Pension Reforms, Population Aging, and Retirement Decision of the Elderly in a Neoclassical Growth Model

Makoto Hirono and Kazuo Mino

MPRA Paper from University Library of Munich, Germany

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 over- lapping 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 first inspect the key factors that the retirement decision of the elderly. We then examine analytically as well as numeri-cally the long-run impact of labor participation of the elderly on capital accumulation.

Keywords: retirement decision; labor force participation; population aging; pension system; capital accumulation (search for similar items in EconPapers)
JEL-codes: E62 (search for similar items in EconPapers)
Date: 2020-07-10
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:pra:mprapa:102467

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