This paper explains why workers retire earlier, and earlier at the same time as society becomes more and more indebted through increasing pay-as-you-go pension liabilities. To do so, we extend the standard two-overlapping-generations growth model to allow for endogenous labor participation in the latter period of life.
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Paper provided by Universite catholique de Louvain - Center for Operations Research and Economics (CORE) in its series Papers with number
9951.
Length: 17 pages Date of creation: 1999 Date of revision: Handle: RePEc:fth:louvco:9951
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Find related papers by JEL classification: H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions J62 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies - - - Job, Occupational and Intergenerational Mobility; Promotion
Cited by: (explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)
J. Ignacio Conde-Ruiz & Vincenzo Galasso & Paola Profeta, .
"The Evolution of Retirement,"
Working Papers
278, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
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