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Adult Longevity And Growth Takeoff

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  • Yasui, Daishin

Abstract

This paper develops an overlapping-generations model in which agents make educational and fertility decisions under life-cycle considerations and retirement from work is distinguished from death. Gains in adult longevity induce agents to decrease fertility, invest in education, and achieve higher income in order to save more for retirement. Even if working life is shortened by early retirement, this mechanism works as long as adult longevity increases sufficiently. Our model can explain the positive effect of life expectancy on education without contradicting the fact that working life length has not substantially increased, because of retirement. We also provide new insights into the interaction between fertility and retirement decisions.

Suggested Citation

  • Yasui, Daishin, 2016. "Adult Longevity And Growth Takeoff," Macroeconomic Dynamics, Cambridge University Press, vol. 20(1), pages 165-188, January.
    • Handle: RePEc:cup:macdyn:v:20:y:2016:i:01:p:165-188_00
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    Cited by:

    1. Akira Momota, 2022. "Long lifespan and optimal recurrent education," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 55(2), pages 1193-1222, May.
    2. Makoto Hirono, 2021. "Demographic change, human capital accumulation, and sectoral employment," Journal of Economics, Springer, vol. 132(2), pages 165-185, March.
    3. Herzer, Dierk & Nagel, Korbinian, 2019. "The impact of adult and non-adult mortality on development: Two centuries evidence from a panel of industrial countries," Journal of Policy Modeling, Elsevier, vol. 41(2), pages 352-371.
    4. Ken‐ichi Hashimoto & Ken Tabata, 2016. "Demographic change, human capital accumulation and R&D‐based growth," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 49(2), pages 707-737, May.
    5. Futagami, Koichi & Sunaga, Miho, 2022. "Risk aversion and longevity in an overlapping generations model," Journal of Macroeconomics, Elsevier, vol. 72(C).
    6. Herzer, Dierk, 2020. "How does mortality affect innovative activity in the long run?," World Development, Elsevier, vol. 125(C).

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