Retirement Indexation in a Stochastic Model with Overlapping Generations and Endogenous Labour Supply

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Retirement Indexation in a Stochastic Model with Overlapping Generations and Endogenous Labour Supply

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Title: Retirement Indexation in a Stochastic Model with Overlapping Generations and Endogenous Labour Supply
Author: Hagen Jørgensen, Ole
Abstract: Using a stochastic overlapping generations model with endogenous labour supply, this paper studies the design and performance of a policy rule for the retirement age in response to fertility and mortality shocks. Two main results are derived: First, to oset a change in the labour force the retirement age should adjust more than proportionally to the fertility change and, second, to be socially desirable the retirement age should be indexed less than proportionally to changes in life expectancy.
URI: http://hdl.handle.net/10398/7688
Date: 2008-12-05

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