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Gerontocracy in Motion? – European Cross-Country Evidence on the Labor Market Consequences of Population Ageing

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  • Michael Fertig

    ()

  • Christoph M. Schmidt

    ()

Abstract

Taking a European cross-country perspective, this paper addresses the most important issues in the nexus of population ageing and labor markets.We start from a descriptive overview of the demographic change currently shaping European societies.The subsequent section intensively discusses the potential consequences of these demographic processes for and interdependencies with the labor market situation in Europe.We place particular emphasis on the issue of non-competitive wage setting. In our empirical application we demonstrate that moderately large birth cohorts seem to experience lower employment rates, but also that education investments might be able to mitigate these consequences, and that the relative economic success of large cohorts might even be disproportionately positive. Finally, in the concluding section we review possible policy options for coping with the consequences of population ageing.

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Bibliographic Info

Paper provided by Rheinisch-Westfälisches Institut für Wirtschaftsforschung in its series RWI Discussion Papers with number 0008.

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Length: 38 pages
Date of creation: Apr 2004
Date of revision:
Handle: RePEc:rwi:dpaper:0008

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Related research

Keywords: Demographic change; cohort size; unemployment;

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References

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  1. Killingsworth, Mark R. & Heckman, James J., 1987. "Female labor supply: A survey," Handbook of Labor Economics, in: O. Ashenfelter & R. Layard (ed.), Handbook of Labor Economics, edition 1, volume 1, chapter 2, pages 103-204 Elsevier.
  2. Andrew B. Abel, 2001. "Will Bequests Attenuate The Predicted Meltdown In Stock Prices When Baby Boomers Retire?," The Review of Economics and Statistics, MIT Press, vol. 83(4), pages 589-595, November.
  3. Daron Acemoglu, 2002. "Directed Technical Change," Review of Economic Studies, Oxford University Press, vol. 69(4), pages 781-809.
  4. Blanchard, Olivier & Wolfers, Justin, 2000. "The Role of Shocks and Institutions in the Rise of European Unemployment: The Aggregate Evidence," Economic Journal, Royal Economic Society, vol. 110(462), pages C1-33, March.
  5. Sanders Korenman & David Neumark, 1997. "Cohort Crowding and Youth Labor Markets: A Cross-National Analysis," NBER Working Papers 6031, National Bureau of Economic Research, Inc.
  6. Dahlberg, Susanne & Nahum, Ruth-Aïda, 2003. "Cohort Effects on Earnings Profiles: Evidence from Sweden," Working Paper Series 2003:11, Uppsala University, Department of Economics.
  7. Richard B. Freeman, 1979. "The Effect of Demographic Factors on Age-Earnings Profiles," Journal of Human Resources, University of Wisconsin Press, vol. 14(3), pages 289-318.
  8. Rachel Connelly, 1986. "A Framework for Analyzing the Impact of Cohort Size on Education and Labor Earning," Journal of Human Resources, University of Wisconsin Press, vol. 21(4), pages 543-562.
  9. Schmidt, Christoph M, 1999. "Persistence and the German Unemployment Problem: Empirical Evidence on German Labour Market Flows," CEPR Discussion Papers 2057, C.E.P.R. Discussion Papers.
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Citations

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Cited by:
  1. Christoph M. Schmidt & Michael Fertig & Mathias G. Sinning, 2009. "The Impact of Demographic Change on Human Capital Accumulation," Ruhr Economic Papers 0107, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
  2. Paula C. Albuquerque & João C. Lopes, 2010. "Economic Impacts of Ageing: An Interindustry Approach," Working Papers Department of Economics 2010/01, ISEG - School of Economics and Management, Department of Economics, University of Lisbon.
  3. Elena Giarda, 2008. "The worsening of wage expectations in Italy: a study based on administrative data," International Journal of Manpower, Emerald Group Publishing, vol. 29(1), pages 64-87, May.
  4. Niebuhr, Annekatrin & Stiller, Silvia, 2005. "Demographischer Wandel und Arbeitsmärkte in Norddeutschland," Wirtschaftsdienst – Zeitschrift für Wirtschaftspolitik (1998 - 2007), ZBW – German National Library of Economics / Leibniz Information Centre for Economics, vol. 85(5), pages 326-332.

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