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Economic Aging and Demographic Change

  • Dominik Grafenhofer

    ()

  • Christian Jaag

    ()

  • Christian Keuschnigg

    ()

  • Mirela Keuschnigg

    ()

This paper presents a generalized model of overlapping generations with economic aging 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 in assuming only a small number of different states of age. Agents sharing the same economic characteristics are aggregated analytically to a low 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 quantitatively apply the model to study the impact of demographic change.

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Paper provided by Department of Economics, University of St. Gallen in its series University of St. Gallen Department of Economics working paper series 2007 with number 2007-35.

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Length: 40 pages
Date of creation: Sep 2007
Date of revision:
Handle: RePEc:usg:dp2007:2007-35
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