Life-cycle earnings, cohort size effects and social security: a quantitative exploration

• 成果类型: Article
• 署名作者: Rojas, JA
• 署名单位: Universidad Carlos III de Madrid
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/j.jpubeco.2004.04.003
• 发表日期: 2005
• 页码: 465-485
• 关键词: cohort size effects; Demographic change; Social Security

摘要

One of the features of the large overlapping generations model pioneered by Auerbach and Kotlikoff (1987) Dynamic Fiscal Policy is that individuals with different experience levels are perfect substitutes in production. This paper replaces this assumption with a labor market characterized by imperfect substitutability between less and more experienced workers. By comparing the quantitative properties of both cases in a calibrated model for Spain, it is found that in the model economy with imperfect substitution, the effects of aging on the financial viability of the pension system are less severe than in the standard model economy with perfect substitution. (C) 2004 Elsevier B.V. All rights reserved.