Demographics, Productivity Growth and the Macroeconomic Equilibrium
This paper investigates the economic effects of demographics and productivity growth in an intertemporal optimizing model with age-based heterogeneity and induced retirement. The author's analysis reveals that the projected 'population aging' is likely to increase the growth rate of output and to improve the welfare of the economy, especially if there are no distortional policies that prevent retirement decisions from adjusting endogenously to the demographic changes. The economy also displays different patterns of dynamic adjustment in the quantity and price variables depending upon whether retirement is endogenous. Copyright 1995 by Oxford University Press.
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Volume (Year): 33 (1995)
Issue (Month): 4 (October)
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