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Economic ageing and demographic change

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  • Dominik Grafenhofer
  • Christian Jaag
  • Christian Keuschnigg
  • Mirela Keuschnigg

Abstract

This paper presents a generalised model of overlapping generations with economic ageing of households. Economic age is defined as a set of personal attributes such as earnings potential and tastes that are characteristic of a person’s position in the life-cycle. We separate the concepts of economic age and time since birth by assuming only a small number of different states of age. Agents sharing the same economic characteristics are aggregated analytically to a small number of age groups. The model thus allows for a very parsimonious approximation of life-cycle differences in earnings, wealth and consumption. As an illustration, we apply the model quantitatively to study the impact of demographic change.

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Bibliographic Info

Article provided by Vienna Institute of Demography (VID) of the Austrian Academy of Sciences in Vienna in its journal Vienna Yearbook of Population Research.

Volume (Year): 5 (2007)
Issue (Month): 1 ()
Pages: 133-165

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Handle: RePEc:vid:yearbk:v:5:y:2007:i:1:p:133-165

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Web page: http://www.oeaw.ac.at/vid/

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Cited by:
  1. Helmut Hofer & Michael Landesmann & Isilda Mara & Philip Schuster & Gerlinde Titelbach & Hermine Vidovic, . "Auswirkungen der Arbeitsmarktöffnung am 1. Jänner 2014 auf den Wirtschafts- und Arbeitsstandort Österreich," wiiw Research Papers in German language rpg:, The Vienna Institute for International Economic Studies, wiiw.
  2. Heinrich Hock & David N. Weil, 2006. "The Dynamics of the Age Structure, Dependency, and Consumption," NBER Working Papers 12140, National Bureau of Economic Research, Inc.
  3. Vladimir Gligorov & Mario Holzner & Sandor Richter, 2014. "Wachstumsbeschleunigung dank Investitionswende in Mittel-, Ost- und Südosteuropa," wiiw Research Papers in German language 2014-6, The Vienna Institute for International Economic Studies, wiiw.
  4. Christian Keuschnigg & Mirela Keuschnigg & Christian Jaag, 2009. "Aging and the Financing of Social Security in Switzerland," University of St. Gallen Department of Economics working paper series 2009 2009-26, Department of Economics, University of St. Gallen.

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