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Growth Effects of Age-related Productivity Differentials in an Ageing Society. A Simulation Study for Austria

  • Hofer, Helmut

    (Department of Economics and Finance, Institute for Advanced Studies, Vienna, Austria)

  • Url, Thomas

    (Austrian Institute of Economic Research)

We integrate age specific productivity differentials into a long-run neoclassical growth model for the Austrian economy with a highly disaggregated labor supply structure. We assume two life time productivity profiles reflecting either small or large hump-shaped productivity differentials and compute an average labor productivity index using three different aggregation functions: linear, Cobb-Douglas, and a nested Constant Elasticity of Substitution (CES). Model simulations with age specific productivity differentials are compared to a base scenario with uniform productivity over age groups. Depending on the aggregation function, the simulation results show only negligible or small negative effects on output and other macroeconomic key variables.

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File URL: http://www.ihs.ac.at/publications/eco/es-179.pdf
File Function: First version, 2005
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Paper provided by Institute for Advanced Studies in its series Economics Series with number 179.

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Length: 29 pages
Date of creation: Nov 2005
Date of revision:
Handle: RePEc:ihs:ihsesp:179
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  1. Robert J. Barro & Paul Romer, 1993. "Economic Growth," NBER Books, National Bureau of Economic Research, Inc, number barr93-1, May.
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  7. David M. Cutler & James M. Poterba & Louise M. Sheiner & Lawrence H. Summers, 1990. "An Aging Society: Opportunity or Challenge?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 21(1), pages 1-74.
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  13. Mark W. Watson, 1991. "Measures of Fit for Calibrated Models," NBER Technical Working Papers 0102, National Bureau of Economic Research, Inc.
  14. Bjorn Andersson, 2001. "Scandinavian Evidence on Growth and Age Structure," Regional Studies, Taylor & Francis Journals, vol. 35(5), pages 377-390.
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