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Ageing and retirement age. What can we learn from the Overlapping Generations Model ?

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  • Antoine D'Autume

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    (EUREQUA - Equipe Universitaire de Recherche en Economie Quantitative - CNRS : UMR8594 - Université Paris I - Panthéon-Sorbonne)

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    Abstract

    In this paper, the two-period OLG model has been modified to distinguish the effects of individual ageing from changes in the birth rate. Optimal pension and retirement age policies have been characterized in a dynamic framework. We have considered a mixed pension scheme that is fully funded, but offers agents an actuarially fair choice on their retirement age. We show that this mixed pension scheme makes it possible to implement the optimal solution. The numerical simulations describe the dilemmas France currently faces.

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    Bibliographic Info

    Paper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number halshs-00452561.

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    Date of creation: 2003
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    Handle: RePEc:hal:cesptp:halshs-00452561

    Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00452561
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    Related research

    Keywords: Pensions; retirement age; Overlapping Generation Model.;

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    1. Cremer, Helmuth & Lozachmeur, Jean-Marie & Pestieau, Pierre, 2004. "Social security, retirement age and optimal income taxation," Journal of Public Economics, Elsevier, Elsevier, vol. 88(11), pages 2259-2281, September.
    2. MICHEL, Philippe & PESTIEAU, Pierre, . "Retraite par répartition et âge de la retraite," CORE Discussion Papers RP, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) -1441, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    3. Didier Blanchet & Louis-Paul Pele, 1997. "Social Security and Retirement in France," NBER Working Papers 6214, National Bureau of Economic Research, Inc.
    4. BELAN, Pascal & PESTIEAU, Pierre, . "Privatizing social security: A critical assessment," CORE Discussion Papers RP, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) -1407, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    5. de la Croix,David & Michel,Philippe, 2002. "A Theory of Economic Growth," Cambridge Books, Cambridge University Press, Cambridge University Press, number 9780521001151.
    6. Long, John B, Jr & Plosser, Charles I, 1983. "Real Business Cycles," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 91(1), pages 39-69, February.
    7. Gertler, Mark, 1997. "Government Debt and Social Security in a Life-Cycle Economy," Working Papers, C.V. Starr Center for Applied Economics, New York University 97-14, C.V. Starr Center for Applied Economics, New York University.
    8. Blanchard, Olivier J, 1985. "Debt, Deficits, and Finite Horizons," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 93(2), pages 223-47, April.
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