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Partons-nous à la retraite trop tôt ?


  • Jean-Marie Lozachmeur
  • Pierre Pestieau


It is often argued that implicit taxation on continued activity of elderly workers is responsible for the widely observed trend towards early retirement. In a first best world, it is certainly possible to eliminate this taxation and have a social security scheme that is redistributive and efficient at the same time. This paper shows that in a second best world, the optimal policy implies an inducement to retire early. We consider a model where the social objective is utilitarian and where individuals differ both in unobservable productivity and health status. Classification JEL : E62, H23, H55

Suggested Citation

  • Jean-Marie Lozachmeur & Pierre Pestieau, 2002. "Partons-nous à la retraite trop tôt ?," Revue économique, Presses de Sciences-Po, vol. 53(4), pages 825-837.
  • Handle: RePEc:cai:recosp:reco_534_0825

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    References listed on IDEAS

    1. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Varieties of Crises and Their Dates," Introductory Chapters,in: This Time Is Different: Eight Centuries of Financial Folly Princeton University Press.
    2. Carmen M. Reinhart & Kenneth S. Rogoff, 2014. "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises," Annals of Economics and Finance, Society for AEF, vol. 15(2), pages 1065-1188, November.
    3. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "The Aftermath of Financial Crises," American Economic Review, American Economic Association, vol. 99(2), pages 466-472, May.
    4. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Is the 2007 U.S. Sub-Prime Financial Crisis So Different? An International Historical Comparison," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 56(3), pages 291-299, September.
    5. Carmen M. Reinhart & Kenneth S. Rogoff, 2010. "Growth in a Time of Debt," American Economic Review, American Economic Association, vol. 100(2), pages 573-578, May.
    6. Reinhart, Karmen & Rogoff, Kenneth, 2009. ""This time is different": panorama of eight centuries of financial crises," Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 1, pages 77-114, March.
    7. Oskar Morgenstern, 1959. "International Financial Transactions and Business Cycles," NBER Books, National Bureau of Economic Research, Inc, number morg59-1, January.
    8. Willard Long Thorp, 1926. "Prefatory Note," NBER Chapters,in: Business Annals, pages 101-106 National Bureau of Economic Research, Inc.
    9. Michael D. Bordo & Antu P. Murshid, 2000. "Are Financial Crises Becoming Increasingly More Contagious? What is the Historical Evidence on Contagion?," NBER Working Papers 7900, National Bureau of Economic Research, Inc.
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    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions


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