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Debt, Deficits, and Age-Specific Mortality

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  • Hamid Faruqee

Abstract

This paper develops an overlapping agents model with age-specific mortality rates. The analytical framework also nests Blanchard''s (1985) "perpetual youth" model as a special, though perhaps not realistic, case. With age specific mortality rates, youth is "fleeting." Using standard hyperbolic functions, the model with fleeting youth is able to closely replicate the empirical relation between age and mortality. The comparative implications for deficit finance are also examined and age-specific mortality is shown to alter the non-Ricardian properties of the model.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 02/19.

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Length: 20
Date of creation: 01 Feb 2002
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Handle: RePEc:imf:imfwpa:02/19

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  1. 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.
  2. Weil, Philippe, 1989. "Overlapping families of infinitely-lived agents," Journal of Public Economics, Elsevier, Elsevier, vol. 38(2), pages 183-198, March.
  3. Abel, Andrew B, 1985. "Precautionary Saving and Accidental Bequests," American Economic Review, American Economic Association, American Economic Association, vol. 75(4), pages 777-91, September.
  4. Barro, Robert J., 1974. "Are Government Bonds Net Wealth?," Scholarly Articles 3451399, Harvard University Department of Economics.
  5. Steven A. Symansky & Douglas Laxton & Hamid Faruqee, 1996. "Government Debt, Life-Cycle Income and Liquidity Constrains," IMF Working Papers 96/140, International Monetary Fund.
  6. Hamid Faruqee, 2002. "Population Aging and its Macroeconomic Implications," IMF Working Papers 02/16, International Monetary Fund.
  7. Davies, James B, 1981. "Uncertain Lifetime, Consumption, and Dissaving in Retirement," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 89(3), pages 561-77, June.
  8. Buiter, Willem H, 1988. "Death, Birth, Productivity Growth and Debt Neutrality," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 98(391), pages 279-93, June.
  9. Hamid Faruqee & Douglas Laxton, 2000. "Life-Cycles, Dynasties, Savings," IMF Working Papers 00/126, International Monetary Fund.
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