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dc.contributor.authorHeijdra, Ben J.en
dc.contributor.authorMierau, Jochen O.en
dc.date.accessioned2009-09-01-
dc.date.accessioned2010-05-14T08:22:56Z-
dc.date.available2010-05-14T08:22:56Z-
dc.date.issued2009-
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
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x2717en
dc.subject.jelD52en
dc.subject.jelD91en
dc.subject.jelE10en
dc.subject.jelJ20en
dc.subject.ddc330en
dc.subject.keywordannuity marketsen
dc.subject.keywordretirementen
dc.subject.keywordendogenous growthen
dc.subject.keywordoverlapping generationsen
dc.subject.keyworddemographyen
dc.subject.stwPrivate Rentenversicherungen
dc.subject.stwUnvollkommener Markten
dc.subject.stwAltersgrenzeen
dc.subject.stwArbeitsangeboten
dc.subject.stwNeue Wachstumstheorieen
dc.subject.stwOverlapping Generationsen
dc.subject.stwArbeitsproduktivitäten
dc.subject.stwBevölkerungsökonomieen
dc.subject.stwTheorieen
dc.titleAnnuity market imperfection, retirement and economic growth-
dc.typeWorking Paperen
dc.identifier.ppn607945222en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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