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Population aging and PAYG pensions in the OLG model

  • Giam Cipriani


This paper shows the effects on a pay-as-you-go pension system of the demographic change in the standard overlapping generations model. Firstly, we consider a setting with exogenous fertility and then a model with endogenous fertility. In both cases, population aging due to increased longevity implies a reduction in pensions payouts. Copyright Springer-Verlag Berlin Heidelberg 2014

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Article provided by Springer in its journal Journal of Population Economics.

Volume (Year): 27 (2014)
Issue (Month): 1 (January)
Pages: 251-256

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Handle: RePEc:spr:jopoec:v:27:y:2014:i:1:p:251-256
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  1. Helmuth Cremer & Firouz Gahvari & Pierre Pestieau, 2009. "Fertility, Human Capital Accumulation, and the Pension System," CESifo Working Paper Series 2736, CESifo Group Munich.
  2. Blackburn, Keith & Cipriani, Giam Pietro, 2002. "A model of longevity, fertility and growth," Journal of Economic Dynamics and Control, Elsevier, vol. 26(2), pages 187-204, February.
  3. Luciano Fanti & Luca Gori, 2012. "Fertility and PAYG pensions in the overlapping generations model," Journal of Population Economics, Springer, vol. 25(3), pages 955-961, July.
  4. Nishimura, K. & Zhang, J., 1990. "Pay-As-You-Go Public Pensions With Endogenous Fertility," Papers 202, Australian National University - Department of Economics.
  5. Ehrlich, Isaac & Lui, Francis T, 1998. "Social Security, the Family, and Economic Growth," Economic Inquiry, Western Economic Association International, vol. 36(3), pages 390-409, July.
  6. Rosati, Furio Camillo, 1996. "Social security in a non-altruistic model with uncertainty and endogenous fertility," Journal of Public Economics, Elsevier, vol. 60(2), pages 283-294, May.
  7. Luca Gori & Luciano Fanti, 2008. "Longevity and PAYG pension systems sustainability," Economics Bulletin, AccessEcon, vol. 10(2), pages 1-8.
  8. CREMER, Helmuth & GAHVARI, Firouz & PESTIEAU, Pierre, . "Pensions with endogenous and stochastic fertility," CORE Discussion Papers RP 1928, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  9. Cigno, Alessandro, 2005. "A Constitutional Theory of the Family," IZA Discussion Papers 1797, Institute for the Study of Labor (IZA).
  10. repec:ebl:ecbull:v:10:y:2008:i:2:p:1-8 is not listed on IDEAS
  11. Berthold U. Wigger, 1999. "Pay-as-you-go financed public pensions in a model of endogenous growth and fertility," Journal of Population Economics, Springer, vol. 12(4), pages 625-640.
  12. Giam Pietro Cipriani & Miltiadis Makris, 2009. "PAYG Pensions and Human Capital Accumulation: Some Unpleasant Arithmetic," CHILD Working Papers wp19_09, CHILD - Centre for Household, Income, Labour and Demographic economics - ITALY.
  13. Cigno, Alessandro, 1993. "Intergenerational transfers without altruism : Family, market and state," European Journal of Political Economy, Elsevier, vol. 9(4), pages 505-518, November.
  14. Luciano Fanti & Luca Gori, 2009. "Longevity, fertility and PAYG pension systems sustainability," Discussion Papers 2009/77, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
  15. Alders, Peter & Broer, D. Peter, 2005. "Ageing, fertility, and growth," Journal of Public Economics, Elsevier, vol. 89(5-6), pages 1075-1095, June.
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