Labor Supply and Retirement Policy in an Overlapping GenerationsModel with Stochastic Fertility

Jorgensen, Ole Hagen ; Jensen, Svend E. Hougaard

关键词: AGGREGATE INCOME;    ALLOCATION OF RESOURCES;    BABIES;    BABY;    BABY BOOM;   

DOI  :  10.1596/1813-9450-5382
RP-ID  :  WPS5382

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Using a stochastic general equilibriummodel with overlapping generations, this paper studies apolicy rule for the retirement age aiming at offsetting theeffects on the supply of labor following fertility changes.The authors find that the retirement age should increasemore than proportionally to the direct fall in labor supplycaused by a fall in fertility. The robustness of this resultis checked against alternative model specifications andparameter values. The efficacy of the policy rule dependscrucially on the link between the preference for leisure andthe response of the intensive margin of labor supply tochanges in the statutory retirement age. The model hassubsequently been calibrated for Brazil by Jorgensen (2010),in the context of the Brazil Aging Study.