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Life Expectancy, Schooling Time, Retirement, and Growth

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  • Cruz A. Echevarría

Abstract

I analyze how changes in life expectancy affect retirement age, education time, and growth rates of economies. I set up a continuous time, overlapping generations model of endogenous growth with externalities in human capital production. I find that increases in life expectancy give rise to first, higher retirement ages and second, higher education spans. A threshold level for life expectancy exists such that per capita growth rates follow an inverted U pattern. (JEL D9, E17, I29, J24) Copyright 2004, Oxford University Press.

Suggested Citation

  • Cruz A. Echevarría, 2004. "Life Expectancy, Schooling Time, Retirement, and Growth," Economic Inquiry, Western Economic Association International, vol. 42(4), pages 602-617, October.
  • Handle: RePEc:oup:ecinqu:v:42:y:2004:i:4:p:602-617
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    File URL: http://hdl.handle.net/10.1093/ei/cbh084
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    References listed on IDEAS

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    1. Casey B Mulligan, 2000. "Can Monopoly Unionism Explain Publically Induced Retirement?," University of Chicago - George G. Stigler Center for Study of Economy and State 157, Chicago - Center for Study of Economy and State.
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    Cited by:

    1. Sánchez-Romero, Miguel & d׳Albis, Hippolyte & Prskawetz, Alexia, 2016. "Education, lifetime labor supply, and longevity improvements," Journal of Economic Dynamics and Control, Elsevier, vol. 73(C), pages 118-141.
    2. Echevarria, Cruz A. & Iza, Amaia, 2006. "Life expectancy, human capital, social security and growth," Journal of Public Economics, Elsevier, vol. 90(12), pages 2323-2349, December.
    3. Théophile T. Azomahou & Raouf Boucekkine & Bity Diene, 2009. "A closer look at the relationship between life expectancy and economic growth," International Journal of Economic Theory, The International Society for Economic Theory, vol. 5(2), pages 201-244.
    4. Heijdra, Ben J. & Romp, Ward E., 2009. "Human capital formation and macroeconomic performance in an ageing small open economy," Journal of Economic Dynamics and Control, Elsevier, vol. 33(3), pages 725-744, March.
    5. Bo Malmberg & Eva Andersson & S V Subramanian, 2010. "Links between ill health and regional economic performance: evidence from Swedish longitudinal data," Environment and Planning A, Pion Ltd, London, vol. 42(5), pages 1210-1220, May.
    6. Nina Boberg-Fazlic, 2012. "Longevity and Schooling: The Case of Retirement," Discussion Papers 12-15, University of Copenhagen. Department of Economics.

    More about this item

    JEL classification:

    • D9 - Microeconomics - - Micro-Based Behavioral Economics
    • E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation: Models and Applications
    • I29 - Health, Education, and Welfare - - Education - - - Other
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity

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