Aging, Retirement, and Savings: A General Equilibrium Analysis

Mariano Kulish, Kent Christopher () and Smith Kathryn ()
Additional contact information
Kent Christopher: Reserve Bank of Australia
Smith Kathryn: Department of Climate Change and Energy Efficiency

The B.E. Journal of Macroeconomics, 2010, vol. 10, issue 1, 32

Abstract: We study some economic consequences of aging in a general equilibrium overlapping generations model in which agents make optimal retirement decisions. The transitional dynamics of the economy are sensitive to the nature of the aging process, that is, the balance of declining fertility and rising longevity. Population aging unambiguously increases capital intensity in the long-run, but a rise in longevity that improves the health of the population will delay retirement and consequently decrease capital intensity in the short-run. The joint long-run effect of declining fertility and rising longevity on capital intensity is more than additive.

Keywords: baby boom; endogenous retirement; longevity; OLG; health (search for similar items in EconPapers)
Date: 2010
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Working Paper: Ageing, Retirement and Savings: A General Equilibrium Analysis (2006)
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DOI: 10.2202/1935-1690.1808

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