AGING, RETIREMENT, AND PAY-AS-YOU-GO PENSIONS

Giam Pietro Cipriani

Macroeconomic Dynamics, 2018, vol. 22, issue 5, 1173-1183

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.

Date: 2018
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Working Paper: Aging, Retirement and Pay-As-You-Go Pensions (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:cup:macdyn:v:22:y:2018:i:05:p:1173-1183_00

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