Retirement, pensions, and ageing

• 成果类型: Article
• 署名作者: Heijdra, Ben J.; Romp, Ward E.
• 署名单位: University of Groningen; Leibniz Association; Ifo Institut; University of Amsterdam
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/j.jpubeco.2008.10.009
• 发表日期: 2009
• 页码: 586-604
• 关键词: Retirement; pensions; Ageing; demography; Gompertz-Makeham Law of mortality; overlapping generations; Small open economy

摘要

We study the effects of demographic shocks and changes in the pension system on the Macroeconomic performance of an advanced small open economy facing a given world interest rate. We construct an overlapping-generations model which includes a realistic description of The mortality process. Individual agents choose their optimal retirement age, taking into account the time- and age profiles of wages, taxes, and the public pension system. The early retirement provision in most pension systems acts as a trap, inducing most workers to retire well before the normal retirement age. Simulations show that pension reform must be drastic for it to have any effects on the retirement behaviour of workers. (c) 2008 Elsevier B.V. All rights reserved.