Pension, Retirement, and Growth in the Presence Heterogeneous Elderly
Makoto Hirono and
MPRA Paper from University Library of Munich, Germany
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 first inspect the key factors that determine the labor supply of old agents. We then examine analytically as well as numerically 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: E10 E62 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-age, nep-dge and nep-mac
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Working Paper: Pension, Retirement, and Growth in the Presence Heterogeneous Elderly (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:98096
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