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Labor Supply and Retirement Policy in An Overlapping Generations Model With Stochastic Fertility / Jensen, Svend E. Hougaard
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
View online- Format:
- Book
- Government document
- Author/Creator:
- Jensen, Svend E. Hougaard
- Series:
- Policy research working papers.
- World Bank e-Library.
- Language:
- English
- Subjects (All):
- Aggregate Income.
- Business cycle.
- Contribution rate.
- Downward pressure.
- Early retirement.
- Economic Theory & Research.
- Exogenous shock.
- Exogenous variable.
- General equilibrium.
- Health, Nutrition and Population.
- Human capital.
- Labor economics.
- Labor force.
- Labor Markets.
- Labor Policies.
- Labor supply.
- Labour.
- Macroeconomics and Economic Growth.
- Market equilibrium.
- Payroll tax.
- Pensions & Retirement Systems.
- Population Policies.
- Real wages.
- Retirement.
- Social Protections and Labor.
- Wage rate.
- Worker.
- Workers.
- Local Subjects:
- Aggregate Income.
- Business cycle.
- Contribution rate.
- Downward pressure.
- Early retirement.
- Economic Theory & Research.
- Exogenous shock.
- Exogenous variable.
- General equilibrium.
- Health, Nutrition and Population.
- Human capital.
- Labor economics.
- Labor force.
- Labor Markets.
- Labor Policies.
- Labor supply.
- Labour.
- Macroeconomics and Economic Growth.
- Market equilibrium.
- Payroll tax.
- Pensions & Retirement Systems.
- Population Policies.
- Real wages.
- Retirement.
- Social Protections and Labor.
- Wage rate.
- Worker.
- Workers.
- Physical Description:
- 1 online resource (21 pages)
- Place of Publication:
- Washington, D.C., The World Bank, 2010
- System Details:
- data file
- Summary:
- Using a stochastic general equilibrium model with overlapping generations, this paper studies a policy rule for the retirement age aiming at offsetting the effects on the supply of labor following fertility changes. The authors find that the retirement age should increase more than proportionally to the direct fall in labor supply caused by a fall in fertility. The robustness of this result is checked against alternative model specifications and parameter values. The efficacy of the policy rule depends crucially on the link between the preference for leisure and the response of the intensive margin of labor supply to changes in the statutory retirement age. The model has subsequently been calibrated for Brazil by Jorgensen (2010), in the context of the Brazil Aging Study.
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