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A Detailed Description of OGRE, the OLG Model

Daniel Baksa () and Zsuzsa Munkacsi ()
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Daniel Baksa: Central European University

No 31, Bank of Lithuania Working Paper Series from Bank of Lithuania

Abstract: In this paper we present the structure of OGRE, a dynamic general equilib-rium model with overlapping generations, unemployment and a shadow economy. Based on a parametrized version of the model, we examine the impacts of aging and calculate multipliers of public pension and other fiscal policies. Also, we contrast macroeconomic reactions with pay-as-you-go and fully funded pension plans. Lastly, we highlight the role of unemployment and that of the underground sector in the framework.Classification-JEL: E24, E26, H55, J11, J46Keywords: population aging, public old-age pension reforms, pay-as-you-go, fully funded, shadow economy, informal employment, government debt, New Keynesian model, overlapping generations, demography, unemployment, retirement age

Pages: 71 pages
Date: 2016-08-23
New Economics Papers: this item is included in nep-age, nep-dge, nep-iue, nep-mac and nep-sog
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