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The effects of the raising-the-official-pension-age policy in an overlapping generations economy

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  • Miyazaki, Koichi

Abstract

This paper studies how economic variables are affected by raising the official pension age. Although it is said that such a policy increases output, this paper shows that such a statement is not necessarily true. Moreover, the paper finds that the social security benefit can decrease, which implies that it might be impossible to sustain the same level of benefit only by such a policy.

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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 123 (2014)
Issue (Month): 3 ()
Pages: 329-332

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Handle: RePEc:eee:ecolet:v:123:y:2014:i:3:p:329-332

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Web page: http://www.elsevier.com/locate/ecolet

Related research

Keywords: Official pension age; Output per efficiency unit of labor; Aggregate output; Per unit of time social security benefit;

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  1. J. Ignacio Conde-Ruiz & Vincenzo Galasso, . "The Macroeconomics of Early Retirement," Working Papers 2003-05, FEDEA.
  2. Feldstein, Martin S, 1974. "Social Security, Induced Retirement, and Aggregate Capital Accumulation," Journal of Political Economy, University of Chicago Press, vol. 82(5), pages 905-26, Sept./Oct.
  3. Zhang, Jie & Zhang, Junsen, 2009. "Longevity, Retirement, And Capital Accumulation In A Recursive Model With An Application To Mandatory Retirement," Macroeconomic Dynamics, Cambridge University Press, vol. 13(03), pages 327-348, June.
  4. Sala-i-Martin, Xavier X, 1996. " A Positive Theory of Social Security," Journal of Economic Growth, Springer, vol. 1(2), pages 2a77-304, June.
  5. Fanti, Luciano & Gori, Luca, 2010. "Increasing PAYG pension benefits and reducing contribution rates," Economics Letters, Elsevier, vol. 107(2), pages 81-84, May.
  6. Staubli, Stefan & Zweimüller, Josef, 2013. "Does raising the early retirement age increase employment of older workers?," Journal of Public Economics, Elsevier, vol. 108(C), pages 17-32.
  7. Hu, Sheng Cheng, 1979. "Social Security, the Supply of Labor, and Capital Accumulation," American Economic Review, American Economic Association, vol. 69(3), pages 274-83, June.
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