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Economic ageing and demographic change

  • Dominik Grafenhofer
  • Christian Jaag
  • Christian Keuschnigg
  • Mirela Keuschnigg

This paper presents a generalised model of overlapping generations with economic ageing of households. Economic age is defined as a set of personal attributes such as earnings potential and tastes that are characteristic of a person’s position in the life-cycle. We separate the concepts of economic age and time since birth by assuming only a small number of different states of age. Agents sharing the same economic characteristics are aggregated analytically to a small number of age groups. The model thus allows for a very parsimonious approximation of life-cycle differences in earnings, wealth and consumption. As an illustration, we apply the model quantitatively to study the impact of demographic change.

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Article provided by Vienna Institute of Demography (VID) of the Austrian Academy of Sciences in Vienna in its journal Vienna Yearbook of Population Research.

Volume (Year): 5 (2007)
Issue (Month): 1 ()
Pages: 133-165

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Handle: RePEc:vid:yearbk:v:5:y:2007:i:1:p:133-165
Contact details of provider: Web page: http://www.oeaw.ac.at/vid/

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