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An OLG Model of Endogenous Growth and Ageing


  • Giam Pietro Cipriani

    (Department of Economics, University of Bristol and CHILD, University of Verona)

  • Miltos Makris

    (Department of Economics, University of Exeter, CMPO, University of Bristol and IMOP, Athens University of Economics and Business)


To study fully endogenous ageing alongside growth and their implications, this paper sets up an OLG economy in which the life expectancy of agents is endogenous. Agents are bearers of children, investors in education and producers and consumers of output. Retirement decision in the last period of life is also endogenous and, when retired, agents receive a pension that is nanced by a PAYG system. The model features a unique asymptotically stable steady state. Accordingly it supports a plethora of short and medium-run dynamic paths to a uniquely de ned long-run equilibrium depending on the functional forms, parameters and initial conditions. The model is then calibrated and some comparative static experiments on the e ect of policy variables changes are conducted.

Suggested Citation

  • Giam Pietro Cipriani & Miltos Makris, 2001. "An OLG Model of Endogenous Growth and Ageing," Discussion Papers 0102, Exeter University, Department of Economics.
  • Handle: RePEc:exe:wpaper:0102

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    Cited by:

    1. Jan Hagemejer & Krzysztof Makarski & Joanna Tyrowicz, 2013. "Efficiency of the pension reform: the welfare effects of various fiscal closures," Working Papers 2013-23, Faculty of Economic Sciences, University of Warsaw.

    More about this item


    Ageing; Fertility; Growth and Longevity.;

    JEL classification:

    • J13 - Labor and Demographic Economics - - Demographic Economics - - - Fertility; Family Planning; Child Care; Children; Youth
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General


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