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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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  10. Deaton, A., 1989. "Saving And Liquidity Constraints," Papers 153, Princeton, Woodrow Wilson School - Public and International Affairs.
  11. Willi Leibfritz & Deborah Roseveare & Douglas Fore & Eckhard Wurzel, 1995. "Ageing Populations, Pension Systems and Government Budgets: How Do They Affect Saving?," OECD Economics Department Working Papers 156, OECD Publishing.
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  16. 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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