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Population Ageing and PAYG Pensions in the OLG Model

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  • Cipriani, Giam Pietro

    ()
    (University of Verona)

Abstract

This paper shows the effects on a pay-as-you-go pension system of the demographic change in the standard overlapping generations model. Firstly, we consider a setting with exogenous fertility and then a model with endogenous fertility. In both cases, population ageing due to increased longevity implies a reduction in pensions payouts.

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Bibliographic Info

Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 7144.

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Length: 10 pages
Date of creation: Jan 2013
Date of revision:
Publication status: forthcoming in: Journal of Population Economics
Handle: RePEc:iza:izadps:dp7144

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Keywords: fertility; PAYG pensions; longevity;

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  1. Cremer, Helmuth & Gahvari, Firouz & Pestieau, Pierre, 2004. "Pensions with Endogenous and Stochastic Fertility," IDEI Working Papers 305, Institut d'Économie Industrielle (IDEI), Toulouse.
  2. CREMER, Helmuth & GAHVARI, Firouz & PESTIEAU, Pierre, 2010. "Fertility, human capital accumulation, and the pension system," CORE Discussion Papers 2010054, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. Cigno, Alessandro, 2005. "A Constitutional Theory of the Family," IZA Discussion Papers 1797, Institute for the Study of Labor (IZA).
  4. Rosati, Furio Camillo, 1996. "Social security in a non-altruistic model with uncertainty and endogenous fertility," Journal of Public Economics, Elsevier, vol. 60(2), pages 283-294, May.
  5. Blackburn, Keith & Cipriani, Giam Pietro, 2002. "A model of longevity, fertility and growth," Journal of Economic Dynamics and Control, Elsevier, vol. 26(2), pages 187-204, February.
  6. Giam Pietro Cipriani & Miltiadis Makris, 2012. "Payg Pensions And Human Capital Accumulation: Some Unpleasant Arithmetic," Manchester School, University of Manchester, vol. 80(4), pages 429-446, 07.
  7. Luca Gori & Luciano Fanti, 2008. "Longevity and PAYG pension systems sustainability," Economics Bulletin, AccessEcon, vol. 10(2), pages 1-8.
  8. Alders, Peter & Broer, D. Peter, 2005. "Ageing, fertility, and growth," Journal of Public Economics, Elsevier, vol. 89(5-6), pages 1075-1095, June.
  9. Nishimura, Kazuo & Zhang, Junsen, 1992. "Pay-as-you-go public pensions with endogenous fertility," Journal of Public Economics, Elsevier, vol. 48(2), pages 239-258, July.
  10. Ehrlich, Isaac & Lui, Francis T, 1998. "Social Security, the Family, and Economic Growth," Economic Inquiry, Western Economic Association International, vol. 36(3), pages 390-409, July.
  11. Cigno, Alessandro, 1993. "Intergenerational transfers without altruism : Family, market and state," European Journal of Political Economy, Elsevier, vol. 9(4), pages 505-518, November.
  12. Luciano Fanti & Luca Gori, 2009. "Longevity, fertility and PAYG pension systems sustainability," Discussion Papers 2009/77, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
  13. Berthold U. Wigger, 1999. "Pay-as-you-go financed public pensions in a model of endogenous growth and fertility," Journal of Population Economics, Springer, vol. 12(4), pages 625-640.
  14. Fanti, Luciano & Gori, Luca, 2010. "Fertility and PAYG pensions in the overlapping generations model," MPRA Paper 25811, University Library of Munich, Germany.
  15. repec:ebl:ecbull:v:10:y:2008:i:2:p:1-8 is not listed on IDEAS
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