TY - UNPB
T1 - Retirement Indexation in a Stochastic Model with Overlapping Generations and Endogenous Labour Supply
AU - Jørgensen, Ole
PY - 2009
Y1 - 2009
N2 - Using a stochastic overlapping generations model with endogenous labour supply, this paper studies the design and performance of a policy rule for the retirement age in response to fertility and mortality shocks. Two main results are derived: First, to oset a change in the labour force the retirement age should adjust more than proportionally to the fertility change and, second, to be socially desirable the retirement age should be indexed less than proportionally to changes in life expectancy.
AB - Using a stochastic overlapping generations model with endogenous labour supply, this paper studies the design and performance of a policy rule for the retirement age in response to fertility and mortality shocks. Two main results are derived: First, to oset a change in the labour force the retirement age should adjust more than proportionally to the fertility change and, second, to be socially desirable the retirement age should be indexed less than proportionally to changes in life expectancy.
KW - Retirement age
KW - Endogenous labour supply
KW - Overlapping generations
KW - Intergenerational risk sharing
KW - Method of undertemined coefficients
KW - Retirement age
KW - Endogenous labour supply
KW - Overlapping generations
KW - Intergenerational risk sharing
KW - Method of undetermined coefficients
M3 - Working paper
T3 - CEBR Discussion Paper
BT - Retirement Indexation in a Stochastic Model with Overlapping Generations and Endogenous Labour Supply
PB - Centre for Economic and Business Research, Copenhagen Business School
CY - Frederiksberg
ER -
