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Labor supply and retirement policy in an overlapping generations model with stochastic fertility

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  • Jorgensen, Ole Hagen
  • Jensen, Svend E. Hougaard
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    Abstract

    Using a stochastic general equilibrium model with overlapping generations, this paper studies a policy rule for the retirement age aiming at offsetting the effects on the supply of labor following fertility changes. The authors find that the retirement age should increase more than proportionally to the direct fall in labor supply caused by a fall in fertility. The robustness of this result is checked against alternative model specifications and parameter values. The efficacy of the policy rule depends crucially on the link between the preference for leisure and the response of the intensive margin of labor supply to changes in the statutory retirement age. The model has subsequently been calibrated for Brazil by Jorgensen (2010), in the context of the Brazil Aging Study.

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    Bibliographic Info

    Paper provided by The World Bank in its series Policy Research Working Paper Series with number 5382.

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    Date of creation: 01 Jul 2010
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    Handle: RePEc:wbk:wbrwps:5382

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    Related research

    Keywords: Labor Markets; Labor Policies; Pensions&Retirement Systems; Economic Theory&Research; Population Policies;

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    1. DE LA CROIX, David & MAHIEU, Géraldine & RILLAERS, Alexandra, . "How should the allocation of resources adjust to the baby bust?," CORE Discussion Papers RP -1741, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    2. David De La Croix & Géraldine Mahieu & Alexandra Rillaers, 2004. "How Should the Allocation of Resources Adjust to the Baby Bust?," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 6(4), pages 607-636, October.
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    Cited by:
    1. Michele Gragnolati & Ole Hagen Jorgensen & Romero Rocha & Anna Fruttero, 2011. "Growing Old in an Older Brazil : Implications of Population Ageing on Growth, Poverty, Public Finance, and Service Delivery," World Bank Publications, The World Bank, number 2351, October.

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