Aging, Retirement and Pay-As-You-Go Pensions

Giam Pietro Cipriani

No 9969, IZA Discussion Papers from Institute of Labor Economics (IZA)

Abstract: In this paper we consider the effects of population aging on a pay-as-you-go financed defined contributions pension scheme. We show that when retirement decisions are endogenous, aging increases the retirement age and the steady state level of capital. The effect on pension payouts is in general ambiguous, except for the solution of full retirement, when this effect is unambiguously negative.

Keywords: retirement; aging; PAYG pensions; overlapping generations model (search for similar items in EconPapers)
JEL-codes: H55 J13 (search for similar items in EconPapers)
Pages: 13 pages
Date: 2016-05
New Economics Papers: this item is included in nep-age, nep-dem and nep-dge
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

Published - published in: Macroeconomic Dynamics, 2018, 22, 1173-1183

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Journal Article: AGING, RETIREMENT, AND PAY-AS-YOU-GO PENSIONS (2018)
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