This paper focuses on the effect that population ageing has on the production structure of the economy and consequently on economic growth. We consider an economy that consists of a service sector and a commodity sector. Productivity growth only occurs in the latter sector and is assumed to...

In this paper, a social-welfare maximizing public-pension policy is modeled within the framework of the well-known two-overlapping-generations, general-equilibrium model with rational expectations. The model is used to analyze the effects of aging on the evolution of public-pension schemes....