Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: http://hdl.handle.net/10419/153909
Autoren: 
Vogel, Edgar
Ludwig, Alexander
Börsch-Supan, Axel
Datum: 
2012
Reihe/Nr.: 
ECB Working Paper 1476
Zusammenfassung: 
Projected demographic changes in industrialized countries will reduce the share of the working-age population. Analyses based on standard OLG models predict that these changes will increase the capital- labor ratio. Hence, rates of return to capital decrease and wages increase with adverse welfare consequences for current middle aged asset rich agents. This paper addresses three important adjustments channels to dampen these detrimental effects of demographic change: investing abroad, endogenous human capital formation and increasing the retirement age. Our quantitative finding is that openness has a relatively mild effect. In contrast, endogenous human capital formation in combination with an increase in the retirement age has strong effects. Under these adjustments maximum welfare losses of demographic change for households alive in 2010 are reduced by about 3 percentage points.
Schlagwörter: 
Human capital
open economy
pension reform
Population aging
retirement age
Welfare
JEL: 
C68
E17
E25
J11
J24
Dokumentart: 
Working Paper
Nennungen in sozialen Medien:

Datei(en):
Datei
Größe
637.8 kB





Publikationen in EconStor sind urheberrechtlich geschützt.