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Autoren: 
Heijdra, Ben J.
Mierau, Jochen O.
Datum: 
2009
Schriftenreihe/Nr.: 
CESifo Working Paper No. 2717
Zusammenfassung: 
We 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.
Schlagwörter: 
annuity markets
retirement
endogenous growth
overlapping generations
demography
JEL: 
D52
D91
E10
J20
Dokumentart: 
Working Paper

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