Vieillissement et inégalités intergéné rationnelles en france

This paper investigates the impact of demographic shocks and budgetary policy on the welfare of all generations. For this purpose, we build a large scale OLG model that captures most crucial variables for the analysis of population shocks conse- quences in France. We introduce life uncertainty (implying precautionary saving) and a bequest motive (stimulating wealth accumulation at old age) so as to repro- duce realistic wealth profiles per age. The microeconomic foundations provide an intertemporal indicator of welfare for each generation. Five policy scenarios are distinguished (indexation of pension through transfer adjustments, imperfect index- ation of transfers on growth in order to keep the tax rate constant, the creation of an implicit fund, increase in the public debt, or increase in the retirement age).