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Pay-as-you-go financed public pensions in a model of endogenous growth and fertility

Author

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  • Berthold U. Wigger

    () (Department of Economics, University of Mannheim, A5, D-68131 Mannheim, Germany)

Abstract

Employing an overlapping generations endogenous growth model in which parents derive utility from having children and, additionally, expect children to support them in old age, this paper explores the interrelation between growth, fertility, and the size of pay-as-you-go financed public pensions. It is shown that small sized public pensions stimulate per capita income growth, but further increases in public pensions eventually reduce it. Fertility, on the other hand, falls by an increase in public pensions if they are either small or large. Medium sized public pensions, however, may stimulate fertility.

Suggested Citation

  • Berthold U. Wigger, 1999. "Pay-as-you-go financed public pensions in a model of endogenous growth and fertility," Journal of Population Economics, Springer;European Society for Population Economics, vol. 12(4), pages 625-640.
  • Handle: RePEc:spr:jopoec:v:12:y:1999:i:4:p:625-640
    Note: Received: 9 September 1997 / Accepted: 10 April 1998
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    Keywords

    Public pensions · endogenous growth · fertility;

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J13 - Labor and Demographic Economics - - Demographic Economics - - - Fertility; Family Planning; Child Care; Children; Youth
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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