Demographics, Productivity Growth and the Macroeconomic Equilibrium.
This paper investigates the economic effects of demographics and productivity growth in an intertemporal optimizing model with age-based heterogeneity and induced retirement. The author's analysis reveals that the projected 'population aging' is likely to increase the growth rate of output and to improve the welfare of the economy, especially if there are no distortional policies that prevent retirement decisions from adjusting endogenously to the demographic changes. The economy also displays different patterns of dynamic adjustment in the quantity and price variables depending upon whether retirement is endogenous. Copyright 1995 by Oxford University Press.
Year of publication: |
1995
|
---|---|
Authors: | Hu, Sheng-Cheng |
Published in: |
Economic Inquiry. - Western Economic Association International - WEAI. - Vol. 33.1995, 4, p. 592-610
|
Publisher: |
Western Economic Association International - WEAI |
Saved in:
Saved in favorites
Similar items by person
-
Taiwans's foreign investment, exports and financial analysis
Lee, Cheng F., (1989)
-
A game-theoretic approach to the design of an optimal sales policy
Hu, Sheng-Cheng, (1986)
-
The political economy of comparative development into the 21st century
Ranis, Gustav, (1999)
- More ...