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Demography and Uncertainty in Economic Growth: An Application to Social Security
Romero, Miguel Sánchez - In: Cuadernos de Economía - Spanish Journal of Economics … 30 (2007) 83, pp. 027-056
realistic demography, in which each individual can be traced throughout her lifecycle, by using a longitudinal accounting …
Persistent link: https://www.econbiz.de/10011207656
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Asset Bubbles, Pay-As-You-Go Systems and Dynamic Efficiency
Lang, Günther - University of Bonn, Germany - 1993
This paper deals with the role of bubbles, having the same meaning as Ponzi games, for implementing efficient growth paths in a closed economy overlapping generations model. It is shown that the well-known arbitrage condition for bubbles, namely that they must yield the same return in...
Persistent link: https://www.econbiz.de/10004968195
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Demography and provisions for retirement : the pension composition, a behavioral approach
Praag, Bernard M. S. van; Hop, J. Peter - 2020
interests of the different groups are only partly coinciding. For a given demography and interest rate, the joint result of the … in the capital market with a corresponding equilibrium interest rate. In this paper we assume a demography with one … determined by the demography and cannot be modified at will as a long-term political instrument. We find that this is relevant …
Persistent link: https://www.econbiz.de/10012154725
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Demography and provisions for retirement : the pension composition, a behavioral approach
Praag, Bernard M. S. van; Hop, J. Peter - 2020
interests of the different groups are only partly coinciding. For a given demography and interest rate, the joint result of the … in the capital market with a corresponding equilibrium interest rate. In this paper we assume a demography with one … determined by the demography and cannot be modified at will as a long-term political instrument. We find that this is relevant …
Persistent link: https://www.econbiz.de/10012160984
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Demography and provisions for retirement : the pension composition, an equilibrium approach
Praag, Bernard M. S. van; Hop, J. Peter - 2018
social security is decided upon by the median voter. For a given demography and interest rate the joint result of those … interest rate. In this paper we assume a demography with hundred age brackets and we investigate how changes in the birth and … security in particular is determined by the demography and cannot be used as long-term political instrument. We find that this …
Persistent link: https://www.econbiz.de/10011870742
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Demographic changes and asset prices in an overlappig generations model
Simo-Kengne, Beatrice D.; Riedel, Frank; … - 2022 - This version: December 15, 2022
We examine the effect of demographic shifts on asset prices in an overlapping generations model with endogenous population dynamics. We establish a robust inverse relationship between returns and the old dependency ratio. We document the absence of a simple monotonic relationship between asset...
Persistent link: https://www.econbiz.de/10013466466
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Overlapping Generations Models of General Equilibrium
Geanakoplos, John - Cowles Foundation for Research in Economics, Yale University - 2008
The OLG model of Allais and Samuelson retains the methodological assumptions of agent optimization and market clearing from the Arrow-Debreu model, yet its equilibrium set has different properties: Pareto inefficiency, indeterminacy, positive valuation of money, and a golden rule equilibrium in...
Persistent link: https://www.econbiz.de/10005010139
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Population ageing and pension reform in a small open economy with non-traded goods
Bettendorf, Leon; Heijdra, Ben J. - 2004
In this paper we study the implications of population ageing in an economy with a sizeable non-traded goods sector. To this effect a highly stylized micro-founded macro model is constructed in which the age structure of the population plays a non-trivial role. The model distinguishes separate...
Persistent link: https://www.econbiz.de/10011343315
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Intergenerational Fairness During Demographic Transition
Heidler, Matthias; Häcker, Jasmin - 2004
Implementing a fairness component into a standard overlapping-generations model and allowing young individuals to vote on their own pension payments, we show that they adapt the pay-as-you-go pension scheme to future demographic changes. In particular, we explain why young generations cut their...
Persistent link: https://www.econbiz.de/10010296846
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Retirement, Pensions, and Ageing
Heijdra, Ben J.; Romp, Ward E. - CESifo - 2007
We study the effects of demographic shocks and changes in the pension system on the macroeconomic performance of an advanced small open economy. An overlapping-generations model is constructed which includes a realistic description of the mortality process. Individual agents choose their optimal...
Persistent link: https://www.econbiz.de/10005094360