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Aging in Europe : Reforms, International Diversification and Behavioral Reactions

Börsch-Supan, Axel - 2015

The extent of demographic changes in Europe and Asia is much more drastic than in the US. This paper studies the effects of population aging on the interactions between economic growth and living standards in Europe with labor market and pension reform, behavioral adaptations, and international...

Persistent link: https://www.econbiz.de/10013014989

Secular Stagnation? Growth, Asset Returns and Welfare in the Next Decades : First Results

Geppert, Christian; Ludwig, Alexander; Abiry, Raphael - 2016

Ongoing demographic change will lead to a relative scarcity of raw labor to the effect that output growth will be decreasing in the next decades, a secular stagnation. As physical capital will be relatively abundant, this decrease of output will be accompanied by reductions of asset returns. We...

Persistent link: https://www.econbiz.de/10014125053

Social Security in an Analytically Tractable Overlapping Generations Model with Aggregate and Idiosyncratic Risk

Harenberg, Daniel - 2014

When markets are incomplete, social security can partially insure against idiosyncratic and aggregate risks. We incorporate both risks into an analytically tractable model with two overlapping generations and demonstrate that they interact over the life-cycle. The interactions appear even though...

Persistent link: https://www.econbiz.de/10013045314

Endogenous Grids in Higher Dimensions : Delaunay Interpolation and Hybrid Methods

Ludwig, Alexander - 2014

This paper investigates extensions of the method of endogenous gridpoints (ENDGM) introduced by Carroll (2006) to higher dimensions with more than one continuous endogenous state variable. We compare three different categories of algorithms: (i) the conventional method with exogenous grids...

Persistent link: https://www.econbiz.de/10013045416

Who Cares About the Day after Tomorrow? Pension Issues When Households are Myopic or Time Inconsistent

Börsch-Supan, Axel - 2017

Lebenszyklushypothese, im Rahmen derer rationale Individuen mit perfekter Voraussicht und vollständiger Information betrachtet werden …, welche auf eine logische Art und Weise bzgl. der zeitlichen Abfolge ihrer Entscheidungen handeln. Diese Studie beleuchtet … Altersvorsorgeaufwendungen und drittens, internationale Auswirkungen von Rentenreformen …

Persistent link: https://www.econbiz.de/10012965613

Savings in Times of Demographic Change : Lessons from the German Experience

Börsch-Supan, Axel - 2014

Pension reforms in many developed countries make individuals shoulder a bigger share of longevity and income risks. The desired response is that individuals accumulate private assets for retirement. Whether this actually takes place, is of paramount relevance for scientists and policy makers. We...

Persistent link: https://www.econbiz.de/10013040083

Labor-Force Participation, Policies & Practices in an Aging America : Adaptation Essential for a Healthy and Resilient Population

Berkman, Lisa F. - 2015

Population aging in the United States poses challenges to societal institutions while simultaneously creating opportunities to build a more resilient, successful, and cohesive society. Work organization and labor-force participation are central to both the opportunities and challenges posed by...

Persistent link: https://www.econbiz.de/10013015080

Note on the Stock-Wise Utility Function Used in Their Option-Value Analysis

Börsch-Supan, Axel - 2015

The option value of postponing retirement is the difference between the utility when retiring at the age that maximizes utility minus the utility when retiring now. This note shows that a utility function which depends only weakly on the value of leisure such as the utility function proposed by...

Persistent link: https://www.econbiz.de/10013014991

Rational Pension Policies

Börsch-Supan, Axel - 2015

Aim of this keynote is to develop a framework how to approach the design of pension policies as rationally as possible. The first step is to realize and accommodate endogenous adjustments. The second step is to align the root causes of demographic change with corresponding reform steps which...

Persistent link: https://www.econbiz.de/10013014995

Note on the Myth that Older Workers Delaying Retirement Creates Unemployment for the Young

Börsch-Supan, Axel - 2015

A common concern when raising the retirement age is that the delayed retirement of older workers will crowd out younger workers from the labour market causing an increase in youth unemployment. This note shows that there is little empirical evidence to support this concern. Rather, the opposite...

Persistent link: https://www.econbiz.de/10013014997