2024-03-28T12:24:46Z
https://repository.dl.itc.u-tokyo.ac.jp/oai
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2022-12-19T04:17:30Z
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9:7435:7436
A One-Sector Neoclassical Growth Model with Endogenous Retirement
Matsuyama, Kiminori
97321
335
JEL Classification : D91, O11
Diamond’s Overlapping Generations Model
Labor Force Participation of the Elderly
Magnification Effects
Multiple Steady States
Persistence
Poverty Traps
application/pdf
This paper extends Diamond's OG model by allowing the agents to make the retirement decision. Earning a higher wage income when young not only enables the agents to save more. It also induces more agents to retire early and gives an additional incentive to save more for retirement. This leads to a higher capitallabor ratio in the following period, and hence the next generation of agents earns a higher wage income when young. Due to this positive feedback mechanism, endogenous retirement magnifies the persistence of growth dynamics and even generates multiple steady states for empirically plausible parameter values.
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technical report
日本経済国際共同センター
2007-12
Discussion paper series. CIRJE-F
CIRJE-F-531
AA11450569
eng
http://www.cirje.e.u-tokyo.ac.jp/research/dp/2007/2007cf531ab.html
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