discussion Papers 2946, Institute for the Study of Labor (IZA).
  6. Owen O'Donnell & Federica Teppa & Eddy van Doorslaer, 2008. "Can subjective survival expectations explain retirement behaviour?," DNB Working Papers 188, Netherlands Central Bank, Research Department.

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