EconStor >
ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/30588
  

Full metadata record

DC FieldValueLanguage
dc.contributor.authorHeijdra, Ben J.en_US
dc.contributor.authorMierau, Jochen O.en_US
dc.date.accessioned2009-09-01en_US
dc.date.accessioned2010-05-14T08:22:56Z-
dc.date.available2010-05-14T08:22:56Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/30588-
dc.description.abstractWe study the effects of an annuity market imperfection on individual agents' labour supply and retirement decisions and on the macroeconomic growth rate in an overlapping generations model with endogenous growth. We model imperfect annuities by introducing a load factor on the interest rate faced by finitely-lived agents. Our core model features age-independent wages and a constant mortality rate. In the first extension we study the implications for microeconomic decisions and macroeconomic outcomes of a hump-shaped life-cycle profile in labour productivity, whilst in the second extension we postulate a realistic mortality process. Our main findings are that the limited availability of annuities induces agents to retire early in the first two models, but later in the model with age-dependent mortality. In all cases, the general equilibrium repercussion is that economic growth is lower under imperfect annuities than with perfect annuities.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper 2717en_US
dc.subject.jelD52en_US
dc.subject.jelD91en_US
dc.subject.jelE10en_US
dc.subject.jelJ20en_US
dc.subject.ddc330en_US
dc.subject.keywordannuity marketsen_US
dc.subject.keywordretirementen_US
dc.subject.keywordendogenous growthen_US
dc.subject.keywordoverlapping generationsen_US
dc.subject.keyworddemographyen_US
dc.subject.stwPrivate Rentenversicherungen_US
dc.subject.stwUnvollkommener Markten_US
dc.subject.stwAltersgrenzeen_US
dc.subject.stwArbeitsangeboten_US
dc.subject.stwNeue Wachstumstheorieen_US
dc.subject.stwOverlapping Generationsen_US
dc.subject.stwArbeitsproduktivitäten_US
dc.subject.stwBevölkerungsökonomieen_US
dc.subject.stwTheorieen_US
dc.titleAnnuity market imperfection, retirement and economic growthen_US
dc.typeWorking Paperen_US
dc.identifier.ppn607945222en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

Files in This Item:
File Description SizeFormat
607945222.pdf517.09 kBAdobe PDF
No. of Downloads: Counter Stats
Show simple item record
Download bibliographical data as: BibTeX

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.