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Pension, Retirement, and Growth in the Presence Heterogeneous Elderly

Makoto Hirono () and Kazuo Mino ()
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Makoto Hirono: Graduate School of Economics, Doshisha University
Kazuo Mino: Graduate School of Economics, Doshisha University and Institute of Economics, Kyoto University

No 1010, KIER Working Papers from Kyoto University, Institute of Economic Research

Abstract: This study explores the linkage between the labor force participation of the elderly and the long-run performance of the economy in the context of a two-period-lived overlapping generations model. We assume that the old agents are heterogeneous in their labor efficiency and they continue working if their income exceeds the pension that can be received in the case of full retirement. We inspect the long-run effects of changes in key factors that determine the labor force participation of the elderly. While the main part of the study treats a neoclassical growth model, we also discuss a model with endogenous growth.

Keywords: retirement decision; labor force participation; population aging; pension system; capital accumulation (search for similar items in EconPapers)
JEL-codes: E10 E62 (search for similar items in EconPapers)
Pages: 41pages
Date: 2019-07
New Economics Papers: this item is included in nep-age, nep-dge, nep-gro and nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:kyo:wpaper:1010

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