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Macroeconomic consequences of pension reforms in Europe: an investigation with the INGENUE world model

Author

Listed:
  • Michel Juillard
  • Jacky Fayolle

    (Centre Etudes & Prospective - Groupe ALPHA)

  • Michel Aglietta

    (CEPII - Centre d'Etudes Prospectives et d'Informations Internationales - Centre d'analyse stratégique)

  • Jean Chateau
  • Gilles Le Garrec
  • Vincent Touzé

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Jacques Le Cacheux

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

This paper presents some results of the computable, general-equilibrium, multiregional overlapping generations model INGENUE. The purpose of this research is to analyse the issues relating to wealth accumulation and alternative pension reforms in the context of global finance. Hence it focuses on the international capital flows that ought to be induced by differential aging of the various regions of the world, as depicted by the UN demographic projections. The first section exhibits the stylized facts which suggest that a world equilibrium approach is appropriate and leads to an analysis of the convergence processes. The second section lays out the analytical structure of the world model and detail our choices of calibrating. The third section presents a baseline scenario of the world economy in the XXIth century. The fourth and final section analyses European public pension reforms scenarios.

Suggested Citation

  • Michel Juillard & Jacky Fayolle & Michel Aglietta & Jean Chateau & Gilles Le Garrec & Vincent Touzé & Jacques Le Cacheux, 2001. "Macroeconomic consequences of pension reforms in Europe: an investigation with the INGENUE world model," Working Papers hal-03416868, HAL.
    • Handle: RePEc:hal:wpaper:hal-03416868
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    References listed on IDEAS

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    More about this item

    Keywords

    Macroeconomic; Pension reforms; Europe;
    All these keywords.

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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