Economic Aging and Demographic Change

Dominik Grafenhofer (), Christian Jaag, Christian Keuschnigg and Mirela Keuschnigg ()

University of St. Gallen Department of Economics working paper series 2007 from Department of Economics, University of St. Gallen

Abstract: 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.

Keywords: Overlapping Generations; Aging; Demographic Change; Life-cycle (search for similar items in EconPapers)
JEL-codes: D58 D91 H55 J21 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-age and nep-dge
Date: 2007-09

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Persistent link: http://EconPapers.repec.org/RePEc:usg:dp2007:2007-35

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