Retirement in an overlapping generations model

Leon Bettendorf and Guido Pepermans ()
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Leon Bettendorf: Netherlands Bureau for Economic Policy analysis, Den Haag

No 1997042, Discussion Papers (REL - Recherches Economiques de Louvain) from Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES)

Abstract: With an overlapping generations model, Williamson and Jones [1983] demonstrated that the long-run savings ratio in the U.S. was not affected by the introduction and the reform of the unfunded social security system. This paper extends their model by including a production sector, endogenous labour supply and a wage profile. Simulations show that incorporating general equilibrium and (exogenous) leisure is sufficient to generate a declining savings ratio in the steady state. Reforms of the social security system are evaluated in welfare terms. The new features of the model may significantly change the sign and the magnitude of the welfare gains for a steady state generations.

JEL-codes: D58 D91 H55 (search for similar items in EconPapers)
Pages: 21
Date: 1997-12-01
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Citations: View citations in EconPapers (1)

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