An OLG Model of Endogenous Growth and Ageing

Giam Pietro Cipriani and Miltiadis Makris

No 102, Discussion Papers from University of Exeter, Department of Economics

Abstract: To study fully endogenous ageing alongside growth and their implications, this paper sets up an OLG economy in which the life expectancy of agents is endogenous. Agents are bearers of children, investors in education and producers and consumers of output. Retirement decision in the last period of life is also endogenous and, when retired, agents receive a pension that is nanced by a PAYG system. The model features a unique asymptotically stable steady state. Accordingly it supports a plethora of short and medium-run dynamic paths to a uniquely de ned long-run equilibrium depending on the functional forms, parameters and initial conditions. The model is then calibrated and some comparative static experiments on the e ect of policy variables changes are conducted.

Keywords: Ageing; Fertility; Growth and Longevity. (search for similar items in EconPapers)
JEL-codes: J13 O11 O40 (search for similar items in EconPapers)
Date: 2001-05
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:exe:wpaper:0102

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