Debt, Deficits, and Age-specific Mortality
This paper develops an overlapping agents model with age-specific mortality rates. The analytical framework also nests Blanchard's (1985, Journal of Political Economy 82, 1095â€“1117) "perpetual youth" model as a special, though perhaps not realistic, case. With age specific mortality rates, youth is "fleeting." Using standard hyperbolic functions, the model with fleeting youth is able to closely replicate the empirical relation between age and mortality. The steady-state model is used to examine the comparative implications of deficit finance, and age-specific mortality is shown to alter the non-Ricardian properties of the model. (Copyright: Elsevier)
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Volume (Year): 6 (2003)
Issue (Month): 2 (April)
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References listed on IDEAS
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- Weil, Philippe, 1989. "Overlapping families of infinitely-lived agents," Journal of Public Economics, Elsevier, vol. 38(2), pages 183-198, March.
- Hamid Faruqee, 2002. "Population Aging and its Macroeconomic Implications; A Framework for Analysis," IMF Working Papers 02/16, International Monetary Fund.
- Hamid Faruqee & Douglas Laxton, 2000. "Life-Cycles, Dynasties, Savings; Implications for Closed and Small, Open Economies," IMF Working Papers 00/126, International Monetary Fund.
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