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Population Aging, Labor Market Frictions, and PAYG Pension

Takaaki Morimoto, Yuta Nakabo and Ken Tabata
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Takaaki Morimoto: Graduate School of Economics, Osaka University
Yuta Nakabo: Graduate School of Economics, Osaka University

No 172, Discussion Paper Series from School of Economics, Kwansei Gakuin University

Abstract: Employing a two-period OLG model with labor market frictions and PAYG pension, this paper examines the effects of population aging on the unemployment rate and the per capita output of the economy. We show that in economies in which the population growth rate is already low and the size of PAYG pension is relatively large, a further decline in the population growth rate reduces the unemployment rate and increases the per capita output of the economy in the short run, but it increases the unemployment rate and reduces the per capita output of the economy in the long run.

Keywords: Population aging; Labor market frictions; Unemployment; PAYG pension (search for similar items in EconPapers)
JEL-codes: D91 E24 H55 O41 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-age, nep-dge, nep-gro and nep-mac
Date: 2018-01, Revised 2018-01
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http://192.218.163.163/RePEc/pdf/kgdp172.pdf First version, 2018 (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:kgu:wpaper:172

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