Macroeconomic Effects of Changes in the Eligibility Age for Payments of Social Security Benefits Under Cash-in-Advance Constraints

Akira Yakita

Chapter Chapter 5 in Population Aging, Fertility and Social Security, 2017, pp 65-84 from Springer

Abstract: Abstract This chapter examines the effects of changes in the eligibility age on balanced growth and inflation rates through the adjustments of portfolio choices of individuals, assuming that individuals have to hold money for consumption during the earlier years of retirement before the eligibility age for public pensions (i.e., the cash-in-advance (CIA) constraint). There are still countries which have institutional or compulsory retirement age, although some Anglo-Saxon countries have recently abandoned it. In such countries there can be an estrangement between these ages.

Keywords: Inflation Rate; Balance Growth; Public Pension; Liquid Asset; Social Security Benefit (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:spr:popchp:978-3-319-47644-5_5

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DOI: 10.1007/978-3-319-47644-5_5

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