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Aging and public pensions in an overlapping-generations model

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  • Meijdam, A.C.

    (Tilburg University)

  • Verbon, H.A.A.

    (Tilburg University)

Abstract

In this paper, a social-welfare maximizing public-pension policy is modeled within the framework of the well-known two-overlapping-generations, general-equilibrium model with rational expectations. The model is used to analyze the effects of aging on the evolution of public-pension schemes. Analytical results are derived for the long run as well as for the short run by the method of comparative statics and comparative dynamics respectively. This shows that the short-run consequences of aging depend crucially on the existing size of the pay-as-you-go-scheme. Copyright 1997 by Royal Economic Society.

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Bibliographic Info

Paper provided by Tilburg University in its series Open Access publications from Tilburg University with number urn:nbn:nl:ui:12-73874.

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Date of creation: 1997
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Publication status: Published in Oxford Economic Papers (1997) v.49, p.29-42
Handle: RePEc:ner:tilbur:urn:nbn:nl:ui:12-73874

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Web page: http://www.tilburguniversity.edu/

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References

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  1. Calvo, Guillermo A & Obstfeld, Maurice, 1988. "Optimal Time-Consistent Fiscal Policy with Finite Lifetimes," Econometrica, Econometric Society, vol. 56(2), pages 411-32, March.
  2. Blanchard, Olivier Jean & Kahn, Charles M, 1980. "The Solution of Linear Difference Models under Rational Expectations," Econometrica, Econometric Society, vol. 48(5), pages 1305-11, July.
  3. Meijdam, A.C. & Verhoeven, M.J.M., 1997. "Comparative dynamics in perfect foresight models," Open Access publications from Tilburg University urn:nbn:nl:ui:12-73875, Tilburg University.
  4. Bovenberg, A Lans & Broer, D Peter & Westerhout, Ed W M T, 1993. "Public Pensions and Declining Fertility in a Small Open Economy: An Intertemporal Equilibrium Approach," Public Finance = Finances publiques, , vol. 48(Supplemen), pages 43-59.
  5. Cutler, D.M. & Poterba, J.M. & Sheiner, L.M. & Summers, L.H., 1990. "An Aging Society: Opportunity Or Challenge," Working papers 553, Massachusetts Institute of Technology (MIT), Department of Economics.
  6. Paul van den Noord & Richard Herd, 1993. "Pension Liabilities in the Seven Major Economies," OECD Economics Department Working Papers 142, OECD Publishing.
  7. Judd, Kenneth L., 1982. "An alternative to steady-state comparisons in perfect foresight models," Economics Letters, Elsevier, vol. 10(1-2), pages 55-59.
  8. Lex Meijdam & Harrie Verbon, 1996. "Aging and political decision making on public pensions," Journal of Population Economics, Springer, vol. 9(2), pages 141-158, June.
  9. repec:fth:harver:1490 is not listed on IDEAS
  10. Bernheim, B Douglas, 1989. "Intergenerational Altruism, Dynastic Equilibria and Social Welfare," Review of Economic Studies, Wiley Blackwell, vol. 56(1), pages 119-28, January.
  11. Blanchet, Didier & Kessler, Denis, 1991. "Optimal Pension Funding with Demographic Instability and Endogenous Returns on Investment," Journal of Population Economics, Springer, vol. 4(2), pages 137-54, May.
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Cited by:
  1. Alexandra Rillaers & David de la Croix & Geraldine Mahieu, 2003. "How Should The Allocation Of Resources Adjust To The Baby Bust?," Working Papers. Serie AD 2003-27, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  2. Meijdam, A.C. & Verbon, H.A.A., 1996. "Aging and political decision making on public pensions," Open Access publications from Tilburg University urn:nbn:nl:ui:12-72302, Tilburg University.
  3. Echevarría Olave, Cruz Angel, 2003. "Life Expectancy, Schooling Time and Endogenous Growth," DFAEII Working Papers 2002-11, University of the Basque Country - Department of Foundations of Economic Analysis II.
  4. Jesus Crespo Cuaresma & Martin Lábaj & Patrik Pruzinský, 2014. "Prospective Ageing and Economic Growth in Europe," Department of Economics Working Papers wuwp165, Vienna University of Economics, Department of Economics.
  5. Butler, M. & Kirchsteiger, G., 1999. "Aging Anxiety: Much Ado about Nothing?," Discussion Paper 1999-37, Tilburg University, Center for Economic Research.
  6. Leers, T. & Meijdam, A.C. & Verbon, H.A.A., 1998. "Ageing and Pension Reform in a Small Open Economy: The Role of Savings Incentives," Discussion Paper 1998-90, Tilburg University, Center for Economic Research.
  7. Fernando Perera-Tallo, 2012. "Optimal Retirement Age and Aging Population," 2012 Meeting Papers 728, Society for Economic Dynamics.
  8. Echevarria, Cruz A., 2004. "Life expectancy, retirement and endogenous growth," Economic Modelling, Elsevier, vol. 21(1), pages 147-174, January.
  9. Craig Brett, 2012. "The effects of population aging on optimal redistributive taxes in an overlapping generations model," International Tax and Public Finance, Springer, vol. 19(6), pages 777-799, December.
  10. Julio Lípez Díaz & Zenón J. Ridruejo, . "Cambio demográfico, inmigración y crecimiento económico," Studies on the Spanish Economy 99, FEDEA.
  11. Julio López Díaz & Zenón J. Ridruejo, 2003. "Pensiones, crecimiento y envejecimiento de la población," Investigaciones Economicas, Fundación SEPI, vol. 27(2), pages 343-367, May.

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