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Population Aging and Income Inequality in a Semi-Endogenous Growth Model

Kazuo Mino () and Hiroaki Sasaki
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Kazuo Mino: Institute of Economic Research, Kyoto University

No 1096, KIER Working Papers from Kyoto University, Institute of Economic Research

Abstract: Using a continuous-time overlapping generations model with semi-endogenous growth, this study examines the impact of population aging on inequality. We characterize the stationary distribution of income and wealth among households and investigate how an increase in life expectancy and a decrease in birth rate affect the distributional profile. The numerical experiments revealed that an increase in life expectancy lowers inequality, whereas a decrease in birth rate increases inequality. We also consider extended models with exogenous productivity growth, agents' retirement from labor participation, and endogenous labor supply.

Keywords: population aging; semi-endogenous growth; overlapping generations model; income and wealth inequality; Pareto distribution (search for similar items in EconPapers)
JEL-codes: E2 O4 (search for similar items in EconPapers)
Pages: 38 pages
Date: 2023-09
New Economics Papers: this item is included in nep-age, nep-dem, nep-dge and nep-gro
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